- Saudi Aramco recorded a 34.5% increase in third-quarter net profit to $36.25 billion, driven by higher oil prices and its exit from a Malaysian joint venture.
- The company maintained 97.8% supply reliability despite attacks on its infrastructure and disruptions to its East-West Pipeline.
Saudi Aramco reported a 34.5% increase in third-quarter net profit to $36.25 billion, despite attacks on its energy infrastructure and reduced oil production. The Saudi state-owned oil company attributed the growth mainly to higher revenue and its exit from a refining and petrochemical joint venture.
Higher Oil Prices Drive Profit Growth
Aramco recorded $36.25 billion in net profit for the three months ended September 30, 2026, compared with $26.9 billion in the corresponding period of 2025. The company also reported $32.7 billion in second-quarter profit.
Its adjusted net income reached approximately $31.2 billion, exceeding the median analyst estimate of $30.66 billion from a survey of 12 analysts shared by the company. The average realised crude oil price rose to $95.20 per barrel, compared with $70.10 in the third quarter of 2025. However, it remained below the second-quarter average of $108.10 per barrel.
Aramco also declared a base dividend of $21.9 billion for the third quarter. The payout matched the previous two quarters and remained consistent with its expected annual dividend distribution.
Attacks Disrupt Production and Export Infrastructure
The US-Iran war has reduced Aramco’s output, while higher oil prices have helped offset lower production volumes.
Saudi Arabia’s oil production averaged approximately eight million barrels per day in September, according to secondary sources cited by OPEC. Production stood above 10 million barrels per day before the war. Aramco has continued exporting crude through its eastern Gulf terminals and western Red Sea terminals. The company uses its East-West Pipeline to transport crude to western export facilities.
However, repeated attacks have disrupted the pipeline and other Saudi energy infrastructure. Aramco’s headquarters also came under attack as fighting intensified between Saudi Arabia and Yemen’s Iran-aligned Houthis.
Aramco Maintains Supply Reliability
Aramco recorded 97.8% supply reliability during the third quarter. This compared with 99.9% in the same period of 2025 and 98.4% in the second quarter.
The company said it restored western-region loadings quickly despite disruptions to the East-West Pipeline. “This strong supply reliability was achieved despite some disruptions to the East-West Pipeline during the quarter as Aramco was able to quickly restore loadings in the western region using the pipeline’s multiline configuration,” the company said.
Chief Executive Amin Nasser said geopolitical uncertainty and attacks on critical energy infrastructure had intensified the global energy supply crisis.
He added that Aramco continued delivering reliably to customers during what he described as an “extraordinary period”.
Nasser also disclosed that the company was exploring additional overseas storage capacity and alternative export routes to strengthen supply security.
Production Projects Advance Despite Regional Tensions
Aramco’s total hydrocarbon production averaged 11.05 million barrels of oil equivalent per day in the third quarter. This represented a decline from 13.3 million barrels of oil equivalent per day in the corresponding period of 2025.
Total liquids production also fell to 8.7 million barrels per day from 10.8 million barrels per day a year earlier. Despite these declines, Aramco continued developing major upstream projects. The company said production had started at its Zuluf crude project, which could process up to 600,000 barrels per day by the end of 2026.
The company also maintained progress on the second phase of its Jafurah unconventional gas project. Aramco expects to complete the phase in 2027 and reach production of two billion standard cubic feet of gas per day by 2030.
Malaysian Joint Venture Exit Supports Earnings
In September, Aramco completed the sale of its 50% stake in Malaysia’s PRefChem refining and petrochemical joint ventures to its partner, Petronas.
The company identified the transaction as one of the factors supporting its third-quarter profit growth. Aramco’s latest results highlight the impact of higher oil prices on earnings, even as regional conflict disrupts production and threatens critical energy infrastructure.