For Saudi Aramco, the war in Iran has brought extraordinary disruptions to its exports and damaging direct attacks on its facilities. But that has not dented the company’s bottom line.
The state-owned oil giant reported on Tuesday an adjusted net income of $31.2 billion between July and September, up 9 percent from the same period a year earlier, and revenue of $28.6 billion.
Aramco credited its performance to the resilience of operations during disruptions around the Strait of Hormuz since the start of the war in Iran, now in its ninth month, as well as swift recovery work after a series of drone and missile attacks by Iran-backed militants.
The company said the average price of its crude oil was $95 a barrel, 35 percent more than a year ago.
The war that began with U.S. and Israeli attacks on Iran caused the price of oil to surge and brought an escalating campaign by Houthi fighters, backed by Iran, against Saudi Arabia has further escalated the crisis. Attacks on an international airport in Riyadh claimed more than a dozen lives, while missile strikes have damaged an Aramco headquarters building in the eastern Saudi city of Dhahran, two refineries and an oil processing facility at the Abqaiq oil field.
“Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026,” Amin Nasser, the chief executive of Aramco, said in a statement, calling the past months an “extraordinary period.”
Perhaps the most severe attack occurred in September when drones hit Saudi Arabia’s East-West pipeline, which stretches about 750 miles from its oil-producing Eastern Province to Yanbu, an export terminal on the Red Sea.
The pipeline is considered a lifeline because it allows the kingdom to export millions of barrels of oil a day while avoiding the Strait of Hormuz.
The attack raised fears that millions of barrels of crude would be stuck inside Saudi Arabia but the pipeline was back online in less than a week. A few weeks later about 6 million barrels of oil a day were moving through the pipeline. Saudi Arabia said it plans to expand its capacity to as much as 10 million barrels a day within two to three years.
Saudi Arabia has also used tankers navigating the Strait of Hormuz to maintain its crude exports.
“We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network,” Mr. Nasser said on Tuesday.
Aramco’s results add to a wave of eye-popping earnings across the oil industry as the Iran war causes crude prices to soar — and prices to rise at the pump for consumers.
In the United States energy companies have earned more than $130 billion in profits, The New York Times found, based on the performance of more than 50 large U.S. oil and gas companies.
The post Aramco Profit Jumps Despite Damaging Attacks on Pipelines and Refineries appeared first on New York Times.
