Saudi Aramco said adjusted net income rose to $33.6 billion in the first quarter of 2026, up from $26.6 billion a year earlier. Net income climbed to $32.5 billion, while free cash flow came in at $18.6 billion, slightly below last year’s level due to a $15.8 billion working-capital build.
The company declared a $21.9 billion base dividend, up 3.5% year on year, payable in the second quarter. Capital spending reached $12.1 billion, supporting Aramco’s growth program.
A major operational highlight was the sharp ramp-up of Saudi Arabia’s East-West Pipeline, which reached its full capacity of 7 million barrels per day. Aramco said the pipeline helped sustain exports through the kingdom’s west coast as shipping constraints affected the Strait of Hormuz.
The results underscore Aramco’s role as both a major oil producer and a strategic energy-security asset for Saudi Arabia. The company’s ability to reroute crude through domestic infrastructure is increasingly important as geopolitical risk in the Gulf raises concerns over supply reliability.
Aramco also benefited from stronger crude realizations, with the average realized crude oil price rising to $76.90 per barrel, compared with $76.30 in Q1 2025 and $64.10 in Q4 2025. Gearing rose to 4.8%, from 3.8% at the end of 2025, but remains low by industry standards.
By Charles Kennedy for Oilprice.com
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