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Saudi Aramco Q1 Profit Surges 26% as East-West Pipeline Reaches Full Capacity

Saudi Aramco's first-quarter adjusted net income climbed 26% year-over-year to $35.6 billion, exceeding analyst expectations of $31 billion. The earnings also marked a 34% sequential increase from the prior quarter's $25.6 billion. The energy producer's East-West Pipeline achieved maximum operational capacity of 7 million barrels per day during the quarter, enabling the company to bypass shipping disruptions at the Strait of Hormuz. CEO Amin Nasser characterized the pipeline as a critical supply line mitigating global energy shocks. Iran's blockade of the Hormuz strait has resulted in the loss of nearly 1 billion barrels of crude oil. Brent crude futures climbed 95% during the first quarter and are up 67% year-to-date, with international benchmark pricing near $101 per barrel.