Aramco profit rises 9% after East-West pipeline attacks

Dubai: Saudi Aramco reported a 9 per cent rise in Q3 adjusted net income on November 3. This comes on the back of drone attacks which shut its East-West pipeline in September. The company says they have since pushed exports back to prewar levels.

The company says they have offset part of their losses by using alternate routes avoid the Strait of Hormuz. It raised exports from eastern Gulf terminals and used ship-to-ship transfers near Oman. Tanker-tracking data shows Saudi exports reached about 7 million barrels a day in October, matching prewar levels

Oil and other liquids output rose 15 per cent from the previous quarter. It remains below last year’s level.

Chief Executive Amin Nasser says Aramco is exploring more overseas storage and alternative export routes. “Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security," he said.

The pipeline is the kingdom’s main route around the Strait of Hormuz. Saudi authorities shut the line on September 11 after a drone strike. Satellite imagery showed damage to three of its 11 pumping stations. However, pumping restarted on September 22, but at lower capacity.

The company confirms the pipeline continues to give it export flexibility. Houthi militants have also hit Aramco refineries, a major oil field and its headquarters in recent weeks.

The company reported adjusted net income of $31.2 billion, against $28.6 billion a year earlier. The figure topped most analyst forecasts for this quarter. It also sold its oil at about $95.20 a barrel, up 35 per cent from $70.10. Refining drove the gain.

Downstream adjusted earnings before interest and tax jumped 234 per cent to a record above $10 billion. Wars in the Middle East and Russia have sidelined about 10 per cent of global fuel-making capacity. Crude flows have recovered faster than product shipments, which kept the margins high.

Operating cash flow rose to $38.7 billion from $36.1 billion. Free cash flow climbed to $28.2 billion from $23.6 billion. Gearing eased to 5.5 per cent at the end of September from 6.2 per cent in June.

The board declared a base dividend of $21.9 billion, up 3.5 per cent year on year. The payout matches the previous quarter and comes due in the fourth quarter. Free cash flow will to used to covered the payout.

According to a Bloomberg report, the company expects liquids demand to grow by about 2.4 million barrels a day next year. Nasser puts the extra need at another 2 million a day once markets normalise, to rebuild inventories that could take two years to refill. He calls storage levels “extremely low”.

Aramco can lift production to its full 12 million barrels a day if required, he adds.

On projects, they updated investors that the Zuluf crude increment has started production. Jafurah phase two, the Fadhili gas plant expansion and the Dammam development remain on track.

Aramco also declared that it had bought a 49 per cent stake in HUMAIN, its artificial intelligence venture. The deal involves asset transfers and about $2.6 billion in cash contributions. It also signed another shareholders’ agreement for a mineral exploration and mining joint venture, leveraging Upstream expertise to expand into adjacent sector.