Saudi Arabian Oil Company (Aramco) reported a 35% rise in third-quarter net income as higher crude prices and a stake-sale accounting gain lifted earnings despite lower output, while Australia’s central bank raised rates Tuesday as energy costs added to inflation pressure.
Net income reached $36.25 billion, up from $26.94 billion a year earlier. Adjusted net income rose 9% to $31.2 billion. Aramco recorded a $6.91 billion accounting gain from selling its stake in PRefChem, its collective name for Pengerang Refining Company Sdn. Bhd. and Pengerang Petrochemical Company Sdn. Bhd. The gain also included net liabilities removed from the accounts and additional receivables. EconoTimes previously covered Aramco’s third-quarter profit increase.
The company’s average realized crude price was $95.20 a barrel, compared with $70.10 a year earlier, as daily liquids production declined to 8.695 million barrels from 10.824 million. Aramco declared a $21.9 billion base dividend for the quarter, payable in the fourth quarter, directing a payout to shareholders.
Aramco said facilities belonging to it and its affiliates were targeted during and after the quarter. As of Sept. 30, it did not expect the attacks to materially affect its financial position, results or cash flows, and said it would continue assessing their impact. The company said the East-West Pipeline gave it another way to move exports; Kpler has described the pipeline as a route around the Strait of Hormuz.
Separately, the Reserve Bank of Australia (RBA) lifted its cash-rate target by 25 basis points to 4.85% in a 6-3 vote. It cited fuel and commodity price increases linked to the Middle East conflict, alongside domestic capacity pressures, in raising its inflation outlook. The central bank expects inflation to reach the top of its 2%-3% target range in late 2027 and its midpoint around mid-2028. It said higher energy prices and interest rates would weigh on household consumption and housing investment.
The RBA’s next rate decision is scheduled for Dec. 8.
