Despite the ongoing geopolitical and operational disruptions due to the Iran war, Saudi state oil company Aramco has reported a 34.5% increase in third-quarter net profit, notwithstanding attacks on its facilities, with higher revenue, along with the venture’s exit from a joint venture proving to be a game-changer here.
The world’s top oil exporter reported a net profit of USD 36.25 billion in the three months ended September 30 compared with USD 26.9 billion in the year-earlier period.
Net profit, on the other hand, stood at USD 32.7 billion in the second quarter.
Adjusted net income in the third quarter was about USD 31.2 billion, beating a median analyst consensus shared by the state-run oil major from 12 analysts of USD 30.66 billion.
While Aramco has suffered on the output front due to the Iran war, higher oil prices have managed to offset the reduced energy volumes.
Also in September, the company completed the sale of its 50% equity interest in the PRefChem refining and petrochemical joint ventures in Malaysia to partner Petronas.
Aramco, as of November 2026, is exporting crude from its eastern terminals in the Gulf, its traditional outlet, apart from leveraging its western terminals in the Red Sea via the East-West pipeline.
CEO Amin Nasser has already called the East-West pipeline a critical lifeline for both the Kingdom’s economy and energy trade.
Since the war began in late February, the pipeline has faced multiple attacks from Iran-backed militants.
“Geopolitical uncertainty and attacks on key energy infrastructure have continued to amplify the global energy supply crisis,” Nasser said in a statement, adding Aramco continued reliably delivering to its customers during the “extraordinary period.”
“The company is still exploring additional overseas storage capacity and alternative export routes,” he added.
“Supply reliability was 97.8% in the quarter, from 99.9% a year prior and 98.4% in the second quarter,” Aramco informed the investors and analysts.
“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 state-run energy giant stated further.
Aramco’s profit increase is not unexpected, as Saudi Arabia’s oil output was approximately eight million barrels per day (bpd) in September, according to secondary sources cited by OPEC in its most recent monthly report, which is close to the pre-war capacity of just over 10 million bpd.
Aramco’s total hydrocarbon production averaged 11.05 million barrels of oil equivalent per day (boepd) in the third quarter, the company said, compared with 13.3 million boepd a year prior. Total liquids production was 8.7 million bpd against 10.8 million bpd a year earlier.
“The average realised crude oil price for the third quarter was USD 95.2 a barrel, up from USD 70.1 a year earlier and USD 108.1 in the second quarter,” it added.
Aramco has also declared a base dividend of USD 21.9 billion for the third quarter, in line with the previous two quarters and tracking the total payout expected for the year.
Aramco said its Jafurah unconventional gas project’s second phase was due for completion in 2027 and remained on track to reach two billion standard cubic feet per day of gas by 2030.
“Production has begun at its Zuluf crude project, which is expected to process up to 600,000 bpd of oil by the end of 2026,” the company concluded.