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- Aramco reported a 9% rise in third-quarter adjusted net income to $31.2 billion, exceeding analyst expectations.
- The oil giant’s downstream business posted a 234% jump in adjusted earnings, driven by stronger refining margins.
- The company declared a $21.9 billion base dividend for the quarter, up 3.5% from a year earlier.
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. Benoit Tessier | Reuters
Aramco reported a 9% rise in third-quarter adjusted net income on Tuesday on stronger refining margins.
The Saudi oil giant posted adjusted net income of $31.2 billion for the quarter, up from $28.6 billion a year earlier. The figure exceeded the median analyst consensus estimate of $30.66 billion, according to the company.
Aramco’s downstream business, which processes crude oil into fuels and other products, posted adjusted earnings before interest and taxes of $10.3 billion, up 234% from a year earlier, driven by stronger refining margins.
“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,” Aramco CEO Amin H. Nasser said in a statement.
Nasser said the company’s operational flexibility and supply network enabled it to continue delivering energy to customers despite the disruptions. Aramco is also exploring additional overseas storage capacity and alternative export routes to strengthen its global supply network.
The company generated $28.2 billion in free cash flow during the quarter, up from $23.6 billion a year earlier.
Aramco said its board declared a third-quarter base dividend of $21.9 billion, up 3.5% year on year, to be paid in the fourth quarter.
The company also said its major upstream projects remained on track and highlighted its acquisition of a 49% stake in Saudi artificial intelligence company HUMAIN.
– CNBC’s Emma Graham contributed to this story.
