US EditionWorld's largest oil company Aramco reports higher third-quarter net profit on production boost
- On Tuesday, Saudi Aramco, formally the Saudi Arabian Oil Co., reported a 0.9% increase in third-quarter profit and booked a net profit of $28.0 billion, according to its Tadawul filing.
- Aramco increased production with minimal incremental cost, boosting quarterly earnings despite the average realised price falling to $70.10 per barrel from $79.30 annually, which squeezed profits.
- Aramco reported free cash flow of $23.6 billion, completed a 22.5% Petro Rabigh stake purchase for $701.8 million, acquired a minority stake in HUMAIN, and the board declared a $21.1 billion base dividend plus $0.2 billion performance payout.
- OPEC+ agreed a modest output increase for December of 137,000 barrels per day and to halt further rises in the first quarter next year, while Western sanctions on Russia complicate Moscow's production.
- The company's gas plans focus on the Jafurah field, the biggest unconventional non-oil associated gas field with 75 billion barrels of condensates, as Aramco expects 80% production capacity growth by 2030 from 2021.
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33 Articles
Saudi Arabia’s state oil company reports surprise $28B profit
The NewsSaudi Aramco reported a surprise increase in profits and boosted its forecasts for gas production as the kingdom embarked on a policy of lifting crude output to grab market share.Adjusted net income for the third quarter was $28 billion, beating a company compiled analyst estimate of $26.5 billion and generating enough free cash flow to cover its huge dividend payments for the first time in several quarters. The payouts are critical to f…
Aramco Surprises With Profit Beat in Sign of Easing Pressure
(Bloomberg) — Saudi Aramco posted a surprise increase in third-quarter profit as a production boost helped mitigate the impact of lower crude prices and snapped a years-long streak of falling earnings at the oil giant.
The Saudi energy company Aramco announced on Tuesday that it has recorded a fall of 9.87 % of its profits.
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