Dhahran: Aramco announced on Sunday the results of the first quarter of 2025, noting that net income reached USD 26.0 billion compared to USD 27.3 billion in the same period last year.
According to Kuwait News Agency, an Aramco statement detailed that cash flow from operating activities reached USD 31.7 billion, down from USD 33.6 billion in the first quarter of 2024. Free cash flow also decreased to USD 19.2 billion, compared to USD 22.8 billion during the same period in 2024.
The company's gearing ratio was reported at 5.3 percent as of March 31, 2025, which is an increase from the 4.5 percent at the end of 2024. The Board declared a Q1 2025 base dividend of USD 21.1 billion, marking a 4.2 percent year-on-year increase, alongside a performance-linked dividend of USD 0.2 billion, both to be paid in the second quarter. In support of long-term strategic growth, capital expenditures reached USD 12.5 billion in Q1.
The statement highlighted definitive agreements to acquire a 25 percent equity stake in Unioil Petroleum Philippines as part of strategic growth in the downstream value chain. Additionally, the completed acquisition of a 50 percent equity interest in Blue Hydrogen Industrial Gases Company aims to leverage emerging opportunities for lower-carbon energy.
Aramco also announced the launch of a CO2 Direct Air Capture pilot plant, which sets the stage for further scaling up of innovative emission-reduction technology.
Commenting on the results, Aramco President and CEO Amin Nasser remarked on the impact of global trade dynamics on energy markets in the first quarter of 2025, noting economic uncertainty's effect on oil prices. Despite these challenges, he emphasized Aramco's robust financial performance, underpinned by its unique scale, reliability, and focus on efficiency and advanced technology. Nasser highlighted the importance of disciplined capital planning in volatile times and reiterated the company's commitment to advancing its growth strategy across various sectors, including Upstream, Downstream, and New Energies, while working to reduce emissions. He pointed to significant milestones in 2025, such as progress in gas production growth, global retail expansion, petrochemicals strategy, blue hydrogen business development, and carbon capture innovation.