Saudi Aramco Q1 profit jumps 25 percent
Saudi Aramco reported a 25 percent jump in first-quarter profit on Sunday, showing its resilience as US-Iran war tensions curtail Strait of Hormuz shipping, with the state oil giant’s East-West crude pipeline running at full capacity to mitigate the impact to supplies.
The world’s top oil exporter earned a net profit of $32.5 billion in the three months ended March 31, beating an LSEG consensus estimate of $30.95 billion.
Total revenue surged nearly 7 percent from a year earlier to $115.49 billion due to higher prices and volumes sold of both crude oil and refined and chemical products.
Iran’s blockade of shipping through the crucial Hormuz waterway amid the US-Israeli conflict – which has curtailed energy supply and sent prices surging – prompted Aramco to ramp up crude flows from its east coast to the Red Sea port of Yanbu.
Reliable supply ‘critical,’ Nasser says
“Our East-West Pipeline, which reached its maximum capacity of 7.0 million barrels of oil per day, has proven itself to be a critical supply artery, helping to mitigate the impact of a global energy shock,” Aramco CEO Amin Nasser said, adding that “reliable energy supply is critical.”
The pipeline can supply about 2 million bpd to refineries on Saudi Arabia’s west coast, leaving 5 million bpd for export.
Aramco’s adjusted quarterly net profit was $33.6 billion, beating a company-provided median analyst estimate of $31.16 billion. The figure strips out $1.06 billion in non-operational accounting items.
Capital expenditure fell slightly to $12.1 billion in the quarter from $12.5 billion a year prior, and was sharply down from $13.4 billion in the fourth quarter. Aramco had outlined $50-55 billion in capital expenditure this year.
Higher dividend announced for Q1
Aramco declared a first-quarter base dividend of $21.9 billion, up 3.5 percent year-on-year and payable in the second quarter, in line with expected total dividends of $87.6 billion for 2026.
It had also introduced a performance-linked dividend in 2023 linked to free cash flow.
Free cash flow slipped to $18.6 billion from $19.2 billion a year earlier, impacted by a $15.8 billion rise in working capital. Aramco’s gearing – measuring its debt compared to equity – rose to 4.8 percent at March 31 from 3.8 percent at the end of 2025.
