Saudi Aramco Profit Beats Expectations as Oil Prices Soar

Saudi Aramco exceeded analyst projections in its third-quarter profit as oil prices increased, mitigating the effects of supply disruptions caused by attacks on its assets. The Saudi state-owned oil behemoth announced an adjusted net income of $31.2 billion for the third quarter, surpassing the previous year's $28.6 billion and significantly surpassing the $28.7 billion forecast from analysts.

Despite the East-West onshore oil pipeline bypassing the Strait of Hormuz and the Houthi attacks on Aramco infrastructure, the company managed to boost earnings compared to last year, driven by heightened crude oil prices and reduced refinery output and exports, resulting in soaring refining margins and record-high product prices in many markets.

Aramco's downstream earnings before interest and taxes (EBIT) surged by 234% year-over-year due to stronger refining margins, reaching $10.3 billion from $3.1 billion a year earlier. The company maintained its Q3 2026 base dividend of $21.9 billion, a 3.5% increase from the previous year, primarily benefiting the Kingdom of Saudi Arabia, which owns over 90% of Aramco.

Aramco highlighted the impact of geopolitical uncertainty and attacks on key energy facilities on global energy security and stated that it is exploring options to diversify its supply to customers further. "Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security," stated Aramco's President and CEO Amin Nasser.

The company is actively investigating additional overseas storage capacity and alternative export routes to improve its global supply network. Aramco's results follow suit after the world's largest international supermajors reported record earnings for the third quarter, fueled by impressive refining margins and high oil and gas prices.