The Saudi Aramco logo was photographed at the Hyvolution exhibition in Paris, France on February 1, 2024.
Benoît Tessier | Reuters
Aramco on Tuesday announced a 9% increase in third-quarter adjusted net profit due to improved refining margins.
The Saudi oil giant reported adjusted net profit of $31.2 billion for the quarter, up from $28.6 billion a year earlier. The company said this number exceeded the median analyst consensus estimate of $30.66 billion.
Aramco’s downstream operations, which process crude oil into fuels and other products, posted adjusted earnings before interest and taxes of $10.3 billion, up 234% from a year earlier, due to higher refining margins.
“Geopolitical uncertainties and attacks on key energy facilities continued to widen the global energy supply crisis in the third quarter of 2026, severely impacting global energy security,” Aramco CEO Amin H. Nasser said in a statement.
Nasser said the company’s operational flexibility and supply network enabled it to continue providing energy to customers despite the disruption. Aramco is also exploring additional overseas storage capacity and alternative export routes to strengthen its global supply network.
The company generated free cash flow of $28.2 billion in the quarter, up from $23.6 billion in the year-ago period.
Aramco announced that its board of directors has announced a basic dividend of $21.9 billion for the third quarter, an increase of 3.5% year-on-year, to be paid in the fourth quarter.
The company also said key upstream projects are progressing well and highlighted the acquisition of a 49% stake in Saudi artificial intelligence company HUMAIN.
– CNBC’s Emma Graham contributed to this article.
