Saudi Aramco, the world's biggest oil-producing company, reported a 2.3 per cent drop in third-quarter net income, the 11th consecutive quarterly decline, as revenue slumped amid lower crude prices.
Net profit in the three months to the end of September declined to 101.02 billion Saudi riyals ($26.94 billion), lower than the 103.4 billion riyals the company reported in the same period a year earlier, it said in a filing on Tuesday to the Tadawul stock exchange, where its shares trade.
Quarterly revenue slumped 7.3 per cent on an annual basis to 378.8 billion riyals, mainly driven by “lower refined and chemical products prices, as well as lower crude oil prices and traded volumes”, the company said.
Despite a drop in the third quarter income, Aramco president and chief executive Amin Nasser said the earnings reflect the company's ability to adapt to “new market realities”.
“We increased production with minimal incremental cost, and reliably supplied the oil, gas and associated products our customers depend on, driving strong financial performance and quarterly earnings growth,” he said.
For the first nine months of the year, Aramco's net income dropped 9.9 per cent on an annual basis to 283.58 billion riyals. Revenue for the nine months declined 5.9 per cent year-on-year to 1.17 trillion riyals.
Separately, the Aramco board announced a base dividend of $21.1 billion for the third quarter and a performance-linked dividend of $200 billion, to be paid in the fourth quarter of this year.
Oil price volatility
Crude prices have been on a rollercoaster ride this year. While the geopolitical volatility, including the 12-day Israel-Iran war and Israeli bombings of Syria, Lebanon and Qatar, pushed prices higher, fears of a glut in the global market amid Opec+ raising output caps triggered bearish sentiment.
The Opec+ group of crude producers, led by Saudi Arabia and Russia, agreed on Sunday to another output increase of 137,000 barrels per day for next month, citing the steady global economic outlook and healthy market fundamentals as the reason for the increase.
It was the ninth time that the supergroup of eight producers, which also includes the UAE, Iraq, Kuwait, Kazakhstan, Algeria and Oman, raised production this year as it continues to unwind production cuts introduced two years ago.
Though the group on Sunday agreed to pause oil output increases for the first quarter of 2026 due to seasonality, it said the 1.65 million bpd of capacity "may be returned in part or in full subject to evolving market conditions and in a gradual manner".
The eight countries are set to meet on November 30 to access the oil market dynamics and chart the future course accordingly.
Brent, the benchmark for two-thirds of the world's oil, was down 0.32 per cent at $64.71 a barrel at 9.57am UAE time. It posted a third monthly decline at the end of October, capping volatile trading the markets have endured this year.
West Texas Intermediate, the gauge that tracks US crude, was also down 0.28 per cent at $60.88 per barrel.
Upstream boost
However, despite the price volatility, Mr Nasser said the company will continue to “enhance our upstream capabilities, with major oil and gas projects either recently completed or due to come onstream soon”.
“Today, we announce higher sales gas forecasts, and we now target sales gas production capacity growth of approximately 80 per cent between 2021 and 2030, capitalising on advanced capabilities,” he said.
Part of the projected increase is from “our unconventional gas expansion at Jafurah, which attracted significant interest from global investors”, Mr Nasser said.
In August, Aramco announced an $11 billion lease and leaseback agreement for midstream gas-processing plants at its Jafurah field with a consortium led by BlackRock's Global Infrastructure Partners.
Under the transaction, a newly formed subsidiary called the Jafurah Midstream Gas Company will lease development and use rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, and then lease them back to Aramco for a 20-year period.
Aramco holds a 51 per cent stake in the newly formed JMGC subsidiary, with investors led by GIP holding the remaining 49 per cent.
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UAE currency: the story behind the money in your pockets
EA Sports FC 24
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6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres
7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m
7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m
8.15pm: Meydan Trophy | Conditions (TB) | $100,000 (T) | 1,900m
8.50pm: Balanchine | Group 2 (TB) | $250,000 (T) | 1,800m
9.25pm: Handicap (TB) | $135,000 (D) | 1,200m
10pm: Handicap (TB) | $175,000 (T) | 2,410m.
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
