DUBAI, Nov 4 — Saudi Aramco saw a small decline in third-quarter profit as global oil prices softened, though higher production volumes helped the energy giant outperform the previous quarter.
Net profit slipped 2.3% to 101.02 billion riyals (US$26.94 billion) for the quarter ending September 30, down from 103.4 billion riyals a year earlier. However, the company’s earnings rose 19% compared to Q2, reflecting stronger refining margins and chemical sales.
Aramco’s production averaged 13.27 million boepd, its highest in more than a year, as the OPEC+ coalition relaxed output restrictions. Despite this, crude futures continued to weaken in October, posting a third straight monthly decline amid supply concerns and economic headwinds linked to new U.S. tariffs.
Aramco also boosted its 2030 gas expansion target — now aiming for an 80% capacity increase from 2021 levels, compared to the previous goal of 60%. The company said the move would bring total gas and associated liquids production to 6 million boepd.
“Our Jafurah gas field continues to attract strong global investment interest,” said CEO Amin Nasser, noting that the project forms a cornerstone of Saudi Arabia’s natural gas ambitions.
Aramco’s balance sheet reflected rising leverage, with total borrowing increasing to US$95.1 billion and gearing up to 6.3%, following two major bond issuances earlier this year totaling US$8 billion.
Despite diversification under Vision 2030, Saudi Arabia remains heavily reliant on Aramco dividends, even as oil’s contribution to government revenue slipped to 62% last year.