Aramco Q3 Profit Slightly Down Despite Strong Cash Flow

Saudi Aramco reported third-quarter net profit of about 101–105 billion riyals ($26.9–$28 billion), a slight year‑on‑year decline that nonetheless beat analysts’ estimates. Revenue fell to roughly $111 billion from $123 billion a year earlier as the company’s average realized oil price eased to about $70 a barrel while Brent traded near $65. Liquids output rose to about 10.8 million barrels a day and gas production increased, lifting free cash flow to roughly $23.6 billion and allowing cash generation to exceed dividends for the first time in about two years. The board declared a roughly $21.1 billion base dividend plus a modest performance‑linked payout, and management upgraded its 2030 sales‑gas capacity target to about 80% above 2021 levels, centered on the Jafurah development. Results come as OPEC+ added a modest 137,000 b/d for December while pausing further scheduled hikes, a dynamic that pressured prices and complicated Saudi budget planning even as Aramco remains central to Crown Prince Mohammed bin Salman’s megaproject financing.