Aramco profit rises 9% to $31.2bn as oil refining business booms
Stronger refining margins lifted the Saudi oil giant’s earnings as it explored alternative export routes amid attacks on energy facilities and supply disruption
Saudi Aramco reported a 9% increase in adjusted net income for Q3 on November 3, following drone attacks that disrupted its East-West pipeline in September. The company has since restored exports to prewar levels by utilizing alternate routes, such as tanker tracking data showing Saudi exports reaching 7 million barrels per day in October.
Oil and other liquids output rose 15% from the previous quarter, though it remains below last year's levels. CEO Amin Nasser stated that Aramco is exploring more overseas storage and alternate export routes in response to ongoing geopolitical uncertainty and attacks on energy facilities. The pipeline is the kingdom's primary route around the Strait of Hormuz, with Houthi militants targeting Aramco refineries, a major oil field, and its headquarters in recent weeks.
Adjusted net income reached $31.2 billion, surpassing analyst forecasts for the quarter, with downstream earnings before interest and tax jumping 234% to a record high. Cash and dividend flow rose to $38.7 billion, with a base dividend of $21.9 billion declared, up 3.5% year on year. Aramco anticipates global liquids demand to grow by 2.4 million barrels per day next year, with additional demand expected after market normalization, requiring production capacity expansion to meet inventory replenishment goals.
Written by urgent.news from Gulf News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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