DHAHRAN —Saudi Aramco said its adjusted net income reached $31.2 billion in the third quarter of 2026, up from $28.6 billion a year earlier, while downstream adjusted EBIT rose 234.0% year over year. The company attributed the downstream increase to stronger refining margins.
Aramco published the results on Nov. 3, during a period it described as marked by geopolitical uncertainty and attacks on key energy facilities. Brent crude oil was $98.32 a barrel at the latest quote on Nov. 6 at 21:59 UTC, up $0.03 from the previous close.
Cash flow and dividends also increased
Cash flow from operating activities rose to $38.7 billion from $36.1 billion in the third quarter of 2025, according to Aramco. Free cash flow increased to $28.2 billion from $23.6 billion.
The board declared a third-quarter 2026 base dividend of $21.9 billion, up 3.5% from a year earlier, with payment scheduled for the fourth quarter. Aramco’s gearing ratio was 5.5% on Sept. 30, compared with 6.2% on June 30.
Refining margins are the key segment signal
The downstream result was the sharpest year-over-year change highlighted in the release. Aramco said adjusted EBIT in the segment rose 234.0% because of stronger refining margins. That gives the quarter a distinct refining component alongside the broader oil-market backdrop, without treating the result as a direct measure of crude prices alone.
Aramco also said production had begun at the Zuluf crude oil increment. It said major upstream projects remained on track, including the second phase of Jafurah, the Fadhili Gas Plant expansion and the Dammam development project.
The company said the East-West Pipeline continued to provide export flexibility and that it was exploring additional overseas storage capacity and alternative export routes. The next results will show whether refining margins remain a material support for earnings as the company continues those projects and manages the supply disruptions described in its release.