Aramco announced its Q3 performance for 2022, stating that it has made a $42.4 billion net income in Q3 2022, compared to $30.4 billion in Q3 2021.

The company’s Q3 earnings show its ability to add significant value and Aramco’s cash flow from operating activities reached $54 billion, compared to $36.3 billion in Q3 2021.

In Q3, the company was able to get the world’s first independent certifications in blue ammonia and hydrogen production.

“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, low-carbon intensity Upstream production and strategically integrated Upstream and Downstream business,” Aramco President & CEO Amin H. Nasser, commented.

“Against the backdrop of global underinvestment in our sector, we are extending our long-term oil and gas production capabilities while also working towards our previously stated ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions from our wholly-owned operated assets,” Nasser stated.

“We continue to develop new, lower-carbon energy solutions as we work to be part of a more practical, stable and inclusive energy transition,” Nasser noted.