Saudi Aramco reports 9% Q3 profit gain to $31.2 billion
Business
Saudi Aramco just posted a 9% jump in third-quarter profits, reaching $31.2 billion, up from $28.6 billion last year.
This boost comes as Aramco's oil selling price was about 35% higher during the Iran conflict, and the company's downstream businesses brought in higher earnings than expected.
Aramco downstream earnings exceed $10 billion
Aramco's massive $21.9 billion dividend is a big deal for Saudi Arabia, especially with ongoing Houthi attacks on its energy infrastructure.
Higher oil prices have helped balance out these risks, and Aramco's downstream businesses, which jumped more than three-fold to a record of over $10 billion, means it's staying competitive, even though overall oil and gas production dipped a bit.