Saudi Arabian state oil producer Saudi Aramco reported a 39% leap in third quarter net income comfortably beating expectations, boosted by higher prices and robust demand.
Net income rose to $42.4bn for the three months to 30 September 2022, up from $30.4bn a year earlier, and above the median forecast of $41.7bn.
"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 businesses," chief executive officer Amin Nasser said in a statement.
“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term 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,” Nasser added.
Free cash flow rose to $45bn from $28.7bn a year-earlier and the oil giant declared a dividend of $18.8bn, meeting its own target, which will be paid in the fourth quarter.