World’s largest oil company Aramco posts higher Q3 net profit after lifting output

Saudi Aramco reported a 0.9% increase in third-quarter net profit on Tuesday, driven by higher production despite continued pressure on oil prices. The company’s adjusted net income for the quarter came in at 104.92 billion Saudi riyals ($27.98 billion), ahead of the LSEG consensus of 98.47 billion riyals, while revenue reached 418.16 billion riyals versus forecasts of 411.26 billion.

“We increased production with minimal incremental cost, and reliably supplied the oil, gas and associated products our customers depend on, driving strong financial performance and quarterly earnings growth,” Aramco Chief Executive Amin Nasser said.

Free cash flow rose to $23.6 billion from $22.0 billion a year earlier, and the board announced a 2025 base dividend of $21.1 billion plus a performance-linked dividend of $0.2 billion, both slated for payment in the fourth quarter.

The results arrive amid a challenging pricing backdrop: oil has been under strain for much of the year, with prices down more than 6% through September. Year-to-date benchmarks show U.S. West Texas Intermediate off over 16% and Brent down more than 12%, according to FactSet data.

OPEC+ over the weekend agreed to a modest increase in December output and to pause further production hikes in the first quarter of next year, opting to raise the December target by 137,000 barrels per day—the same increment applied in October and November. Since April, OPEC+ has increased its output targets by roughly 2.9 million barrels per day, though it began moderating the pace of additions in October amid concerns about a potential supply glut.

Complicating the market picture, new Western sanctions on Russia are creating challenges for OPEC+ coordination, as Moscow faces constraints on boosting production following U.S. restrictions on major Russian energy firms Rosneft and Lukoil.

In corporate activity, Aramco recently completed the acquisition of an additional 22.5% stake in Petro Rabigh from Sumitomo Chemical for $701.8 million, raising its total ownership to approximately 60%, Reuters reported. The company has also taken a minority position in AI firm HUMAIN, majority-owned by Saudi Arabia’s Public Investment Fund.

Nasser said Aramco’s investment in HUMAIN is expected to support innovation and advance the company’s involvement in the rapidly evolving artificial intelligence sector.