Aramco joins Exxon Mobil Corp and Chevron that have reported strong or record breaking results in recent weeks.
Aramco's net income rose to $42.4 billion for the quarter to Sept. 30 from $30.4 billion a year earlier, it said in a bourse filing. That was just above the median net profit forecast of $41.7 billion from 16 analysts.
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"Aramco’s strong earnings and record free cash flow in the third quarter reinforce our proven ability to generate significant value through our low cost, lower-carbon intensity upstream production and strategically integrated upstream and downstream businesses," CEO Amin Nasser said in the statement.
The company's free cash flow rose to $45 billion from $28.7 billion a year-earlier. It declared a dividend of $18.8 billion in the third quarter, in line with its own target, which will be paid in the fourth quarter.
Aramco joins oil majors such as Exxon Mobil Corp and Chevron that have reported strong or record breaking results in recent weeks, benefiting from surging crude and natural gas prices that have boosted inflation around the world and led to fresh calls to further tax the sector.
"While global crude prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world's need for more affordable and reliable energy," Nasser said.
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According to a statement by the company, the net income for the Q3 of 2020 was 44.21 billion Saudi riyals ($11.79 billion). In 2019, the company recorded a net income of $21.3 billion in the third quarter.
Upon closing, Aramco will receive upfront proceeds of around US$12.4 billion, further strengthening its balance sheet through one of the largest energy infrastructure deals globally.
The non-cash payments in the UAE alone are expected to account for 73 per cent of the total transaction volume by the end of 2023, according to a recent report.
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