The Saudi state oil giant’s downstream division saw adjusted earnings before interest and tax (EBIT) more than triple to $10.3 billion from $3.1 billion a year earlier, a 234% increase attributed to stronger refining margins. Aramco maintained its base dividend for the third quarter of 2026 at $21.9 billion, consistent with the second quarter of 2026 and representing a 3.5% increase year-on-year. The majority of this dividend is allocated to the Kingdom of Saudi Arabia, which holds more than 90% of the company’s shares.
“In the third quarter of 2026, geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis, with serious implications for global energy security,” Amin Nasser, Aramco’s president and chief executive, stated in a release. Nasser added that the company is exploring additional overseas storage capacity and alternative export routes to strengthen its global supply network, noting that the company’s operational and financial performance demonstrates its resilience during this volatile period.
Reflecting the broader market dynamics that boosted Aramco’s results, CVR Energy is reportedly nearing a $4 billion agreement to purchase several refineries from Marathon Petroleum, according to a Wall Street Journal report citing unnamed sources. The deal, which could be announced imminently, would see CVR Energy, a company 71% owned by Carl Icahn, expand its portfolio. CVR, the seventh-largest publicly traded refiner in the United States with a market value of approximately $6 billion, would be acquiring assets from Marathon, which has a market value of $125 billion.
The acquisition interest stems from a surge in refining margins, which reached an all-time high of $72 per barrel for U.S. Gulf Coast operators in September. This peak was driven by refinery disruptions and fuel shortages resulting from conflicts in the Persian Gulf and Russia-Ukraine. Although margins have retreated from that peak, they remain significantly higher than levels from a year ago. The refining sector has become a focal point for investment as global fuel supply remains constrained, prompting operators outside conflict zones to boost output.
This trend of consolidation and expansion is not limited to CVR Energy. Valero recently acquired an idled refinery in Houston with plans to restart it at a rate of 165,000 barrels per day. Additionally, Exxon and Chevron are directing investments into their existing refining businesses to ramp up production. The increased activity highlights a structural shortage of refining capacity, particularly in Europe, which has closed about a quarter of its refineries over the past two decades and now struggles to secure sufficient imported fuels.
Aramco’s results follow recent reports from other major international oil companies, which also recorded strong third-quarter earnings amid high oil and gas prices. The company noted that it continues to assess risks to global energy security while maintaining its financial commitments. The upcoming period will see continued monitoring of supply routes and potential regulatory or operational adjustments as refiners worldwide seek to stabilize fuel availability in the face of persistent geopolitical volatility.
