Saudi Aramco reported a third-quarter profit of $26.9 billion, a slight decline from the previous year's $27.5 billion, mainly due to lower oil prices. Despite this decrease, the results surpassed analysts' expectations, showcasing the company's resilience in a challenging market. Revenue also saw a drop, with figures standing at $111 billion compared to last year's $123 billion.
The company experienced a 19% profit rise from the previous quarter, attributed to increased oil production, reaching 13.27 million barrels of oil equivalent per day. This production boost was complemented by expanding gas production capacity, with a focus on unconventional gas at Jafurah.
Amidst a global decline in oil prices, Aramco maintained its strong financial position by announcing $21.3 billion in dividends for the quarter. The company’s effective cost management and strategic production increase have cushioned the impact of lower prices. Globally, oil prices have been affected by OPEC+'s decision to halt production increases as a measure against supply concerns.
Aramco's performance marks the end of a long streak of declining earnings, signaling a positive shift for the company and a key contribution to Saudi Arabia's economy. The company's future outlook remains promising with ambitious production targets for 2030.
