Saudi Aramco Profit Beats Expectations as Oil Prices Soar
Saudi Aramco Profit Beats Expectations as Oil Prices Soar What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Saudi Aramco beat analyst estimates of its third-quarter profit as higher crude oil and fuel prices offset the impact of oil supply disruptions due to attacks on its assets.
The Saudi state oil giant on Tuesdayreportedan adjusted net income of $31.2 billion for the third quarter, up from $28.6 billion for the same period last year, and easily beating a $28.7-billion analyst consensus estimate compiled byBloomberg.
Despite theattackson the East-West onshore oil pipeline bypassing the Strait of Hormuz and other attacks on Aramco infrastructure by the Iran-backed Houthis, the Saudi oil giant boosted earnings in the third quarter from a year earlier as the Middle East conflict hiked crude oil prices and slashed refinery output and exports, which led to soaring refining margins and record-high product prices in many markets.
Aramco’s adjusted earnings before interest and tax (EBIT) in the downstream division soared by 234% year-on-year due to stronger refining margins.
Downstream adjusted EBIT more than tripled to $10.3 billion from $3.1 billion a year earlier.
The company kept its Q3 2026 base dividend of $21.9 billion from the second quarter of 2026, which is a 3.5% increase on the year.
The dividend goes mostly to the Kingdom of Saudi Arabia, which holds more than 90% of the oil giant.
Aramco noted the threat that geopolitical uncertainty poses to global energy security and said it continues to explore options to further diversify its supply to customers.
“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,” president and chief executive Amin Nasser said in a statement.
“We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network, and our robust operational and financial performance during this volatile period demonstrates the value of our resilience.” Aramco’s results come days after the world’s biggest international supermajors last weekreported bumper earningsfor the third quarter amid soaring refining margins and high oil and gas prices.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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