Saudi Arabia's oil giant Saudi Aramco announced on Tuesday that its net income in the third quarter of 2022 stood at $42.4 billion, jumping 39% compared to the same period in 2021.
Total revenue came in at $163.7 billion, soaring 51% year on year, while earnings per share (EPS) climbed 46% to $0.19. Free cash flow rose from $28.7 billion in the third quarter of 2021 to $45 billion this year.
"Aramco's strong earnings and record free cash flow in the third quarter reinforce our proven ability to generate significant value through our low cost, lower-carbon intensity Upstream production and strategically integrated Upstream and Downstream business," CEO Amin Nasser stated. "While global crude oil prices during this period were affected by continued economic uncertainty, our longterm 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.
