Saudi Arabian Oil Company (2222) Earnings Call Transcripts

Saudi Arabian Oil Company's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Saudi Aramco reported a robust adjusted net income of $33.6 billion, reflecting a 26% year-over-year increase, driven by strong operational resilience amid unprecedented energy supply disruptions. The company generated $18.6 billion in free cash flow, despite a significant working capital build, and maintained a low lifting cost of $3.50 per barrel. Management highlighted their ability to adapt quickly to market conditions and reaffirmed their long-term strategic goals, including a 3.5% year-over-year increase in their base dividend and ongoing share buyback program, signaling confidence in future cash flow generation and shareholder returns.

Reported metrics

Guidance from management

Management maintained their long-term strategic goals and indicated that the current supply disruptions could last into 2027, emphasizing the need for continued investment in operational resilience.

What management said

Hello, and welcome to Saudi Aramco's First Quarter 2026 Earnings Call. I'm Peter Hutton, Head of Investor Relations at Aramco, and I'm pleased to be joined today by Mr. Amin Nasser, President and CEO; Mr. Ziad Al-Murshed, Executive Vice President and CFO. Today, we will provide a detailed update followed by a question-and-answer session. We expect the call to last around an hour. Please refer to this cautionary stat...

No, I think we are capitalizing on our flexibility. The East-West Pipeline, we're looking at additional contingency that will give us more flexibility within our system. But so far, we are making sure that the reliability of our system and ensuring that we have spare equipment are available and the contingency is ensuring also that we continue to for the future, counting on might take longer than expected.

What analysts pressed on

Analysts expressed concerns about the potential for prolonged supply disruptions and their impact on market stability. Questions were raised regarding the timeline for restoring full production capacity and the implications of ongoing geopolitical tensions.

Main topics on the call

• Operational Resilience — Aramco's operational flexibility allowed it to ramp up production quickly, with maximum sustainable capacity expected to reach 12 million barrels per day in less than three weeks. CEO Amin Nasser stated, "Our flexibility...
• Financial Performance — The company reported a 34% quarter-over-quarter increase in adjusted net income, reaching $33.6 billion. CFO Ziad Al-Murshed noted, "Our Q1 adjusted net income was $33.6 billion, up 34% by $8.5 billion compared to last q...
• Free Cash Flow Generation — Aramco generated $18.6 billion in free cash flow, despite a $15.8 billion working capital build. Management emphasized their unmatched free cash flow generation capability, stating, "More than 60% of our operating cash f...
• Dividend and Share Buyback — The company announced a 3.5% year-over-year increase in its base dividend and continued its $2 billion to $3 billion share buyback program. Al-Murshed remarked, "Our Q1 base dividend is up 3.5% year-on-year and will be p...

Read the full Saudi Arabian Oil Company transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 18 Saudi Arabian Oil Company earnings call transcripts on record, spanning March 16, 2020 to August 4, 2026. Based on this history, Saudi Arabian Oil Company reports semi-annually. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

2222

Exchange

SASE

Country

SA

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

18

First call

March 16, 2020

Most recent

August 4, 2026

Reporting cadence

semi-annually