DHAHRAN — The Saudi Arabian Oil Company’s (Aramco) Tuesday announced its financial results for the third quarter of 2022, where net income rose by 39% to $42.4 billion in Q3 2022, compared to $30.4 billion in Q3 2021.

The cash flow from operating activities increased to $54.0 billion, compared to $36.3 billion in Q3 2021. Free cash flow increased to $45.0 billion in Q3 2022, compared to $28.7 billion in Q3 2021.

Aramco declared a cash dividend of SR70.33 billion ($18.76 billion) for the third quarter.

Commenting on the results, Aramco President & CEO Amin H. Nasser, said: “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, low-carbon intensity Upstream production and strategically integrated Upstream and Downstream business.

“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.

“Against the backdrop of global underinvestment in our sector, we are extending our long-term oil and gas production capabilities while also working towards our previously stated ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions from our wholly-owned operated assets.

“Our plans for our Downstream expansion continue to move forward as we seek to leverage the significant potential of our products to meet rising global demand for petrochemicals, which will be critical to the materials transition that is required to support a lower-carbon future.

“This is in addition, we continue to develop new, lower-carbon energy solutions as we work to be part of a more practical, stable and inclusive energy transition.” — SPA