Surging Oil Prices Aren’t All Good For Saudi Arabia’s Aramco
- Downstream unit’s profit falls compared with second quarter
- Upstream business continues to boom as crude production rises
An oil drilling rig stands operated by Saudi Aramco, in Manifa, Saudi Arabia.
Photographer: Simon Dawson/Bloomberg
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The surge in oil prices has been good for Saudi Aramco’s upstream business, but it’s hurting the refining and chemicals unit.
Aramco’s downstream arm -- which includes refineries, retail operations, trading and the energy giant’s chemicals subsidiary, Sabic -- made a $4 billion profit before interest and tax in the third quarter. That was up from a loss of almost $800 million a year earlier, but down 13% from the previous three months.