Aramco’s Q3 Profit Climbs to $28 Billion as Oil Output Rise
Saudi Aramco booked a net profit of $28 billion for the third quarter of the year, thanks to its oil production boost as OPEC+ unwound its voluntary output cuts. The company also reported free cash flow of $23.6 billion and cash flow from operating activities of $36.1 billion. Base dividend was set at a total of $21.1 billion, plus $200 million in performance-linked payouts. The results are a significant improvement from the second quarter, when lower prices dragged Aramco’s profit down by 19% on the year, to $22.85 billion. It bears noting…