(WO) – Saudi Aramco reported stronger first-quarter earnings as higher crude prices and expanded pipeline exports helped offset disruption tied to the ongoing Strait of Hormuz crisis.
Map source: Global Energy Infrastructure
The company posted adjusted net income of $33.6 billion for the first quarter of 2026, up from $26.6 billion a year earlier. Aramco also maintained its quarterly dividend at $21.9 billion, a 3.5% increase year over year.
Aramco said its East-West Pipeline played a critical role in sustaining exports during the conflict, ramping up to its maximum capacity of 7 MMbpd during the quarter to support shipments through Saudi Arabia’s Red Sea coast.
The company has increasingly relied on alternative export routes as shipping activity through the Strait of Hormuz remains heavily constrained by the conflict involving Iran, the U.S. and Israel.
“Aramco’s first-quarter performance reflects strong resilience and operational flexibility in a complex geopolitical environment,” said President and CEO Amin H. Nasser.
“Our East-West Pipeline, which reached its maximum capacity of 7.0 million barrels of oil per day, has proven itself to be a critical supply artery, helping to mitigate the impact of a global energy shock and providing relief to customers affected by shipping constraints in the Strait of Hormuz,” Nasser said.
Aramco said strategic investments in infrastructure, domestic and international storage capacity and contingency planning helped maintain operational continuity during the quarter.
Cash flow from operating activities totaled $30.7 billion, while free cash flow reached $18.6 billion, impacted in part by a $15.8 billion working capital build. Capital expenditures totaled $12.1 billion during the quarter as the company continued to advance long-term growth projects.
The company’s gearing ratio rose to 4.8% at the end of March, compared to 3.8% at year-end 2025.
Nasser said recent market disruptions underscore the importance of reliable oil and gas supply and continued investment in energy infrastructure.
“Recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy,” he said. “Reliable energy supply is critical.”
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