Overview
- Full-year adjusted net income totaled $104.7 billion on roughly $445 billion of revenue, both down from 2024 levels.
- Fourth-quarter adjusted profit reached $25.1 billion, topping estimates, alongside a $21.89 billion base dividend for Q4 and a share buyback of up to $3 billion over 18 months.
- Aramco reported $136.2 billion in operating cash flow, $85.4 billion in free cash flow, and $52.2 billion in capital investments for 2025.
- Reports of Iranian attacks and an effective closure of the Strait of Hormuz threaten near-term export capacity even as crude prices recently approached $120 per barrel.
- JPMorgan and Goldman Sachs warned that higher prices may be offset by lower realized output, with Iraq, Kuwait, and the UAE already curtailing production due to export constraints.