Aramco reported strong earnings in third quarter, underpinned by operating momentum as major projects progress. The energy major's adjusted net income for the quarter stood at $28 billion (Q3 2024: $27.7 billion).
Aramco said cash flow from operating activities was $36.1 billion (Q3 2024: $35.2 billion) and free cash flow was $23.6 billion (Q3 2024: $22.0 billion). The gearing ratio was 6.3% as at September 30, 2025, compared to 6.5% as at June 30, 2025.
The company's board declared Q3 2025 base dividend of $21.1 billion and performance-linked dividend of $0.2 billion, to be paid in the fourth quarter.
Aramco said the announcement of planned investment in HUMAIN underscores its digital strategy and unlocks new value creation potential.
It also revised upwards sales gas production capacity growth target for 2030, from more than 60% to around 80% over 2021 production levels, resulting in anticipated total gas and associated liquids of approximately six million barrels of oil equivalent per day.
The completion of the $11.1 billion Jafurah midstream deal demonstrates attractive value proposition of Aramco’s unconventional gas expansion, it said.
The company also highlighted that the initial investment and establishment of Fujian Sinopec Aramco Refining & Petrochemical Co reflects progress in strategic downstream expansion.
Meanwhile, the response to its $3 billion international sukuk issuance highlighted investor confidence in Aramco’s financial resilience and robust balance sheet, it noted.
Commenting on the results, Aramco President & CEO Amin H Nasser said: “Aramco’s ability to adapt to new market realities has once again been demonstrated by our strong third quarter performance. 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.
“We also 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% between 2021 and 2030, capitalising on advanced capabilities. Part of that is from our unconventional gas expansion at Jafurah, which attracted significant interest from global investors.
“Our strategy remains focused on value-accretive growth while meeting rising demand for energy, achieving even closer integration across our business, and leveraging advances in technology to unlock new commercial opportunities. Our deployment of advanced AI solutions and investment in digital infrastructure underpins this approach, and our plan to acquire a significant minority stake in HUMAIN is expected to further drive innovation and progress our role in the crucial and rapidly evolving AI sector.” -TradeArabia News Service