Saudi Aramco Q1 profit jumps 25%

Saudi Aramco said on May 10 that first-quarter net income rose 25% from a year earlier, as the state oil giant redirected exports through its East-West Pipeline while shipping through the Strait of Hormuz faced disruption. The company said adjusted net income rose to $33.6 billion from $26.6 billion in the same quarter of 2025, according to its first-quarter results. Aramco also said the pipeline reached its maximum capacity of 7.0 million barrels a day in the quarter, supporting exports via Saudi Arabia’s west coast. The results were published on Aramco’s investor website on May 10, with the interim report dated May 11. ### What exactly did Aramco report for the quarter? First-quarter 2026 net income rose to about 122 billion Saudi riyals from roughly 97.5 billion riyals a year earlier, based on the company’s reported 25% increase and figures published in Aramco’s results materials. The company separately reported adjusted net income of $33.6 billion, up from $26.6 billion in the first quarter of 2025. Cash flow from operating activities was $30.7 billion, down from $31.7 billion a year earlier, while free cash flow was $18.6 billion, compared with $19.2 billion a year earlier. (aramcolife.com) Capital expenditures reached $12.1 billion in the quarter, Aramco said, as it continued to fund growth projects. The board also declared a base dividend of $21.9 billion for the quarter, up 3.5% year on year. ### How did the company keep exports moving? Aramco said its East-West Pipeline was “sharply ramped up” to its maximum capacity of 7.0 million barrels per day in the first quarter. (aramcolife.com) The line carries crude across Saudi Arabia to the Red Sea coast, allowing shipments to leave from the west coast rather than pass through the Strait of Hormuz. Amin Nasser, Aramco’s president and chief executive, said the pipeline had become “a critical supply artery” and helped reduce the effect of shipping constraints in Hormuz. He said Aramco’s domestic and international storage capacity provided additional flexibility during the disruption. (aramcolife.com) ### What did Aramco say about the market backdrop? Nasser said in the company’s results statement that the quarter unfolded in “a complex geopolitical environment.” He said recent events had shown the role of oil and gas in energy security and underscored the need for reliable supply. (aramcolife.com) Outside the company filing, reports on May 10 said tighter global supplies and higher crude prices helped lift Aramco’s earnings during the quarter. Brent crude traded above $100 a barrel on May 10, according to contemporaneous reporting, after having been around $70 in late February before the conflict escalated. (aramcolife.com) ### Why does the adjusted profit figure matter here? Aramco’s investor page highlighted adjusted net income rather than only the headline net-income increase. The company listed adjusted net income of $33.6 billion and free cash flow excluding working capital of $34.4 billion among its first-quarter highlights. The same materials showed gearing of 4.8% at March 31, 2026, up from 3.8% at the end of 2025. (ksat.com) That increase came alongside a $15.8 billion working-capital build that Aramco said affected free cash flow in the quarter. ### What comes next from here? May 11 was the date Aramco set for an audio webcast on its first-quarter 2026 financial results, scheduled for 3:00 p.m. (aramco.com) Riyadh time, 1:00 p.m. London time and 8:00 a.m. New York time. The company said the webcast would be available through its investor website. (aramcolife.com) June 9, 2026 is the payment date Aramco gave for its first-quarter base dividend of $21.9 billion. The company’s financial calendar and investor pages say forthcoming financial events and key dates will be posted through its investor relations site. (aramco.com) (aramcolife.com)