Aramco Q3 profit beats estimates as war lifts oil prices

Saudi Aramco reported on Tuesday, November 3, that its third-quarter adjusted net income rose 9% to $31.2 billion, up from $28.6 billion a year earlier, according to the company's results announcement. Analysts surveyed by Bloomberg had expected $28.7 billion. Bloomberg said the company gained from war-driven oil prices, and its exports through the contested Strait of Hormuz stayed strong.bloomberg.com+1

Higher prices did most of the work. Aramco's average realized crude price was $95.2 a barrel, up from $70.1 a year earlier. Adjusted earnings before interest, taxes and zakat in the Downstream segment jumped 234% from a year earlier because refining margins were stronger.rttnews.com+1

Cash flow and dividend

Unadjusted net profit rose 34.6% to $36.2 billion, AFP reported. Revenue and other income related to sales climbed to $140.5 billion from $111.5 billion. That was driven by higher prices for crude and for refined and chemical products, and partly offset by lower sales volumes. Operating cash flow rose to $38.7 billion and free cash flow to $28.2 billion. The gearing ratio fell to 5.5% at the end of September from 6.2% at the end of June. The board declared a third-quarter base dividend of $21.9 billion, up 3.5% from a year earlier.korea.aramco.com+2

Profit fell from the second quarter, when adjusted net income was $33.4 billion and the realized crude price averaged $108.1 a barrel. Investing.com said oil prices had eased from their annual highs as U.S.-Iran tensions cooled somewhat.aramco.com+1

Operating under attack

The war has also hit Saudi energy infrastructure, which AFP said is coming under regular attack. Aramco said its East-West Pipeline continued to give it flexibility on exports. The company is also looking for more overseas storage and new export routes. It started production at the Zuluf crude increment project and bought a 49% stake in the AI company HUMAIN in a deal that included about $2.6 billion in cash contributions.nampa.org+1

According to Investing.com, the push for more storage follows attacks on Saudi facilities by Yemen's Iran-backed Houthis this year, which led Aramco to suspend some Red Sea pipelines and loadings.investing.com

"Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security," CEO Amin Nasser said. He said the company's "robust operational and financial performance during this volatile period demonstrates the value of our resilience".korea.aramco.com+1