Aramco's third quarter net profit more than doubled due to higher crude pricesSaudi Arabian state oil producer Aramcosaid on Sunday its third-quarter net profit more than doubled, boosted by higher crude oil prices and volumes sold, beating analysts forecasts.Net income jumped to $30.4 billion for the quarter to September30 from $11.8 billion a year earlier, it said in a bourse filing.
That was above the median net profit forecast of $28.4 billion from four analysts."Our exceptional third quarter performance was a result of increased economic activity in key markets and a rebound in energy demand, as well as our unique low-cost position," Amin Nasser, Aramco's chief executive, said in a statement.Oil prices have rallied to multi-year highs with global crude futures climbing 4.5 per centin the quarter, helped by the decision by OPEC+ to maintain its planned output increase rather than raising it on global supply concerns.Brent oil futures are trading around $84.4 a barrel, up about 63 per centso far this year, while benchmark UScrude is at roughly $83.57 a barrel, up just over 70 per centover the same period.Aramco's capital expenditure rose 19% from a year earlier to $7.6 billion in the quarter.The company's free cash flow rose to $28.7 billion from $12.4 billion.
It declared a dividend of $18.8 billion for the third quarter, in line with its guidance.Higher oil prices and volumes have boosted Aramco's share price nearly 8 per centthis year, valuing the oil giant at $2 trillion.