Saudi Aramco, the Saudi Arabian national petroleum and natural gas company, reported a net income of $27.56bn for Q3 2024, a decrease of 15.4% from $32.58bn in the same period last year.
The Q3 2024 net income is aligned with analyst consensus, regardless of non-cash charges of approximately $900m.
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The company’s nine-month revenue in 2024 saw a marginal increase to $331.8bn from $331.7bn in 2023, despite a slight drop in quarterly revenue from $113bn in Q3 2023 to $111.1bn in Q3 2024.
Saudi Aramco’s capex for the latest quarter stood at $13.2bn, contributing to a nine-month total of $36.2bn, aimed at supporting long-term strategic growth.
The company’s cash flow from operating activities in Q3 2024 increased to $35.2bn from $31.4bn in Q3 2023. Free cash flow also rose to $22bn, compared with $20.3bn in the same quarter the previous year.
Aramco’s operational results and cash flows remain primarily influenced by market prices and volumes sold of hydrocarbons, as well as refined and chemicals products.
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By GlobalDataAramco president and CEO Amin Nasser said: “Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment. We also progressed our upstream developments, strengthened our downstream value chain and advanced our new energies programme as we continue to invest through cycles.”
In October 2024, Saudi Aramco completed a $3bn international sukuk issuance, which was six-times oversubscribed.
The company’s upstream developments are set to enhance production flexibility and progress gas expansion.
Amidst resilient crude oil demand, which is forecast to reach record levels in 2024, Aramco’s integrated upstream and downstream businesses have delivered strong earnings and free cash flow, showcasing its capacity to generate shareholder value consistently.
Upstream operations continued to deliver safe and efficient performance, with total hydrocarbon production reaching 12.7 million barrels of oil equivalent per day.
Approximately 53% of Aramco’s crude oil production was utilised by its downstream operations in the first nine months of the year, maintaining a supply reliability of 99.8% in Q3.
Aramco’s renewable energy subsidiary, SAPCO, and its partners achieved financial close for three solar photovoltaic projects worth $3.2bn, expected to have a combined capacity of 5.5GW.
