沙特阿美：良好的成本管理和更高的营收，出色的自由现金流，天然气产能指引上调

Investment Rating - The report assigns a rating of "Outperform" for the company, indicating an expected total return exceeding the relevant market benchmark by more than 10% over the next 12-18 months [10]. Core Insights - The company reported a net income of $28 billion for Q3 2025, surpassing consensus expectations by 10% due to better-than-expected revenue and lower costs [2][4]. - Revenue for Q3 2025 was $111.5 billion, which is 18% higher than consensus estimates, driven by increased production in the upstream segment [2]. - The company has raised its natural gas sales capacity target from over 60% to approximately 80% by FY2030, with total gas and liquid production expected to reach 6 million barrels of oil equivalent per day by the end of the decade [1][2]. Financial Performance Summary - The company achieved a free cash flow of $23.6 billion in Q3 2025, up from $15.2 billion in Q2 2025 and $19.2 billion in Q1 2025 [2]. - Operating costs decreased by 6% quarter-on-quarter and 17% year-on-year, contributing to improved profitability [2]. - The company maintained a dividend payout of $21.1 billion for Q3 2025, consistent with previous quarters, and expects total dividends for FY2025 to reach $84.6 billion [3]. Capital Expenditure and Projects - The company reaffirmed its capital expenditure guidance for FY2025, estimating between $52 billion and $58 billion [2]. - Key projects, including the Jafurah Phase 1 and Tanajib gas plant, are on track for completion by the end of 2025 [2].