Aramco’s strong earnings, record free cash flow in Q3 2022 reinforce ability to generate significant value: Nasser

Amin Nasser, President & CEO of Saudi Aramco 

Saudi Aramco’s strong earnings and record free cash flow in the third quarter reinforce the company’s proven ability to generate significant value through its low cost, low-carbon intensity upstream production and strategically integrated upstream and downstream business, President & CEO Amin Nasser said in a statement received by Argaam.

While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy, he added.

Against the backdrop of global underinvestment in the sector, the company is extending its long-term oil and gas production capabilities while also working towards its previously stated ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions from the wholly owned operated assets.

“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,” Nasser added.

In addition, Aramco continues to develop new, lower-carbon energy solutions as it works to be part of a more practical, stable and inclusive energy transition.

Saudi Aramco posted a 69% rise in net profit after Zakat and tax to SAR 471.88 billion in the first nine months of 2022, compared to SAR 278.56 billion a year earlier. The third-quarter net profit after Zakat and tax climbed 43% to SAR 156.1 billion, Argaam reported.