Aramco Q3 Profit Jumps 9 Percent to USD31.2B as Refining Surges
(MENAFN) Saudi Aramco’s adjusted net income climbed 9% from a year earlier to $31.2 billion in the third quarter, buoyed by operational flexibility and firmer refining margins, the state energy giant announced Tuesday.
Operating cash flow came in at $38.7 billion for the July-September period. Free cash flow rose to $28.2 billion, up from $23.6 billion in the same quarter last year.
The board approved a third-quarter base dividend of $21.9 billion, a 3.5% increase on the year, payable in the fourth quarter, the company said.
Refining was the standout. Downstream adjusted earnings before interest and taxes (EBIT) soared 234% year-on-year on the back of stronger refining margins.
President and CEO Amin Nasser said geopolitical instability and attacks on key energy infrastructure sharpened global concerns over supply security during the three months to September.
According to Nasser, the company is weighing alternative export routes and extra overseas storage capacity, as well as a potential expansion of its East-West Pipeline, to bolster international delivery channels.
“We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network, and our robust operational and financial performance during this volatile period demonstrates the value of our resilience,” he said.
The CEO emphasized that major upstream projects remain on schedule, underpinned by the group’s strong financial position.
Aramco also pushed into adjacent industries. It acquired a 49% stake in artificial intelligence (AI) firm HUMAIN, a deal involving the transfer of assets and roughly $2.6 billion in cash contributions, and signed a joint venture agreement for hard-rock mineral exploration.
Operating cash flow came in at $38.7 billion for the July-September period. Free cash flow rose to $28.2 billion, up from $23.6 billion in the same quarter last year.
The board approved a third-quarter base dividend of $21.9 billion, a 3.5% increase on the year, payable in the fourth quarter, the company said.
Refining was the standout. Downstream adjusted earnings before interest and taxes (EBIT) soared 234% year-on-year on the back of stronger refining margins.
President and CEO Amin Nasser said geopolitical instability and attacks on key energy infrastructure sharpened global concerns over supply security during the three months to September.
According to Nasser, the company is weighing alternative export routes and extra overseas storage capacity, as well as a potential expansion of its East-West Pipeline, to bolster international delivery channels.
“We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network, and our robust operational and financial performance during this volatile period demonstrates the value of our resilience,” he said.
The CEO emphasized that major upstream projects remain on schedule, underpinned by the group’s strong financial position.
Aramco also pushed into adjacent industries. It acquired a 49% stake in artificial intelligence (AI) firm HUMAIN, a deal involving the transfer of assets and roughly $2.6 billion in cash contributions, and signed a joint venture agreement for hard-rock mineral exploration.
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