Overview
- Saudi Aramco, which reported results Sunday, posted net profit of 120 billion riyals (about $32 billion) and adjusted earnings of $33.6 billion that beat analyst forecasts.
- The company kept exports flowing by running its East–West pipeline at 7.0 million barrels a day, sending roughly 2 million to west‑coast refineries and about 5 million for export.
- Aramco said higher crude and refined product prices and increased volumes lifted revenue, with benchmark oil topping $100 a barrel in March after the Strait of Hormuz was curtailed.
- The board approved a $21.9 billion base dividend for the quarter, while free cash flow of $18.6 billion and a 4.8% gearing ratio showed rising financial strain as working capital grew.
- The CEO said the pipeline cannot replace lost Hormuz tanker traffic, which once carried about one‑fifth of traded oil, and warned of possible disruption into 2027 if shipping stays constrained.