Saudi Aramco beats estimates on fourth-quarter profit, keeps dividends flowing as Iran war threatens oil exports

Core Insights - Saudi Aramco reported a full-year adjusted net income of $104.7 billion for 2025, exceeding analysts' expectations, highlighting its ability to leverage rising oil prices amid geopolitical tensions [1] - The company generated a free cash flow of $85.4 billion and declared a base dividend of $21.89 billion for Q4 2025, marking a 3.5% increase from the previous year [2] - A share buyback program of up to $3 billion over 18 months was announced, reflecting confidence in the company's financial health [3] Financial Performance - Operating cash flow for the year reached $136.2 billion, supported by steady production and strong downstream results, while capital investments totaled $52.2 billion [4] - The average crude price in 2025 was $69.2 per barrel, down from $80.2 in 2024, although prices surged to nearly $120 per barrel recently due to escalating conflicts in the Middle East [5] Shareholder Returns - Total shareholder distributions for the year amounted to $85.5 billion, indicating a commitment to maintaining high payouts despite fluctuations in crude prices [2]