Saudi Arabian Oil Co

2222: XSAU (SAU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Saudi Aramco Earnings: Higher Oil Prices Support Earnings but Affect Cash Flow Generation

Allen Good , Andrea Burigana

May 11, 2026

Aramco's first-quarter net income of $33.6 billion was in line with market expectations and up 34% sequentially, supported by higher oil prices and refining margins. Gearing rose to 4.8% from 3.8% at year-end 2025, while free cash flow declined 32%.

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Saudi Arabian Oil Co

Saudi Aramco Earnings: Higher Oil Prices Support Earnings but Affect Cash Flow Generation

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