An 8 per cent drop in average realised crude oil price – from US$83 per barrel in Q1 2024 to US$76.3 in Q1 2025 – led to Saudi Aramco reporting a 4.6 per cent drop in its first-quarter profit for 2025.
The Saudi oil giant reported net profit of US$26.01 billion, which beat a company-provided median estimate from 16 analysts of US$25.36 billion. Net profit in Q1 2024 stood at US$27.27 billion.
Aramco profit down
Capital expenditures increased to $12.55 billion, up nearly 16 per cent from $10.83 billion in the corresponding quarter last year. The company has outlined capex and external investments of between US$52 billion and US$58 billion this year, up from US$50.4 billion in 2024.
Aramco confirmed total dividends of US$21.36 billion for the first quarter, $219 million of which was performance-linked dividends, a mechanism introduced after a windfall from oil prices in 2022 following Russia’s invasion of Ukraine.
The dividend was up 4.2 per cent year-on-year, but the performance-linked dividend, which was at US$43.1 billion last year, was lower as announced by the Aramco board earlier this year. The board said in March it expected these to total US$900 million for the full year, a 98 per cent decline from 2024.
Cash flow from operating activities was at US$31.7 billion, down from US$33.6 billion, while free cash flow was US$19.2 billion, from US$22.8 billion.
Global crude benchmark Brent closed at US$63.91 on Friday.
Amin H Nasser, Aramco President & CEO, commented: “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.”
The Saudi government directly owns approximately 81.5 per cent of Aramco, while the Public Investment Fund (PIF) controls an additional 16 per cent stake.
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