BAKU, Azerbaijan, May 12. Saudi Aramco reported stable upstream segment earnings for the first quarter of 2025, as higher crude oil prices helped offset lower volumes sold, Trend reports.
The company posted earnings before interest, income taxes, and zakat of $51.4 billion, largely in line with $50.3 billion recorded in the fourth quarter of 2024.
The modest quarter-on-quarter increase was attributed primarily to a stronger average realized crude oil price of $76.3 per barrel, up from $73.1 per barrel in the previous quarter. This price uptick mitigated the effects of reduced crude volumes, reflecting Aramco’s resilient upstream profitability amid shifting market dynamics.
However, on a year-on-year basis, earnings dipped from $54.8 billion in Q1 2024 - a 6.1% decline. The company cited lower crude oil prices and sales volumes as the main contributors to the drop, though this was partially cushioned by reduced production royalties.
Meanwhile, capital expenditures showed steady quarter-on-quarter movement, rising marginally to $9.93 billion in Q1 2025 from $9.87 billion in Q4 2024.
Compared to the same period last year, capital spending saw a more significant 12.4% increase from $8.83 billion. Aramco attributed this rise to intensified development activities, particularly aimed at supporting the strategic expansion of its gas business - a priority as the company diversifies its upstream portfolio.
