Saudi Arabian Oil Company (2222) Q3 2026 earnings summary

Executive summary

• Q3 adjusted net income was $31.2B, up 9% YoY; reported net income was $36.3B versus $26.9B in Q3 2025.

• Production reached 11.0 MMboe/d, with reliable deliveries supported by operational flexibility and rapid restoration amid geopolitical disruption.

Financial highlights

• Q3 cash from operating activities was $38.7B versus $36.1B YoY; free cash flow was $28.2B versus $23.6B, up 20%.

• Q3 revenue and other income related to sales was $140.5B versus $111.5B YoY; operating income was $59.3B versus $51.6B.

• Q3 adjusted EBIT was $54.1B versus $53.3B YoY, reflecting higher sales-related revenue and lower producing and manufacturing expenses, partly offset by higher purchases, expenses and royalties.

• Q3 capital expenditures were $10.5B; capital investments were $10.2B excluding project financing.

• 9M free cash flow excluding working-capital changes was $87.4B, up 35% YoY.

Outlook and guidance

• FY 2026 capital investment guidance remains $50B-$55B, including restoration costs and the HUMAIN investment; 2027 guidance is due in March 2027.

• MSC-12 capacity can reach pre-conflict production levels in days and maximum sustainable capacity in under three weeks; each additional 1 MMbpd could add $12B-$14B in annualized OCF at 2026 average Brent prices.

• Liquid demand growth is projected to average ~2.4 MMbpd in 2027; inventory replenishment could take up to two years.

• Sales gas production capacity strategy targets an ~80% increase over 2021 levels by 2030; Jafurah Phase 2 targets 2.0 Bscf/d sales gas by 2030, while Fadhili expansion is expected to add ~1.15 Bscf/d sales gas capacity in 2027.

• Major projects, including Jafurah Phase 2 and Dammam Phase 2, remain on track; overseas storage capacity and alternative export routes are being explored.