Aramco Sees Lift in Q3 Earnings on Higher Oil Prices, Stronger Chemical and Refining Margins

Aramco reported net income of $30.4 billion during the third quarter compared with $11.8 billion the year before on higher oil prices and volumes alongside stronger refining and chemical margins. During the quarter, economic activity rebounded and demand for petroleum products increased in lockstep with mobility following the end of lockdown restrictions. For Aramco, chemical demand remained robust. Free cash flow increased to $28.7 billion from $12.4 billion the year before, which more than covered the third-quarter dividend of $18.8 billion. Free cash flow through the first nine months of 2021 of $69.6 billion more than doubled compared with the year-ago period's $33.5 billion.