Saudi Aramco announces third quarter income increase

Saudi Aramco has raised its net income by 39% in Q3 2022 compared to the same quarter last year, reaching USD 42.4 billion, Saudi Arabia’s NOC announced on Tuesday.

The company also posted a heavy increase in free cash flow from USD 28.7 billion in Q3 2021 to USD 45 billion in Q3 2022.

Saudi Aramco’s average total hydrocarbons production in Q3 2022 stood at 14.4 million boepd.

The company highlighted its current upstream projects, including the compression projects at the Haradh and Hawiyah fields that have begun commissioning activities. Initial production on these projects is planned for the end of 2022, with full capacity expected in 2023.

Additionally, the Hawiyah gas plant expansion is expected to come on stream in 2023.

In August 2022, Saudi Aramco received the world’s first independent certifications for blue ammonia and hydrogen as part of its plan to produce up to 11 million tonnes of blue ammonia by 2030.

The company also signed a partnership with an unnamed private company in the same quarter to launch its Global AI Corridor to increase local upskilling and investment in artificial intelligence.

“Against the backdrop of global underinvestment in our sector, we are extending our long-term oil and gas production capabilities while also working towards our previously stated ambition to achieve net-zero scope 1 and scope 2 greenhouse gas emissions from our wholly owned operated assets,” said Amin H. Nasser, president and CEO of Saudi Aramco.

“Our plans for our downstream expansion continue to move forward as we seek to leverage the significant potential of our products to meet rising global demand for petrochemicals, which will be critical to the materials transition that is required to support a lower-carbon future.”