RIYADH (The Thursday Times) — Saudi Aramco reported a 34.5 percent rise in third-quarter net profit on Tuesday, to $36.25 billion from $26.9 billion a year earlier, as higher revenue and its exit from a joint venture outweighed reduced output and attacks on its facilities.
Adjusted net income for the three months to September 30 was about $31.2 billion, ahead of the $30.66 billion median forecast of 12 analysts compiled by the company.
The war between the United States and Iran has cut Aramco’s output, but higher oil prices have offset the lower volumes.
The world’s top oil exporter has been shipping crude from its eastern terminals in the Gulf and its western terminals on the Red Sea, using the East-West pipeline, which chief executive Amin Nasser has called a critical lifeline. Flows through the pipeline increased after the war began in late February, and it has come under attack several times.
Other Saudi energy infrastructure and Aramco’s headquarters have also come under fire as fighting with Yemen’s Houthis has flared. The Saudi-led coalition intercepted a Houthi ballistic missile this week after strikes on Yemen’s Ras Isa port, as the Houthis threatened Aramco.
