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Aramco announced adjusted net income of $31.2 billion for the third quarter of 2026, a 9 percent increase from $28.6 billion in the same period of 2025. Cash flow from operating activities rose to $38.7 billion from $36.1 billion a year earlier while free cash flow advanced to $28.2 billion compared with $23.6 billion previously. The company’s gearing ratio stood at 5.5 percent as of September 30, 2026, an improvement from 6.2 percent at the end of the second quarter.
The board declared a third-quarter base dividend of $21.9 billion, or SAR 82.1 billion, representing a 3.5 percent increase from the year-ago payout and payable during the fourth quarter. Base dividends paid during the first nine months of the year totaled $65.7 billion. Aramco’s announcement framed the distribution as part of its ongoing capital return policy.
Downstream adjusted EBIT jumped 234 percent year on year because of stronger refining margins, the earnings release stated. Total hydrocarbon production averaged 11 million barrels of oil equivalent per day during the quarter, including liquids output of 8.7 million barrels per day and gas production of 12.3 billion standard cubic feet per day. Output started at the Zuluf crude increment while the Jafurah phase-two project, Fadhili Gas Plant expansion and Dammam development stayed on schedule.
Aramco President and CEO Amin H. Nasser commented on the results in the company’s November 3 statement. “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. Nasser added that the company’s employees, partners, contractors and communities had shown resilience amid challenging conditions.
The company disclosed the acquisition of a 49 percent stake in HUMAIN that includes asset transfers and approximately $2.6 billion in cash contributions to broaden its footprint in the high-growth artificial intelligence sector. A shareholders’ agreement was signed to create a mineral exploration and hard-rock mining joint venture that will apply upstream expertise in an adjacent industry. Both transactions form part of Aramco’s push into new growth areas beyond its core oil and gas operations.
Realized crude oil prices averaged $95.2 per barrel in the quarter, up from $70.1 per barrel in the third quarter of 2025, according to Aramco data. Net income for the period reached $36.3 billion while the nine-month adjusted net income figure stood at $98.4 billion. The East-West Pipeline provided additional export flexibility as the company explored further overseas storage and new routes.
