Aramco Q3 profit rose 9% to $31.2 billion as refining margins climbed
What's new: downstream EBIT jumped 234% to $10.3 billion, and the company raised its base dividend 3.5% to $21.9 billion.
Saudi Aramco posted a 9% rise in third-quarter adjusted net income to $31.2 billion, topping the analyst consensus of $30.66 billion as stronger refining margins lifted results. The state oil giant reported $28.2 billion in free cash flow, up from $23.6 billion a year earlier. Its downstream unit, which turns crude into fuels and other products, generated adjusted EBIT of $10.3 billion, up 234% from the same period last year. CEO Amin H. Nasser said geopolitical turmoil and attacks on energy facilities intensified the supply crunch in the quarter. Aramco said it kept delivering to customers through its supply network, is pursuing more overseas storage and alternative export routes, and still expects major upstream projects to stay on track.