Saudi Arabia · Delayed Price · Currency is SAR Saudi Arabian Oil Company Earnings Call Transcripts
Fiscal Year 2025
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Delivered strong 2025 results with $105B adjusted net income, 20% ROACE, and increased dividends, while maintaining operational resilience amid regional disruptions. Major upstream and downstream projects advanced, and capital discipline remained a focus.
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Q3 2025 saw adjusted net income rise 14% to $28B and free cash flow up 55% to $23.6B, driven by higher crude and record gas production. 2030 gas growth target was raised to 80% over 2021, with incremental cash flow guidance increased to $12–$15B.
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H1 2025 saw adjusted net income of $50.9B and free cash flow of $34.4B, with strong operational discipline and 100% supply reliability. Q2 dividends rose 4.2% year-over-year, and major projects remain on track, while digitalization and renewables progress support future growth.
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Q1 2025 net income rose 16% sequentially to $26B, with strong free cash flow and a 4.2% dividend increase. CapEx guidance is unchanged, with flexibility for market shifts, and robust demand growth is seen, especially in Asia and the U.S.
Fiscal Year 2024
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Net income reached $106.2B in 2024, outperforming peers despite a 12% decline year-over-year. Capital investments and dividends remain robust, with strong growth expected in gas and downstream segments, and continued focus on technology and Asian markets.
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Q3 2024 saw robust net income of $27.6B and strong free cash flow, despite lower oil prices and weak downstream margins. Capital investments are on track, with upstream and renewables projects progressing, and SABIC synergies advancing toward $3–$4B annual savings.
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H1 2024 saw record oil demand, strong net income growth, and major progress in upstream, downstream, and new energies. Capital investments and dividends remain robust, with a strong balance sheet and expanded global footprint.