Energy giant advances upstream projects, boosts AI capacity and renewables, declares $42.7 billion in dividends despite lower crude prices
RIYADH: Saudi Aramco (2222.SE), the world’s largest oil exporter, reported a robust financial performance for the first half of 2025, posting an adjusted net income of $50.9 billion despite lower crude prices and geopolitical headwinds.
The state-controlled energy giant said its Q2 adjusted net income stood at $24.5 billion, down 13.7% from a year earlier, while free cash flow for the quarter totaled $15.2 billion. Aramco maintained a 100% supply reliability rate in H1, underscoring its operational resilience.
“Aramco’s resilience was proven once again in the first half of 2025 with robust profitability, consistent shareholder distributions and disciplined capital allocation,” said Saudi Aramco CEO Amin Nasser.
Financial Highlights (USD)
| Metric | Q2 2025 | H1 2025 |
|---|---|---|
| Adjusted Net Income | $24.5 bn | $50.9 bn |
| Free Cash Flow | $15.2 bn | $34.4 bn |
| Operating Cash Flow | $27.5 bn | $59.3 bn |
| Capital Expenditures | $12.3 bn | $24.9 bn |
| Gearing Ratio | 6.5% | — |
| Base Dividend Declared | $21.1 bn | $42.3 bn |
| Performance-linked Dividend | $0.2 bn | $0.4 bn |
Operational Performance
Total hydrocarbon production averaged 12.8 million barrels of oil equivalent per day (mmboed) in Q2. Aramco advanced key upstream projects including the Berri, Marjan, Zuluf crude oil increments and the Jafurah Gas Plant, with phase one of the Dammam development project brought onstream.
Downstream operations saw a sharp rebound, with adjusted EBIT rising to $2.6 billion in Q2 from a loss in the same period last year, driven by stronger refining margins. Capital expenditures in downstream surged 40.5% year-on-year.
Strategic Investments & Sustainability
Aramco completed a $5 billion international bond issuance, reflecting strong investor confidence. It also signed power purchase agreements for seven renewable energy projects totaling 15 GW, aligning with its net-zero ambitions by 2050.
The company boosted its AI computing capacity to over 500 PetaFLOPS, marking a 20-fold increase, to support digital transformation across operations.
Outlook
Aramco expects global oil demand in H2 2025 to exceed H1 levels by over two million barrels per day. The company reiterated its long-term strategy centered on hydrocarbons while investing in new energies and digital innovation.