Saudi Arabian Oil Company (2222) Q2 2026 earnings summary

Executive summary

• Achieved adjusted net income of $33.4B in Q2 2026 and $67.2B for H1 2026, up 33% year-over-year, despite unprecedented operational and geopolitical challenges, including major supply disruptions and attacks on facilities.

• Maintained oil supply to global markets through strategic infrastructure such as the East-West Pipeline, demonstrating resilience and agility in operations.

• Declared Q2 2026 base dividend of $21.9B, with H1 2026 dividends totaling $43.8B, and entered H2 2026 with strong financial and operating momentum.

• Demonstrated industry-leading returns and maintained project momentum, positioning for further growth as market demand recovers.

Financial highlights

• Q2 2026 adjusted net income reached $33.4B, up 33% year-over-year; H1 2026 adjusted net income was $67.2B, up 29% year-over-year.

• Q2 2026 revenue was $139.1B, H1 2026 revenue $263.7B, both up year-over-year.

• Upstream adjusted EBIT was $50.9B in Q2 and $105.1B in H1 2026; downstream adjusted EBIT was $6.2B in Q2 and $11.7B in H1 2026.

• Free cash flow (excluding working capital) was $25.9B in Q2 and $60.3B in H1 2026; reported free cash flow was $12.3B in Q2 and $30.9B in H1 2026, impacted by working capital build.

• ROACE reached 22.1% for H1 2026, up from 20.3% in H1 2025, and gearing ratio increased to 6.2% as of June 30, 2026.

Outlook and guidance

• Capital investment guidance for 2026 maintained at $50–$55B, with 65–70% allocated to Upstream, 20–25% to Downstream, and 5–10% to New Energies and other.

• Zuluf crude oil increment and Fadhili Gas Plant expansion remain on track for completion in 2026 and 2027, respectively; Jafurah Gas Plant phase two progressing for 2027 completion.

• Maximum sustainable capacity of 12 million barrels per day can be restored within three weeks if required.

• Demand expected to rise by 2 million barrels per day in H2 2026 versus H1, with further increases needed to replenish depleted inventories.

• Continued focus on maximizing shareholder value through progressive dividends and share buybacks.