Saudi Aramco posts third quarter profits
RIYADH, November 8, 2023 – Saudi Aramco has reported net income of USD 32.6 billion in Q3 2023, the world’s largest oil exporter announced on Tuesday.
The sum represents a 23% drop from net income of USD 42.2 billion made in Q3 2022. The company cited lower commodity prices and volumes sold as the reasons for the drop.
However, its posted income is slightly higher than estimates made by many analysts.
Saudi Aramco has significantly upped its spending on upstream activities to USD 8.98 billion, an increase of 23.8% from the previous period in 2022.
The company also announced that it had increased its gas processing capacity in the third quarter by 800 mcf per day including around 700 mcf per day of sales gas processing capacity through its Hawiyah Gas Plant expansion project.
Saudi Aramco currently plans to up its production capacity to 13 million bopd. In Q3 2023, the company hit an average production of 12.8 million bopd.
The rise in output will come through the company’s many planned developments, including the upcoming Marjan and Berri crude oil projects, which will add 300,000 bopd and 250,000 bopd respectively when they come on line by 2025.
Additionally, the company’s Dammam development project is expected to add 25,000 bopd by 2024 and an additional 50,000 bopd by 2027.
A further 600,000 bopd is expected to come from the offshore Zuluf field project by 2026.
The company is also expecting to boost production through further expansion projects at its Safaniyah oilfield.