Aramco President Cites Robust Performance Amid Market Volatility

Aramco posted a robust financial performance in the first half of 2025, despite market volatility, with a net income of $50.9 billion.

• Adjusted net income: $24.5 billion (Q2) / $50.9 billion (H1)
• Cash flow from operating activities: $27.5 billion (Q2) / $59.3 billion (H1)
• Free cash flow: $15.2 billion (Q2) / $34.4 billion (H1)
• Gearing ratio: 6.5% as of June 30, 2025, compared to 5.3% as of March 31, 2025
• Dividends: The board declared a Q2 2025 base dividend of $21.1 billion and a performance-linked dividend of $0.2 billion, to be paid in the third quarter.
• Supply reliability: The company maintained a 100% supply reliability in the first half of the year.
• Projects: The Berri, Marjan, and Zuluf crude oil increments and the Jafurah Gas Plant are on track. Phase one of the Dammam development project was brought online.
• Global expansion: Global retail momentum continued with the introduction of premium fuel lines in Chile and Pakistan.
• Renewable energy: Power purchase agreements were signed to develop new renewable energy projects, capitalizing on the Kingdom’s solar and wind resources.
• Investor confidence: A strong global demand for a $5.0 billion bond issuance highlights investor confidence in Aramco’s financial position, resilience, and long-term strategy.

Commenting on the results, Aramco President and CEO Amin H. Nasser said the company’s resilience was proven in the first half of 2025 with “robust profitability, consistent shareholder distributions and disciplined capital allocation.”

“Despite geopolitical headwinds, we continued to supply energy with exceptional reliability to our customers, both domestically and around the world,” Nasser said. “Market fundamentals remain strong, and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half. Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets, and we are ready to play our part in meeting customer demand over the short and the long term.”

Nasser added that the company continues to invest in initiatives such as “new energies and digital innovation with a focus on AI – aiming to leverage our scale, low cost, and technological advancements for long-term success.”