ABU DHABI, United Arab Emirates – National oil company Saudi Aramco reported a 39% increase in net income in the third quarter year-on-year, driven by higher crude oil prices and global supply. tight demand.
Net income rose to $42.4 billion in the quarter, up from $30.4 billion the year before and above expectations. The Saudi company also reported free cash flow that increased to a record $45 billion from $28.7 billion a year earlier and paid a second-quarter dividend of $18.8 billion. The same amount of third-quarter dividend will be paid in fourth quarter.
In a statement, Aramco CEO and President Amin Nasser said the earnings and cash flow metrics “reinforce our proven ability to create substantial value through superior manufacturing and sales.” low-cost, low-carbon sources and strategically integrated upstream and downstream businesses.”
“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the remainder of the decade as demand from world for more affordable and reliable energy,” added Nasser.
Aramco is not alone in predicting continued oil demand growth.
The Organization of the Petroleum Exporting Countries, or OPEC, on Monday raised its medium- and long-term forecast for crude oil demand and said $12.1 trillion in investment would be needed to meet this demand.
Its outlook differs from some other agencies, like the International Energy Agency, which see oil demand peaking in the middle of the next decade, as countries try to transition away from fossil fuels.
