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Saudi Arabian Oil Company (2222) investor relations material
Saudi Arabian Oil Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 delivered strong results with adjusted net income of $28.0 billion, up 14% quarter-over-quarter and year-on-year, driven by higher crude and gas production, improved prices, and operational momentum.
Free cash flow reached $23.6 billion, up 55% quarter-over-quarter and 7% year-on-year, supported by higher upstream production.
Total hydrocarbon production rose to 13.3 mmboed, with liquids at 10.8 mmbpd and gas at 12.6 bscfd.
The Board declared a Q3 2025 base dividend of $21.1 billion and a performance-linked dividend of $220 million, to be paid in Q4.
Major projects advanced, including the Jafurah midstream deal, Fujian Sinopec Aramco Refining & Petrochemical Co. Ltd. joint venture, and planned investment in HUMAIN for AI innovation.
Financial highlights
Adjusted net income: $28.0 billion, up 14% quarter-over-quarter and year-on-year.
Free cash flow: $23.6 billion, up 55% quarter-over-quarter and 7% year-on-year.
Capital investments: $12.9 billion in Q3, totaling $38.4 billion for the first three quarters; full-year 2025 guidance narrowed to $52–$55 billion.
12-month rolling ROACE: 18.4%, about twice peer average.
Gearing ratio as of September 30, 2025: 6.3%, maintaining industry low levels.
Outlook and guidance
2030 sales gas production capacity growth target raised to around 80% over 2021 levels, up from previous 60% guidance.
2030 incremental operating cash flow from gas program expected at $12–$15 billion, up from prior $9–$10 billion.
Downstream business expected to generate $8–$10 billion incremental operating cash flow by 2030.
Anticipates record oil demand of at least 106 million bbl/day in 2025, with robust growth forecast for 2026.
Major upstream and downstream projects remain on track, supporting long-term growth and integration.
Drivers for increased gas production target?
Downstream strategy: value creation drivers?
How AI and tech investments unlock value?
AI's role in gas capacity growth without CapEx?
Gas and downstream OCF impact on future dividends?
Jafurah ethane utilization strategy?
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Next Saudi Arabian Oil Company earnings date
Q4 202510 Mar, 2026
Next Saudi Arabian Oil Company earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
Saudi Arabian Oil Company, commonly known as Saudi Aramco, is a leading global integrated energy and chemicals company. Its operations span across the upstream sector, where it is involved in the exploration, development, production, and sale of crude oil, condensate, natural gas, and natural gas liquids. In the downstream sector, Saudi Aramco engages in refining, petrochemical manufacturing, and marketing activities, producing a wide range of chemicals, lubricants, and petroleum products. It also has interests in power generation and retail operations. Established in 1933, Saudi Aramco has grown into one of the largest companies in the energy sector, with a significant presence both within the Kingdom of Saudi Arabia and internationally. The company is headquartered in Dhahran, Saudi Arabia, and its shares are listed on the Saudi Stock Exchange.
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