DUBAI, Nov 4 (Reuters): Saudi Arabian oil company Aramco, the world's top oil exporter, reported a 2.3 per cent decline in its quarterly profit on Tuesday, citing a drop in crude and product prices, but performance improved from the previous quarter as oil production rose.
Shares rose up to 1.1 per cent to 25.88 riyals at around 5 GMT after the earnings were published
The kingdom has been pumping more crude as OPEC+ unwinds voluntary production cuts after several years of cutting back to support the market.
In October, crude oil futures fell for a third consecutive month, dropping more than 2 per cent and hitting a five-month low on October 20, on fears of a supply glut and economic concerns about US tariffs. ,
Aramco reported a net profit of 101.02 billion riyals ($26.94 billion) in the three-month period ended on September 30, down from 103.4 billion riyals last year.
However, net profit was up around 19 per cent compared to the second quarter as revenues rose due to higher volumes and prices for both crude oil and refined and chemical products.
The company's total hydrocarbon production was 13.27 million barrels of oil equivalent per day (boepd) in the third quarter, compared to 12.8 million boepd the previous quarter.
On Sunday, the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed to a small oil output increase for December and a pause in increases in the first quarter of next year, in what some investors saw as a signal of oversupply in the market.
Adjusted net profit, which does not include non-recurring items, at Aramco came in at $28 billion during the third quarter, beating a company-provided median analyst estimate of $26.5 billion.
