Saudi Arabian Oil Co (Aramco) on Sunday reported $33.59 billion in internet earnings adjusted for nonrecurring objects for the primary quarter (Q1), up from the prior three-month interval and Q1 2025 on greater oil costs and largely secure manufacturing.
The determine represents a 34 % sequential enhance and 26 % year-on-year enhance. Earlier than adjustment, internet earnings rose 83 % quarter-on-quarter and 25 % year-on-year to $32.54 billion.
Earnings per share for the January-March 2026 quarter stood at $0.13. Aramco declared $21.9 billion in dividends for Q1 2026, up 3.5 % year-over-year.
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“Through the quarter, geopolitical developments within the Center East considerably impacted world power markets and constrained the move of provide, growing crude oil worth volatility”, the state-owned oil large mentioned in its quarterly assertion.
“Guided by its sturdy danger administration framework and strategic infrastructure constructed to resist and adapt to evolving world challenges, the Firm rerouted crude oil volumes by way of the East-West Pipeline to make the most of different export routes, whereas additionally leveraging its home and worldwide storage capability”, Aramco defined. The pipeline reached its capability of seven million barrels per day in Q1 2026, growing exports by way of the Gulf nation’s west coast.
“This immediate activation of contingency measures displays Aramco’s operational agility and preparedness, and enabled the Firm to ship sturdy monetary outcomes regardless of impacts to sure Aramco amenities and ongoing regional instability.
“The impression of those occasions was not materials to Aramco’s monetary place, outcomes of operations, or money flows as of March 31, 2026”.
Upstream manufacturing averaged 12.61 million barrels of oil equal per day (MMboepd), in comparison with 13.2 MMboepd in This fall 2025 and 12.31 MMboepd in Q1 2025.
The Q1 2026 determine consisted of 10.56 MMbpd of liquids, in comparison with 11.1 MMbpd in This fall 2025 and 10.3 MMbpd in Q1 2025.
Pure fuel output within the first three months of 2026 was 10.51 billion cubic ft per day (Bcfpd), in comparison with 10.74 Bcfpd in This fall 2025 and 10.25 Bcfpd in Q1 2025.
Aramco’s common realized crude worth of $76.9 a barrel climbed from $64.1 in This fall 2025 and $76.3 in Q1 2025.
Aramco reported a 96.3 % provide reliability for its downstream enterprise, in comparison with 99.9 % in This fall 2025 and one hundred pc in Q1 2025.
Income totaled $124.6 billion, up 12 % quarter-on-quarter. “The [sequential] enhance in income was primarily as a consequence of greater costs of crude oil and refined and chemical merchandise, partially offset by decrease volumes offered of refined and chemical merchandise, in addition to decrease volumes offered of crude oil”, Aramco mentioned.
“The rise in different earnings associated to gross sales was primarily as a consequence of greater reference equalization costs, partially offset by greater regulated costs and decrease volumes offered of crude oil and refined merchandise at regulated costs”.
12 months-on-year, income elevated 9 %. “The rise [against Q1 2025] in income was primarily as a consequence of greater costs and volumes offered of refined and chemical merchandise, in addition to greater crude oil volumes offered and better crude oil costs”, Aramco mentioned.
Working prices fell quarter-on-quarter however rose year-on-year to $65.25 billion; manufacturing and manufacturing bills dropped each quarter-on-quarter and year-on-year. Working revenue rose quarter-on-quarter and year-on-year to $59.34 billion. Earnings earlier than taxation and zakat additionally rose quarter-on-quarter and year-on-year to $59.22 billion, regardless of greater zakat and taxes.
Working actions generated $30.73 billion in internet money, down quarter-on-quarter and year-on-year “primarily as a consequence of unfavorable motion in working capital”, Aramco mentioned. Decrease capital spending partially offset weaker money era from operations. Free money move in Q1 2026 was $18.64 billion.
Internet debt rose quarter-on-quarter however declined year-on-year to $23.68 billion. Aramco’s gearing – the ratio of internet debt to the whole of fairness plus internet debt, or the diploma to which operations are financed by debt – was 4.8 %.
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