Saudi Aramco’s net profit rose 34.5% year over year to $36.25 billion in the three months ended September 30. The state-owned oil company attributed the increase mainly to higher revenue and its exit from a refining and petrochemicals joint venture in Malaysia, despite reduced production during the war between the United States and Iran.
Adjusted net profit was about $31.2 billion, above the median analyst estimate of $30.66 billion cited by the company. Aramco also declared a third-quarter base dividend of $21.9 billion, in line with the previous two quarters and its expected total payout for the year.
Higher oil prices helped offset lower volumes. Aramco’s average realized crude price was $95.20 per barrel, compared with $70.10 a year earlier and $108 in the second quarter. Total hydrocarbon production averaged 11.05 million barrels of oil equivalent per day, down from 13.3 million a year earlier. The company does not disclose its crude oil production volumes.
The company has continued exporting from terminals in the Persian Gulf and from western terminals on the Red Sea via its east-west pipeline. Chief Executive Amin Nasser described the pipeline as an essential lifeline and said Aramco was working to expand it, with the work already underway. The pipeline can carry up to 7 million barrels of oil per day and experienced interruptions during the quarter, but the company said it quickly restored western-region shipments using its multiple-line configuration.
Saudi Arabia is also considering ways to increase oil export capacity through pipelines to as much as 10 million barrels per day. Aramco is conducting engineering studies for additional export routes, Nasser said, but will not disclose details until final investment decisions are made. The company is also exploring additional oil storage capacity overseas.
Aramco reported supply reliability of 97.8% for the quarter, down from 99.9% a year earlier and 98.4% in the second quarter. The company said it continued serving customers despite attacks on energy infrastructure and disruptions to the east-west pipeline.
In September, Aramco completed the sale of its 50% stake in the PRefChem refining and petrochemicals joint ventures in Malaysia to partner Petronas. The company also said the second phase of its Jafurah unconventional gas project is expected to be completed next year, with a target of reaching 56.63 million cubic meters of gas per day by 2030. Production has begun at the Zuluf crude oil project, which is expected to process up to 600,000 barrels per day by the end of 2026.
Sources: Folha Mercado.