Aramco posts 34.5% rise in third-quarter profit despite attacks
- The US-Iran war has cut Aramco's output but higher oil prices have offset the reduced volumes
Saudi Aramco reported a 34.5% net profit increase to $36.25 billion in Q3, driven by higher revenue and a joint venture exit, despite ongoing attacks and reduced output.
- Aramco's Q3 financial performance and profit drivers.
- Impact of regional conflicts on oil output and infrastructure.
- The critical role of the East-West pipeline for crude exports.
DUBAI: Saudi Arabia’s state-owned oil company Aramco reported on Tuesday a 34.5% increase in net profit in the third quarter despite attacks targeting it, mainly due to higher revenue and its exit from a joint venture.
The world’s top oil exporter reported a net profit of $36.25 billion in the three months ended September 30 from $26.9 billion a year earlier.
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Net profit was $32.7 billion in the second quarter.
Adjusted net income in the third quarter was about $31.2 billion, beating a median analyst consensus shared by Aramco from 12 analysts of $30.66 billion.
The US-Iran war has cut Aramco’s output but higher oil prices have offset the reduced volumes.
Aramco has been exporting crude from its eastern terminals in the Gulf, its traditional outlet, as well as its western terminals in the Red Sea via the East-West pipeline, which CEO Amin Nasser has called a critical lifeline.
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The pipeline, which ramped up flows after the war began when the US and Israel struck Iran in late February, has come under attack several times throughout the conflict.
Other Saudi energy infrastructure and Aramco’s headquarters have also come under fire as fresh fighting erupted in the simmering war with Yemen’s Houthis.