Aramco lifts gas growth target to 80% by 2030, posts solid Q3 earnings

Dubai: Aramco posted $28.0 billion in adjusted net income for the third quarter, slightly higher than the same period last year, backed by stable operations and progress on major projects. Operating cash flow reached $36.1 billion, while free cash flow came in at $23.6 billion.

The Board approved a $21.1 billion base dividend and $0.2 billion performance-linked payout. The gearing ratio stood at 6.3% at the end of September, edging lower from June.

The quarter showcased the company’s strategic priorities. Aramco completed its $11.1 billion Jafurah midstream deal, launched the Fujian refining and petrochemical venture with Sinopec, and drew strong demand for a $3 billion sukuk. It also announced plans to invest in HUMAIN, in line with its digital and AI expansion.

The company lifted its 2030 sales gas production target, now expecting around 80% growth from 2021 levels, up from an earlier goal of more than 60%. Total gas and associated liquids are expected to reach about six million barrels of oil equivalent per day by the end of the decade.

“Aramco’s ability to adapt to new market realities has once again been demonstrated by our strong third quarter performance,” said President and CEO Amin H. Nasser. “We increased production with minimal incremental cost, and reliably supplied the oil, gas and associated products our customers depend on, driving strong financial performance and quarterly earnings growth.”

He added that upstream capacity and technology-driven growth remain central pillars.