BAKU, Azerbaijan, May 12. Saudi Aramco trimmed its capital expenditures in the first quarter of 2025, marking a sequential decline as the company scaled back investment in its downstream segment, Trend reports.
Capital expenditures for the quarter totaled $12.55 billion, down from $14.18 billion in Q4 2024. The $1.63 billion reduction was largely attributed to lower downstream capital outlays, according to the company’s quarterly report.
Compared to the same period a year earlier, however, capex rose from $10.83 billion in Q1 2024 - an increase of $1.72 billion.
This uptick was predominantly driven by higher upstream capital expenditures, reflecting Aramco’s ongoing investments to support long-term production capacity and resource development projects.
Meanwhile, Aramco reported a decline in free cash flow for the first quarter of 2025, as softer net cash from operating activities weighed on the company’s financial performance despite a drop in capital expenditures.
Free cash flow for Q1 2025 came in at $19.16 billion, down from $21.62 billion in the previous quarter and $22.76 billion in the same period last year.
