Aramco announces first quarter 2025 results
Robust financial performance highlights reliability, efficiency and low-cost operations
Net income: $26.0 billion (Q1 2024: $27.3 billion)
Cash flow from operating activities: $31.7 billion (Q1 2024: $33.6 billion)
Free cash flow: $19.2 billion (Q1 2024: $22.8 billion)
Gearing ratio: 5.3% as at March 31, 2025, compared to 4.5% at end of 2024
Board declares Q1 2025 base dividend of $21.1 billion, up 4.2% year-on-year, and performance-linked dividend of $0.2 billion, to be paid in the second quarter
Capital expenditures of $12.5 billion in Q1 support long-term strategic growth
Ministry of Energy announcement of new oil and gas discoveries reflects sustained advantage in exploration
Definitive agreements to acquire 25% equity stake in Unioil Petroleum Philippines support strategic growth in downstream value chain
Completed acquisition of 50% equity interest in Blue Hydrogen Industrial Gases Company aims to capitalize on emerging opportunities for lower-carbon energy
Launch of CO2 Direct Air Capture pilot plant paves way for further scale up of innovative emission-reduction technology
Commenting on the results, Aramco President & CEO Amin H. Nasser said:
'Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices. In this context, Aramco's robust financial performance once again demonstrated the Company's unique scale, its reliability and flexibility, the value of its low-cost operations, and its emphasis on efficiency and advanced technology.
'Such periods also highlight the importance of disciplined capital planning and execution while we continue to take a long-term view. In volatile times Aramco's resilience underpins both our financial performance and our sustainable and progressive base dividend.
'With all forms of energy key to meeting energy demand we continue to advance our growth strategy across Upstream, Downstream and New Energies, while working to reduce emissions. Our ambition is reflected in milestones already announced in 2025, including progress towards our gas production growth target, our global retail expansion, the advancement of our petrochemicals strategy, headway in blue hydrogen business development, and further innovation in carbon capture.'
About Aramco
As one of the world's leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world. https://www.aramco.com
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