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Aramco, Riyadh Air Explore Collaboration Opportunities

At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco
At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco
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Aramco, Riyadh Air Explore Collaboration Opportunities

At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco
At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco

Saudi Aramco and Riyadh Air, the Kingdom's new premium international airline, have signed a Memorandum of Understanding (MoU) during the FII 8th Edition in Riyadh.

The MoU sets the stage for potential collaboration in areas such as low-carbon fuel supply and sustainability.

“We are delighted by the prospect of exploring a wide variety of opportunities for collaboration between Aramco and Riyadh Air,” said Aramco Executive Vice President of Products & Customers Yasser M. Mufti.

“Both companies have expressed a desire to adopt latest technologies, elevate experiences and contribute to sustainability objectives. Aramco’s work to develop lower-carbon fuels, its strong focus on digitalization, and its aviation experience, among other things, provide a strong platform for potential cooperation with Riyadh Air,” he added.

As for Riyadh Air Chief Financial officer Adam Boukadida, he said that the partnership “aligns perfectly with our ambition to become a leading global airline committed to sustainability and low-carbon fuels.”

“By leveraging Aramco’s expertise, we aim to improve our operational capabilities and provide outstanding experiences for our guests. Together, we can play a significant role in advancing the Kingdom’s environmental and economic objectives.”

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TotalEnergies Q3 Income Hits Three-year Low

(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)
(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)
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TotalEnergies Q3 Income Hits Three-year Low

(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)
(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)

French oil major TotalEnergies reported third-quarter adjusted net income at a three-year low of $4.1 billion on Thursday, slightly missing expectations as refining margins and upstream outages dragged down earnings.
Adjusted net income was down 37% from a year earlier and 12.7% lower from the previous quarter's $4.7 billion. The result just missed analyst expectations of $4.2 billion, Reuters reported.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 23.6% year on year to $10 billion.
Earlier this month, TotalEnergies warned its financial results would take a hit as its margin for converting crude oil into refined fuels tumbled 65%.
Global refining margins have dropped sharply in recent months in the face of weaker economies and the start-up of several new refineries in Asia and Africa, while oil prices fell 17% in the quarter - the largest quarterly decline in a year - on worries about the global oil demand outlook.
TotalEnergies shares were down 1.5% in early trading. RBC analyst Biraj Borkhataria said Total reported "weaker cash generation relative to expectations", and that while "divisional estimates were broadly in line with consensus ... estimates have been falling following the recent trading update."
The company confirmed $2 billion in share buybacks for the fourth quarter and decided a third interim dividend of 0.79 euros per share for 2024.
In addition to a 83% drop in quarterly refining and chemicals division profits year-on-year, Total's integrated LNG division also made 21% less than the third quarter last year, with the company citing low gas market volatility as a hamper on trading profits. Integrated power, which includes renewables, was down 4% from a year ago.
TotalEnergies took a $1.1 billion impairment related to the August bankruptcy filing of US subsidiary SunPower, and its exit of several South African offshore blocks.
Quarterly hydrocarbon production of 2.4 million barrels of oil-equivalent per day was at the low end of guidance given at half year due to security-related disruptions in Libya and an outage at the Ichthys LNG plant in Australia.