Saudi Aramco obtained a net profit of 122.008 billion riyals ($33.6 billion or ¤27.6 billion at current exchange rates) in the first quarter of 2026, a 25.1% increase compared to the 97.543 billion riyals ($26.6 billion or ¤22.1 billion) earned in the same period of the previous year.
In a statement reported by EFE this Sunday, the company highlighted that the increase in net profit is due to various factors, including the rise in crude oil prices due to geopolitical instability caused by the conflict in Iran and the closure of the Strait of Hormuz.
The world's largest oil company emphasized the "resilience and operational flexibility" of its business despite the challenging geopolitical situation.
The state-owned company estimated operating cash flow at $30.7 billion, down from $31.7 billion in the first quarter of 2025, while free cash flow was $18.6 billion ($19.8 billion in the same period of 2025) "affected by a working capital build-up of $15.8 billion," according to the statement.
It was noted that capital investments were $12.1 billion in the first quarter of the year, supporting growth objectives. In light of these results, Aramco's board of directors announced a dividend of $21.9 billion for the first quarter of 2026, a 3.5% increase from the previous year, to be paid during the second quarter of this year.
The company's President and CEO, Amin Nasser, expressed satisfaction with these results, stating that they "reflect solid resilience and operational flexibility in a complex geopolitical environment" referring to the war involving the United States, Israel, and Iran, and the blockade of Hormuz, through which 20% of the world's oil needs are met.
In this context, he mentioned that due to the blockade, Saudi Arabia has increased its oil shipments through the East-West pipeline, which "reached its maximum capacity of 7 million barrels of oil per day." This pipeline, known as 'Petroline,' crosses Saudi Arabia to connect the eastern oil fields in the Persian Gulf (about 1,200 kilometers) with the port of Yanbu on the Red Sea.
This strategic infrastructure "has proven to be a fundamental supply artery, helping to mitigate the impact of a global energy crisis and providing relief to customers affected by maritime transport restrictions in the Strait of Hormuz," Nasser highlighted in a statement issued by the company.
He emphasized that "recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy," considering them "a clear reminder that reliable energy supply is essential."
"Despite these challenges, Aramco remains focused on its strategic priorities and is leveraging both its national infrastructure and global network to address disruptions," he added.
The announcement of Aramco's results comes after the recent withdrawal of the United Arab Emirates from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+'s decision to increase production by 188,000 barrels per day starting in June.