Aramco records robust Q1 2025 performance

Aramco recorded a robust Q1 financial and operational performance, with net income of US$26bn, slightly down from US$27.3bn in Q1 2024, and capital expenditure of US$12.5bn

The decrease in net income was mainly due to the impact of lower revenue and other income related to sales as well as higher operating costs.

Capital expenditure for Q1 2025 was up from US$10.8bn for the Q1 2024, mainly due to the expansion of gas development.

Upstream developments

In the upstream sector, Aramco recorded total hydrocarbon production of 12.3 mmboed in the first quarter of 2025 and made 14 new oil and gas discoveries in the Eastern Province and Empty Quarter. The company progressed increment projects to maintain MSC at 12.0 mmbpd, including water injection operations to support the reservoir and crude oil production continued for the Dammam development project, and procurement and construction activities advanced for the Marjan and Berri and Zuluf crude oil increments. Aramco progressed its strategy to increase sales gas production capacity by more than 60%, including advancing procurement and construction activities for the Jafurah Gas Plant, part of the Jafurah unconventional gas field development, as well as for the Tanajib gas plant and Fadhili gas plant expansion.

Downstream, Aramco made progress in capital projects such as the construction of the refinery-integrated petrochemical steam cracker being developed by S-OIL, the Amiral expansion at the SATORP refinery, and other projects. Aramco also progressed the strategic expansion of its global retail network, with agreements to acquire 25% equity stake in Unioil Petroleum Philippines, one of the largest petroleum companies in the Philippines.

In the lower carbon sector, the company made headway in blue hydrogen development, completing the acquisition of 50% equity interest in Blue Hydrogen Industrial Gas company, a subsidiary of APQ, through which Aramco and APQ plan to develop a lower-carbon hydrogen network in the Kingdom’s Eastern Province, and launched a CO2 Direct Air Capture pilot plant, marking a significant step in the company’s efforts to expand its DAC capabilities and set to accelerate DAC deployment throughout the region.

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.”