Saudi Aramco has approved a $3 billion share buyback program and increased its dividend distribution, as investors closely watch how the energy giant is handling the impact of the ongoing war in the Middle East.

Adjusted net income for the quarter ending December 31 fell by 1.9% to $25.1 billion, Aramco said in a statement on Tuesday. The result was in line with the average estimate of analysts surveyed by Bloomberg. The company’s base dividend will increase to $21.9 billion for the quarter, marking a rise of 3.5% compared with the same period last year.

The world’s largest oil exporter has faced a series of challenges over the past week. It was forced to limit production due to rising inventories at storage facilities and to halt operations at Saudi Arabia’s largest refinery following a drone attack.

At the same time, the company is rushing to redirect part of its exports as the Strait of Hormuz remains almost closed, disrupting the flow of energy shipments.

Oil prices surged, surpassing $100 per barrel on Monday, before retreating after United States President Donald Trump said the war with Iran could end soon.

Source: Brief