Saudi oil giant Aramco reported a 4.6 % decline in its net profits during the first quarter (Q1) of 2025 to reach $26 billion. The retreat in profits came on the back of increased capital expenditures, which increased by 15.9 % YOY $12.5 billion to support the company’s plans for long-term strategic growth. The results also reflected the uncertainty covering the oil markets amid the US-China trade war and a decline in crude prices.

Commenting on the results, Aramco President and 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 strong 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.”

“Such periods also highlight the importance of disciplined capital planning and execution while we continue to take a long-term view. In volatile times, Aramco’s resilience underpins both our financial performance and our sustainable and progressive base dividend,” he said.

He noted that the company;s ambition to increase activities is reflected in milestones already announced in 2025, including progress towards its  gas production growth target, “the global retail expansion, the advancement in its petrochemicals strategy, headway in blue hydrogen business development, and further innovation in carbon capture.”

Aramco is 81.5 % owned by the Saudi government,  while the Saudi sovereign wealth fund PIF controls an additional 16% stake.