Saudi Aramco reported adjusted net income of $31.2 billion for the third quarter of 2026, a 9 percent increase from the same period a year earlier. Revenue was $28.6 billion, the company said on Tuesday.
The state-owned oil giant said its performance reflected the resilience of its operations amid disruptions around the Strait of Hormuz, as well as rapid repair work following drone and missile attacks on its facilities. Aramco’s average crude oil price was $95 a barrel, up 35 percent year over year.
The attacks damaged two refineries, an oil processing facility at the Abqaiq oil field and a headquarters building in Dhahran. In September, drones struck the East-West pipeline, which carries oil from the kingdom’s eastern production region to the Red Sea port of Yanbu and provides an export route that bypasses the Strait of Hormuz.
The pipeline returned to service in less than a week. A few weeks later, around 6 million barrels of oil a day were moving through it. Saudi Arabia said it plans to raise the pipeline’s capacity to as much as 10 million barrels a day within two to three years. The kingdom has also used tankers passing through the Strait to maintain crude exports.
Aramco chief executive Amin Nasser said geopolitical uncertainty and attacks on energy facilities had intensified the global supply crisis during the quarter. He added that the company was exploring more overseas storage capacity and alternative export routes.
Aramco’s results come amid rising earnings across the oil industry as the war in Iran drives crude prices higher. U.S. energy companies have earned more than $130 billion in profits, according to an analysis of more than 50 large oil and gas companies cited in the report.
Sources: The New York Times Business.