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Saudi Aramco Earnings Surge on Higher Oil Output and Prices

  • Profit jumps to $30 billion on higher oil output and prices
  • CEO expects energy demand to remain healthy, despite headwinds
Inside Saudi Aramco's Hawiyah Natural Gas Liquids Recovery Plant
Photographer: Maya Siddiqui/Bloomberg
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Saudi Aramco’s shares rose to a record after the oil giant’s earnings more than doubled from a year ago.

Third-quarter net profit climbed to 114 billion riyals ($30.4 billion), beating analysts’ estimates slightly, as crude prices and the company’s production increased. Free cash flow was $28.7 billion, easily covering the quarterly dividend of $18.8 billion.