Saudi Aramco recorded net income in excess of $40bn for the second consecutive quarter in Q3 as record output helped offset the impact of slightly lower oil prices. The firm is on track to smash its record post-IPO annual profit figure and is also ramping up capex spending in order to finance ambitious expansion goals.

“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,” CEO Amin Nasser said of the results on 1 November. (CONTINUED - 798 WORDS)