Saudi Aramco reported a strong second-quarter performance for 2026, highlighting operational resilience and continued energy supply reliability despite unprecedented regional disruption.
The company said it maintained oil flows to global markets by leveraging its diversified asset base, strategic infrastructure and long-term planning, helping drive robust financial results during a period of heightened uncertainty.
Aramco reported adjusted net income of $33.4 billion in the second quarter and $67.2 billion for the first half of 2026. Cash flow from operating activities reached $25.4 billion in Q2 and $56.2 billion in H1, while free cash flow stood at $12.3 billion for the quarter and $30.9 billion for the first half of the year.
The company noted that Q2 free cash flow was impacted by a $13.6 billion working capital build.
The company’s gearing ratio stood at 6.2% as of June 30, 2026, compared with 4.8% at the end of March 2026.
Aramco’s Board of Directors declared a $21.9 billion base dividend for the second quarter, scheduled for payment in the third quarter.
The company said the continued use of the East-West Pipeline played a key role in maintaining supply flows across its network during the disruption. Major growth projects also remained on track, including the Zuluf crude oil increment, expected to be completed in 2026, and the Fadhili Gas Plant expansion, targeted for completion in 2027.
Aramco said the first phase of the Jafurah Gas Plant continued steady production of sales gas and condensate, while the second phase progressed through procurement and construction activities, with completion expected in 2027.
The company also confirmed an agreement to sell all of its equity interest in PRefChem, supporting its strategy to optimize its downstream portfolio.
Commenting on the results, Aramco President & CEO Amin H. Nasser said: "Aramco's first-half performance in 2026 has been defined by the remarkable resilience of our people and the agility of our business and operations to withstand and respond to rapidly changing market conditions.
"Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalizing on our diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals. That enabled us to sustain production and exports while advancing key projects, despite the challenging regional environment."
He added: "With geopolitical uncertainty and declining global inventories, the importance of both energy security and energy addition has never been clearer. Our role in swiftly responding to short-term market dynamics, coupled with our ability to ramp up production and focus on strategic investment and technology deployment, reinforce our continued position in the global economy.
“We have entered the second half of the year with solid financial and operating momentum with one of the strongest balance sheets in the sector, sustainable and progressive base dividend distributions, and a clear focus on our strategic growth objectives. Even through periods of uncertainty, Aramco has stayed anchored to its long-term priorities. Our disciplined execution, combined with our lower-cost and higher-reliability operations, has supported our profitability.”
