Earnings release
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Aramco announces third quarter 2026 results All amounts in millions unless otherwise stated 3rd quarter 2026 2nd quarter 2026 3rd quarter 2025 Nine months 2026 Nine months 2025 Net income 135,944 122,599 101,015 380,551 283,580 $ 36,252 32,693 26,937 101,481 75,621 Adjusted net income1,2116,995 125,196 107,182 368,923 302,282 $ 31,198 33,385 28,581 98,379 80,607 Capital expenditures39,468 49,389 47,081 134,211 140,298 $ 10,524 13,171 12,555 35,789 37,413 Free cash flow1105,760 45,976 88,364 221,624 217,339 $ 28,203 12,260 23,563 59,100 57,956 Base dividends paid82,064 82,073 79,291 246,217 237,863 $ 21,884 21,886 21,145 65,658 63,431 ROACE1,3,4 % 22.1% 22.1% 20.1% 22.1% 20.1% Average realized crude oil price $/bbl 95.2 108.1 70.1 91.7 71.0 1. Non-IFRS measur e: refer to the Non-IFRS measures reconciliations and definitions section for further details. 2. 2025 amounts have been amended to r eflect revisions made to adjusting items for comparative purposes. For more information, refer to the Reconciliation of adjusting items section. 3. Calculated on a 12-month r olling basis. 4. 2025 ratios have been amended to r eflect Aramco’s revised ROACE definition. Key financial results “Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security. Despite challenges, the unwavering dedication of our workforce, our operational excellence, the flexibility of our system, and the strength of a supply network built over decades enabled us to continue delivering reliably to our customers through this extraordinary period. “We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network, and our robust operational and financial performance during this volatile period demonstrates the value of our resilience. “Backed by our strong balance sheet, we remain focused on the disciplined execution of priority projects, and on leveraging advanced technologies to enhance performance and unlock new opportunities. This is how we will continue to meet the world’s evolving energy needs and deliver value for our shareholders and customers.” Amin H. Nasser President & CEO Adjusted net income rises 9% YoY, underpinned by operational excellence, rapid restoration capabilities, flexibility, and resilience • Adjusted net income1: $31.2 billion (Q3 2025: $28.6 billion2) • Cash flow fr om operating activities: $38.7 billion (Q3 2025: $36.1 billion) • Fr ee cash flow1: $28.2 billion (Q3 2025: $23.6 billion) • Gearing ratio1: 5.5% as at September 30, 2026, compared to 6.2% as at June 30, 2026 • Boar d declares Q3 2026 base dividend of $21.9 billion, up 3.5% year-on-year, to be paid in the fourth quarter • Downstr eam adjusted EBIT rises 234.0% year-on-year due to stronger refining margins • Pr oduction commenced at the Zuluf crude oil increment and other major Upstream projects are on track, including Jafurah phase two, Fadhili Gas Plant expansion, and Dammam development project • East-W est Pipeline continued to provide export flexibility, with additional overseas storage and new export routes being explored • Acquisition of 49% stake in HUMAIN, involving a transfer of assets and approximately $2.6 billion in cash contributions, expands footprint in high-growth AI sector • Shar eholders’ agreement signed to form mineral exploration and hard-rock mining joint venture, leveraging Upstream expertise to expand into adjacent sector For more information, please see the 2026 Third Quarter and Nine Months Interim Report.
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About Aramco Disclaimer Media Relations: media.inquiries@aramco.com Investor Relations: investor.relations@aramco.com @aramco As one of the world’s leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world. https://www.aramco.com The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “goal,” “may,” “anticipate,” “estimate,” “plan,” “project,” “can have,” “likely,” “should,” “could,” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco’s ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco’s growth; the management of the Company’s subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco’s exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Saudi Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements. Aramco will discuss its Q3 2026 financial results in an audio webcast on November 3, 2026, at 11am Riyadh / 8am London / 3am New York. The webcast will be available at https://www.aramco.com/investors. Aramco Contact Information