• Q3 earnings reflect Aramco’s ability to generate significant value
• Net income: $42.4 billion (Q3 2021: $30.4 billion)
• Cash flow from operating activities: $54.0 billion (Q3 2021: $36.3 billion)
• Free cash flow: $45.0 billion (Q3 2021: $28.7 billion)
• Gearing ratio: -4.1% as at September 30, 2022, compared to 12.0% at end of 2021
• Q2 dividend of $18.8 billion paid in the third quarter; Q3 dividend of $18.8 billion to be paid in the fourth quarter
• Partnership with F2 and F3 highlights work on advanced low-carbon transport solutions
• World’s first independent certifications of blue ammonia and hydrogen production

Commenting on the results, Aramco President & CEO Amin H. 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, lower-carbon intensity Upstream production and strategically integrated Upstream and Downstream businesses. While global crude oil prices during this period were affected by continued economic uncertainty, our longterm 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.

“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.

“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. 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.” 

Upstream

In line with its focus on maintaining its Upstream preeminence, Aramco continued to progress its gas expansion strategy to meet growing domestic demand, and increase MSC to 13.0 mmbpd by 2027. Through its vast reserves, operational capabilities and spare capacity, Aramco will seek to capture global supply gap opportunities when needed with its low-cost, lowercarbon intensity Upstream production.

During the quarter, total hydrocarbon production was 14.4 mmboed, reflecting Aramco’s efficient and reliable operations.

Key Upstream developments include the following:

• The compression projects at the Haradh and Hawiyah fields have started commissioning activities, with initial production planned by the end of 2022 and full capacity expected in 2023; and
• The Hawiyah Gas Plant expansion, part of the Haradh Gas increment program, has started precommissioning activities and is expected to be on-stream in 2023.

Upstream earnings

Earnings before interest, income taxes and zakat (EBIT) for the third quarter of 2022 was SAR 293,996 ($78,399), compared to SAR 205,926 ($54,914) for the same quarter in 2021. This robust performance was primarily attributable to improved average realized crude oil prices and increased crude oil volumes sold, partially offset by higher crude oil production royalties. 

KeyFacts Energy: Aramco Saudi Arabia country profile

If you would like to discover more about KeyFacts Energy, contact us today and we can arrange a 15-minute online meeting to review our database of over 2,600 continually updated 'country-specific' oil and gas and renewable energy profiles from a selection of 144 countries. Find out how you can instantly identify companies with operational activity in your chosen country, 'fine-tune' your news or company selection based on industry category, energy type or regional location and additionally benefit from one to one contact with us to ensure maximum online and social media exposure for your company.