Saudi Arabia’s Aramco reported an annual profit of USD 350bn in 2025, representing a 12% decline compared with 2024 (Aramco press release, 10/03/2026).
“The decrease in revenue was mainly due to lower crude oil prices as well as lower prices for refined and chemical products. This was partially offset by higher sales volumes of refined and chemical products, as well as gas and crude oil,” according to the report.
Aramco maintained its position as one of the world’s largest producers of crude oil and condensate, with an average total daily hydrocarbon production of 12.9 mmboed (2024: 12.4 mmboed), including oil production up 3.8% and gas production up 4.9%.
Capital expenditure amounted to USD50.1bn in 2025 (-2% vs 2024), with the company guiding for 2026 capital expenditures in the range of USD50bn to USD55bn.
Regarding the company’s outlook for 2026, Aramco’s Upstream segment will continue to drive growth in its gas business, including LNG investments. The company expects its ongoing gas expansion projects to deliver an additional 1 mb/d of high‑value associated liquids by 2030, according to its CEO.