Saudi Aramco, the world’s largest oil company, has once again demonstrated its resilience and strategic prowess, posting a robust net profit of $28 billion for the third quarter of 2025. This marks a slight but significant uptick from the $27.7 billion recorded during the same period last year, as reported by multiple financial outlets including Reuters and Oilprice.com. Despite a year marked by fluctuating oil prices and shifting global energy dynamics, Aramco’s performance has surpassed analyst expectations and solidified its position at the forefront of the global energy sector.
Driving this growth was a notable boost in hydrocarbon production, which reached 13.3 million barrels of oil equivalent per day (mmboe/d) in the third quarter, up from 12.688 mmboe/d in Q3 2024, according to Reuters. The company’s total liquids production hit 10.8 million barrels per day, while gas output climbed to 12.6 billion standard cubic feet per day. This operational momentum was achieved with what Aramco describes as “minimal incremental cost,” a factor that has helped cushion the impact of softer oil prices seen earlier in the year.
Aramco’s President and CEO, Amin H. Nasser, underscored the company’s adaptability in a statement: “Aramco’s ability to adapt to new market realities has once again been demonstrated by our strong third quarter performance. We increased production with minimal incremental cost, and reliably supplied the oil, gas, and associated products our customers depend on, driving strong financial performance and quarterly earnings growth.”
The financials tell a compelling story. Cash flow from operating activities reached $36.1 billion in Q3 2025, up from $35.2 billion a year earlier, while free cash flow registered at $23.6 billion, a rise from $22.0 billion year-on-year, as highlighted by Oilprice.com. The company’s board declared a base dividend of $21.1 billion for the quarter, alongside $200 million in performance-linked payouts, both scheduled to be paid out in the fourth quarter.
This strong showing comes after a challenging second quarter, when lower international oil prices dragged Aramco’s profit down by 19% year-on-year to $22.85 billion. The company’s average realized oil price during Q2 was $66.70 per barrel, but in Q3, it rebounded to $70.10 per barrel. Still, this was down from an average of $79.30 per barrel on an annual basis, reflecting broader market pressures and a general trend of declining oil prices throughout the year, as reported by Reuters and Oilprice.com.
Aramco’s operational strategy has not been limited to oil. The company has made significant strides in expanding its gas business, revising its 2030 sales gas production capacity target to an 80% increase over 2021 levels—up from a previous goal of more than 60%. Central to this ambition is the Jafurah field, the largest unconventional non-oil associated gas field in Saudi Arabia, boasting reserves of 229 trillion cubic feet of gas and 75 billion barrels of condensates. The field is expected to reach a sustainable sales gas rate of 2.0 billion standard cubic feet per day by 2030. In a major move, Aramco recently completed an $11-billion deal with Global Infrastructure Partners to lease gas processing facilities at Jafurah for 20 years, a step that underscores the company’s long-term commitment to gas expansion.
The gas strategy also involves the Tanajib Gas Plant, scheduled for completion in 2025, which will add 2.6 billion standard cubic feet per day of raw gas processing capacity. These initiatives are part of a broader push to diversify Aramco’s energy portfolio and reduce its reliance on crude oil, aligning with global trends toward cleaner energy and sustainability.
On the oil front, Aramco advanced several upstream projects, including the Marjan, Berri, and Zuluf increments. These projects are expected to collectively add 1.15 million barrels per day of crude between 2025 and 2026, with Marjan contributing 300,000 barrels per day, Berri 250,000, and Zuluf a substantial 600,000 barrels per day.
Beyond production, Aramco has been busy expanding its international presence. The company established the Fujian Sinopec Aramco Refining & Petrochemical Company Limited joint venture in China, which will feature a 320,000 barrels per day refinery and a 1.5 million ton per year ethylene unit, with operations targeted by 2030. In Southeast Asia, Aramco acquired a 25% stake in Unioil Petroleum Philippines Limited, strengthening its retail footprint. Meanwhile, its acquisition of an additional 22.5% stake in Petro Rabigh from Japan’s Sumitomo Corporation has increased Aramco’s ownership in the venture to about 60%. According to Reuters, this $701.8 million deal further consolidates Aramco’s influence in the region’s refining and petrochemical sectors.
Innovation is also on the agenda. Aramco recently acquired a minority stake in the artificial intelligence company HUMAIN, which is majority owned by Saudi Arabia’s Public Investment Fund. CEO Amin Nasser remarked that this investment is expected to “further drive innovation and progress its role in the crucial and rapidly evolving AI sector,” signaling Aramco’s intent to stay ahead in digital transformation and technology adoption.
Aramco’s financial discipline remains evident. The company’s net debt decreased to 114.33 billion Saudi riyals in Q3, down from 115.59 billion three months earlier, reflecting prudent balance sheet management amid volatile markets. Third-quarter revenue reached 418.16 billion Saudi riyals, beating analyst estimates and further highlighting the company’s operational strength.
The broader market context has been anything but smooth. OPEC+, the oil producers’ cartel that includes Saudi Arabia and Russia, announced a modest increase in oil production for December—137,000 barrels per day—while halting further increases in the first quarter of 2026. Since April, the group has raised its output targets by about 2.9 million barrels per day but began easing the pace in October amid concerns of a potential market glut. New Western sanctions on Russia, a key OPEC+ member, have complicated the group’s production strategy, as Moscow faces new restrictions on major oil producers like Rosneft and Lukoil.
Despite these headwinds, Aramco’s results underscore its ability to navigate a rapidly changing energy landscape. With strategic investments in gas, international refining, and technology, the company is positioning itself for long-term growth—even as it continues to deliver strong quarterly earnings and shareholder returns. As the energy transition accelerates worldwide, Aramco’s latest performance suggests it is determined not just to keep pace, but to shape the future of the industry.
