Saudi Aramco Records $36.3bn Profit As Attacks On Export Infrastructure Persists

Saudi Aramco has reported a 34.5 per cent increase in third-quarter net profit Tuesday, November 3.

The performance was supported by higher crude prices, stronger refining margins, and proceeds from an asset sale offset lower production and repeated attacks on Saudi Arabia’s energy infrastructure.

The world’s largest oil exporter reported net income of $36.25 billion for the three months ended September 30, compared with $26.9 billion a year earlier. Adjusted net income increased approximately 9 per cent to $31.2 billion, exceeding analysts’ consensus estimate of $30.66 billion.

The difference between reported and adjusted earnings partly reflects a gain from Aramco’s September sale of its 50 per cent interest in Malaysia’s PRefChem refining and petrochemical joint ventures to Petronas.

Higher commodity prices were another significant contributor. Aramco’s average realized crude price increased to $95.20 per barrel from $70.10 a year earlier, helping compensate for production losses associated with the U.S.-Iran conflict and disruptions to regional shipping.

Total hydrocarbon production averaged 11.05 million barrels of oil equivalent per day, down from 13.3 million a year earlier. Liquids production declined to 8.7 million barrels per day from 10.8 million.

Despite the reduced volumes, operating cash flow increased to $38.7 billion from $36.1 billion, while free cash flow rose to $28.2 billion from $23.6 billion.

Aramco declared a quarterly base dividend of $21.9 billion, representing a 3.5% year-over-year increase.

The company’s downstream operations also benefited from elevated refining margins, with adjusted earnings before interest and taxes increasing 234% from the previous year.

Operational challenges remain substantial. Attacks targeting the East-West pipeline, refining facilities, and other Saudi energy assets have complicated export logistics, while restrictions affecting the Strait of Hormuz continue to disrupt international petroleum transportation.

Aramco reported supply reliability of 97.8 per cent, compared with 99.9% a year earlier. The company said its pipeline network allowed it to restore western-region loadings following interruptions.

Chief Executive Amin Nasser emphasized the importance of operational flexibility and said Aramco continues evaluating additional overseas storage capacity and alternative export routes.

The company is also advancing major production investments. Output has commenced at its Zuluf crude development, which is expected to reach processing capacity of up to 600,000 barrels per day by year-end. The second phase of the Jafurah unconventional gas project remains on schedule, supporting a longer-term target of two billion standard cubic feet per day by 2030.

For investors, Aramco’s results highlight the financial benefits of higher commodity prices alongside the growing importance of infrastructure resilience.

Stronger cash generation supports dividends and capital investment, but lower production volumes and repeated attacks illustrate the operational costs of geopolitical instability.

The company’s ability to maintain exports, restore production, and protect its transportation network will remain central to its financial performance as regional security conditions evolve