MEOG: Aramco announces Q3 results

Saudi Aramco this week announced its Q3 results, which were highlighted by a net income of $42.4bn, up 139% against the same period last year.

Despite some price volatility during the quarter, the company continues to benefit from the recovery experienced over the past year or so, earning well in excess of the level required to cover its $18.75bn quarterly dividend obligation.

Free cash flow was reported at $45bn, up from $28.7bn during Q3 2021. The strong financial performance was driven by an almost $29 increase in the average realised price per barrel of crude to $101.7.

The company’s president and CEO, Amin Nasser, said: “Aramco’s strong earnings and record free cash flow in the third quarter reinforce our proven ability to generate significant value through our low-cost, low-carbon intensity upstream production and strategically integrated upstream and downstream business. While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade, given the world’s need for more affordable and reliable energy.”