Saudi Arabian Oil Co. announced on Tuesday its net income in the third quarter of fiscal 2024 dipped 15.3% compared to the same period a year earlier, to land at $27.6 billion.
Free cash flow jumped from $31.4 billion, reported in the third trimester of 2023, to $35.2 billion. In the three months ending September 30, capital expenditures stood at $13.2 billion, up from $11 billion observed in the same timeframe a year prior.
"Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment. We also progressed our upstream developments, strengthened our downstream value chain, and advanced our new energies program as we continue to invest through cycles," Saudi Aramco CEO Amin Nasser noted.
