Saudi Aramco Q1 profit jumps 26% as key pipeline reaches capacity
The Saudi Aramco logo is shown on a mobile phone screen in this photo illustration; Prices fluctuate amid concerns about escalating conflict involving Iran and global supply disruptions in Brussels, Belgium, on March 2, 2026. (Photo: Jonathan Raa/NurPhoto via Getty Images)
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Saudi Aramco reported a 26 percent year-on-year increase in first-quarter profit on Sunday; That beat analyst forecasts as a key pipeline that allowed the Strait of Hormuz to be blocked reached full capacity.
Adjusted net income for the first quarter of 2026 was $33.6 billion, compared to $26.6 billion in the same period last year, the Saudi Arabian energy giant said in a statement to CNBC. The first quarter figure was up 34% on the $25.1 billion profit in the previous quarter.
Aramco said analysts expected first-quarter adjusted net income to be $31.2 billion.
“With a maximum capacity of 7.0 million barrels of oil per day, our East-West Pipeline has proven to be a critical supply artery, helping to cushion the impact of the global energy shock and providing assistance to customers affected by shipping restrictions in the Strait of Hormuz,” Aramco CEO Amin Nasser said in a statement. he said.
Iran’s blockade of the Strait of Hormuz has resulted in the loss of nearly a billion barrels of oil, and oil shortages worsen with each day the sea route remains closed.
Oil prices rose on Friday after Iran fired missiles at the United Arab Emirates again and the United States hit two Iranian tankers trying to break through a naval blockade.
International benchmark Brent crude futures closed at $101.29 per barrel, up nearly 1%. US West Texas Intermediate futures rose marginally to $95.42 per barrel.
While Brent crude oil prices increased by 95% in the first quarter, they have increased by 67% since the beginning of the year.
Brent crude oil, year-to-date
CEOs of major oil and gas companies told investors on earnings calls over the past two weeks that the world’s energy system will change dramatically as a result of the Iran war.
Olivier Le Peuch, chief executive of major oilfield services company SLB, said the outage showed the fragility of the global energy system.
Aramco reported a gearing ratio of 4.8% at the end of the first quarter.
Aramco said the company’s board approved a base dividend of $21.9 billion for the first quarter, up 3.5% year-on-year.
– CNBC’s Dan Murphy and Spencer Kimball contributed to this story.
