"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."
Aramco posted a $26.9 billion Q3 profit and $111 billion revenue, down from $27.5 billion profit and $123 billion revenue a year earlier. Results slightly beat analysts' forecasts. Brent crude traded just under $65 a barrel, near a four-year low as global energy prices remained depressed amid oversupply concerns. OPEC+ will add 137,000 barrels per day from December while pausing planned increases for January–March due to seasonality. Under IFRS, Aramco recorded an adjusted net profit of $27.9 billion. Aramco increased production with minimal incremental cost and reliably supplied oil, gas and related products. Revenues support Saudi Crown Prince Mohammed bin Salman's development plans, and Saudi Arabia's shallow reserves make production among the world's least expensive.
Read at Fast Company
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