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Aramco Profit Jumps Despite Damaging Attacks on Pipelines and Refineries
The New York Times • • business
Key Points:
- Saudi Aramco reported a 9 percent increase in adjusted net income to $31.2 billion for Q3, with revenue rising over 25 percent to $140.5 billion despite ongoing disruptions from the war in Iran.
- The company attributed its strong performance to operational resilience amid Strait of Hormuz tensions and rapid recovery from drone and missile attacks by Iran-backed militants.
- The average price of Aramco's crude oil reached $95 per barrel, a 35 percent increase from the previous year, driven by supply concerns linked to the conflict.
- Iran-backed Houthi attacks have caused significant damage to Saudi infrastructure, including an international airport in Riyadh, Aramco facilities, and refineries, impacting the kingdom's broader economic diversification efforts.
- Due to security concerns, Saudi Arabia postponed its Future Investment Initiative conference and delayed hosting the 2027 Asian Cup soccer tournament by about a year.
