Saudi Aramco reported a 39% YoY jump in its Q3 net profit at $42.4bn, benefitting from higher oil prices and increased sales volumes. The oil major also noted that the average realized crude oil price for the quarter was at $101.7/bbl compared with $72.8/bbl in the year-ago period, helping its results. Its free cash flows rose by 57% YoY to a record $45bn. Aramco declared a cash dividend of $18.8bn , in line with its target and expects to give a similar dividend in the next quarter. Capital expenditures rose 19% YoY to $9bn. Aramco said it plans to increase its upstream capacity and expand its downstream expansion plans to meet global demands for petrochemicals.

Aramco’s dollar bonds were trading stable with its 3.25% 2050s at 63.1, yielding 5.98%.

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