Q3 net income rises 39% year-over-year to $42.4 billion as free cash flow increases to a record $45 billion.

Aramco Announces Third Quarter 2022 Results

Reflecting its ability to generate significant value, Aramco on Tuesday announced its Q3 results for 2022 with a net income of $42.4 billion. That compares to a 2021 Q3 net income of $30.4 billion.

Commenting on the results, Aramco president and CEO Amin Nasser, said, “Aramco’s strong earnings and record free cash flow in the third quarter reinforce our proven ability to generate significant value through our low cost, low-carbon intensity Upstream production and strategically integrated Upstream and Downstream business.

“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy.”

— Amin Nasser

Cash flow from operating activities last quarter was $54 billion, with free cash flow at $45 billion, compared to $28.7 billion compared to Q3 2021.

The Q2 dividend of $18.8 billion paid in the third quarter mirrors that of the Q3 dividend to be paid in the fourth quarter.

“Against the backdrop of global underinvestment in our sector, we are extending our long-term oil and gas production capabilities while also working towards our previously stated ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions from our wholly-owned operated assets,” said Nasser.

“Our plans for our Downstream expansion continue to move forward as we seek to leverage the significant potential of our products to meet rising global demand for petrochemicals, which will be critical to the materials transition that is required to support a lower-carbon future.”

— Amin Nasser

“In addition, we continue to develop new, lower-carbon energy solutions as we work to be part of a more practical, stable and inclusive energy transition,” Nasser added

For more information, please see the 2022 Saudi Aramco Third Quarter Interim Report.

— The Arabian Sun: November 02, 2022