Aramco CEO Amin Nasser at this year’s CERAWeek by S&P Global
Aramco keeps on spending
As cash-strapped Western governments commit to substantially raising defence expenditure, a similar dynamic is playing out in Saudi Arabia’s oil and gas sector, as Saudi Aramco maintains it heavy capex push despite reduced revenues
State energy company Saudi Aramco recorded a 12% drop in net income in 2024, to $106b, amid lower prices and production. With its finances feeling the pinch of global headwinds, the company announced on 4 March that its performance-related dividend in Q1 2025 would be slashed to $200m, from $10.8b the previous quarter. But despite the straitened financial circumstances, Aramco is sticking to its expansive capex programme, which last year accounted for 9% of the world’s total upstream spending. The reduced oil income may have hit the Saudi budget hard, but capex growth looks resilient. The IEA noted upstream spending last year of $50b was 35% higher than Aramco’s 2018–22 levels. Aramco itse
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
