Aramco third quarter profit beats estimates on refining margins

Saudi Aramco reported adjusted net income of 31.2 billion dollars for the third quarter, up 9 percent from 28.6 billion dollars a year earlier and above the 28.7 billion dollar consensus estimate compiled by Bloomberg. Downstream adjusted earnings before interest and tax more than tripled to 10.3 billion dollars from 3.1 billion dollars, a rise of 234 percent on stronger refining margins, and the company held its base dividend at 21.9 billion dollars, up 3.5 percent on the year.

The result came despite attacks on the East-West pipeline that bypasses the Strait of Hormuz and on other Aramco infrastructure by the Iran-backed Houthis, which cut refinery output and exports while the conflict pushed crude and product prices higher. President and chief executive Amin Nasser said geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter, with serious implications for global energy security, and that Aramco is exploring additional overseas storage and alternative export routes.