Saudi Aramco's adjusted net income rose 9% to $31.2 billion in the third quarter, from $28.6 billion a year earlier, as a squeeze on global fuel supply more than tripled profits from its refining and chemicals business. The world's largest oil exporter reported the results on Nov. 3 and kept its base dividend rising, declaring $21.9 billion for the quarter, up 3.5% from a year earlier.

For Asian investors and buyers, the numbers show where the money is flowing in a disrupted market. Aramco's biggest earnings gain came downstream, where refiners are being paid more to turn crude into fuel. Asian refiners compete for the same products. Aramco also booked a gain from selling its stake in PRefChem, the Malaysian refining and petrochemicals venture, to Malaysia's Petronas in September.

Aramco downstream earnings jump 234%

Adjusted earnings before interest, taxes and zakat in refining, chemicals and marketing rose 234% from a year earlier on stronger refining margins, the company said. Arab News put the downstream figure at $10.3 billion.

Reported net profit climbed 34.5% to $36.3 billion, according to Arab News, helped by higher revenue and the gain on the PRefChem sale. The company did not give a third-quarter revenue figure in its results announcement.

Cash generation improved. Operating cash flow rose to $38.7 billion from $36.1 billion, and free cash flow reached $28.2 billion, up from $23.6 billion a year earlier. Gearing, Aramco's measure of net debt against capital, fell to 5.5% at the end of September from 6.2% at the end of June. Its rolling 12-month return on average capital employed rose to 22.1% from 20.1%, Arab News reported.

For the first nine months of 2026, net income totaled $101.5 billion and adjusted net income $98.4 billion, with free cash flow of $59.1 billion and capital spending of $35.8 billion, according to Arab News. The results announcement did not mention a performance-linked dividend.

Supply crisis lifts margins

President and Chief Executive Amin Nasser framed the quarter around supply disruption. He said attacks on key energy facilities "continued to amplify the global energy supply crisis," as quoted by Indian Chemical News.

Nasser estimated that about 5 million barrels a day of refined-product supply had been lost worldwide, Arab News reported. He attributed roughly 2 million barrels a day to the Arabian Gulf, about 2 million to the Russia-Ukraine conflict and about 1 million to China's restrictions on fuel exports.

He also said that restocking depleted inventories could require an extra 2 million barrels a day for two years, plus 1 million barrels a day to build storage. On shipping, he said more than 130 attacks, mostly on very large crude carriers, had removed nearly 15% of an effective fleet of about 540 ships, according to Arab News. Those disruptions have hit flows to Asia, including Iraqi crude shipped through the Strait of Hormuz.

Aramco said its East-West Pipeline, which carries crude across the kingdom to the Red Sea coast, is giving it export flexibility. "We continue to explore additional overseas storage capacity and alternative export routes," Nasser said, as quoted by Indian Chemical News. An expansion of the pipeline from 7 million to 10 million barrels a day is in preliminary engineering, with no final investment decision yet, Arab News reported.

New output and a bet on AI

On the upstream side, production started in October at the Zuluf crude oil increment, which is expected to process up to 600,000 barrels a day by the end of 2026, according to Arab News. Aramco said the Jafurah phase two gas project, the Fadhili Gas Plant expansion and the Dammam development remain on track.

The company also completed its purchase of a 49% stake in Humain, the Saudi artificial intelligence company, from the Public Investment Fund on Nov. 1. The deal combined asset transfers with cash contributions of about $2.6 billion, KUNA reported via Kuwait Times.

Supply decisions by the wider producer group remain the backdrop. OPEC+ members earlier held output steady for December, leaving Aramco's volumes tied to the group's quotas while its refining arm captures the gains from tight fuel markets.

The $21.9 billion base dividend is payable in the fourth quarter. Investors will next look to Aramco's full-year results for dividend plans and any decision on the pipeline expansion.