Saudi Aramco continues to show the resilient strength of Saudi energy markets despite a slight decline in quarterly profit caused by lower crude prices. The company reported a net profit of 101.02 billion riyals ($26.94 billion) for the third quarter. This figure is down 2.3% from last year, but higher production improved performance compared to the previous quarter.
Shares rose 1.1% to 25.88 riyals around 5 GMT after the earnings announcement. The kingdom increased crude output as OPEC+ ended voluntary production cuts, supporting higher volumes. Meanwhile, crude futures fell for a third consecutive month, dropping over 2% to a five-month low due to oversupply concerns and U.S. tariff worries.
Aramco produced 13.27 million barrels of oil equivalent per day (boepd) in the third quarter, up from 12.8 million boepd last quarter. Revenue benefited from higher volumes and stronger prices for crude, refined products, and chemicals. Adjusted net profit, excluding non-recurring items, reached $28 billion, beating analyst estimates of $26.5 billion.
The company also raised its 2030 gas production target to 80% above 2021 levels, up from the previous goal of 60%. This increase will bring total gas and associated liquids output to around six million boepd. Expansion at the Jafurah unconventional gas field attracted strong interest from global investors. It also strengthens Saudi Arabia’s energy diversification plans.
Aramco confirmed $21.3 billion in total dividends for the third quarter, including performance-linked portions. These payments remain crucial for the Saudi government, which owns 81.5% of Aramco shares directly and another 16% through the Public Investment Fund. Oil still accounts for 62% of government revenue, highlighting the importance of both crude and gas projects.
Saudi issuers, led by Aramco, accounted for 18.9% of emerging-market dollar debt in the first half of 2025. Strong investor demand drove this activity. Aramco issued $5 billion in bonds in May and $3 billion in Islamic bonds in September. Total borrowing rose to $95.1 billion from $80.9 billion last year. Gearing increased to 6.3% from 1.9%.
Overall, the third-quarter results highlight the resilient strength of Saudi energy markets. Strategic oil production, gas expansion, and financial discipline confirm Aramco’s long-term leadership. By maintaining strong investor confidence, Aramco continues to showcase the resilient strength of Saudi energy markets as a cornerstone of the kingdom’s growth and diversification strategy.
