Aramco profit beats estimates after refining boom, oil surge

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The higher earnings are a boon for the kingdom as it faces waves of attacks from Yemen’s Houthi militants that are pressuring the economy

By Bloomberg

Updated - November 03, 2026 at 04:33 PM.

Saudi Aramco reported third-quarter profit that surpassed analyst estimates following higher refining margins and a war-induced surge in prices of oil and refined fuels.

Adjusted net income rose 9% increase to $31.2 billion in the period compared with a year earlier, according to a statement, beating analysts’ expectations. Oil and other liquids output increased 15% quarter-on-quarter as the company looked to push more exports out through the Strait of Hormuz and the Red Sea, though it remained below the levels of last year.

The higher earnings are a boon for the kingdom as it faces waves of attacks from Yemen’s Houthi militants that are pressuring the economy and putting increasing focus on the strength of its oil revenue. Aramco, the world’s biggest crude exporter, is the lynchpin of Saudi industry, with revenue from energy sales and hefty dividend payouts supporting the kingdom’s vast spending needs. 

The company sold its oil at a 35% higher price in the quarter from a year earlier, while its earnings before interest and tax for downstream businesses, which includes refineries and trading, jumped more than threefold to a record of over $10 billion, Aramco said. Global oil majors from BP Plc to ExxonMobil Holdings Corp. and Chevron Corp. all benefited from surging refining margins during the quarter.

Aramco’s refining windfall comes as the wars in the Middle East and Russia sidelined about 10% of the world’s fuel-making capacity. While crude oil flows out of the Persian Gulf have surged, shipments of oil products have lagged behind and kept prices high, resulting in a bonanza for refiners.

The company’s crude shipments have been increasing in recent months, as it pushes cargoes out from both its eastern coast and western coasts. Observed Saudi exports last month rose to prewar levels of about 7 million barrels a day, according to tanker-tracking data compiled by Bloomberg.

Oil production

Chief Executive Officer Amin Nasser said liquids demand is expected to increase by around 2.4 million barrels per day next year, and when markets return to normal after the war, another 2 million a day is expected to be needed to replenish inventories that could take up to two years to refill.

“We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network,” he said. The company stands ready to boost production to its full capacity of 12 million barrels a day, should that be needed, Nasser said.

He struck a cautious tone about the still perilous state of global energy markets, reiterating warnings that storage levels are “now extremely low” after a series of strategic releases helped mitigate supply interruptions due to the conflict.

Saudi Arabia has been hit by a wave of attacks from Yemen’s Houthi militants in recent weeks, including strikes on Aramco’s refineries, a major oil field and its headquarters. The crucial East-West pipeline was damaged by attacks launched from Iraq in September, shutting down the link for a few days.

Aramco maintained its base dividend at $21.9 billion on a quarter-on-quarter basis, a payout that’s key for Saudi Arabia’s public finances. The company sold its oil at about $95.20 a barrel in the third quarter, compared with $70.10 a year earlier.

Its gearing, a measure of indebtedness, eased to 5.5% at the end of September, from 6.2% at the end of June. Free cash flow — funds left over from operations after accounting for investments and expenses — of $28.2 billion covered the dividend payout.

More stories like this are available on bloomberg.com

©2026 Bloomberg L.P.

Published on November 3, 2026

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