State Oil Giant Saudi Aramco Posted 15% Drop in Q3 Profit

SEATTLE (Oil Monster): The third quarter of this year saw a 15.4% decline in net profit for Saudi Aramco, the state oil company. The primary causes of this are declining refining margins and decreased crude oil prices.

The net income for the three-month period from July to September was disclosed in a news statement from the company. This is more than the $26.9 billion the business had previously estimated. Net income for the third quarter is 5% lower than the previous quarter. The business made $29.1 billion in Q2 profits.

In the third quarter, the company's earnings before interest and taxes (EBIT) were $51.45 billion, a 17% decrease from the previous year. In the third quarter, Aramco's average realized crude price was $79.3 per barrel, down from $89.3 per barrel during the same period last year.

In the meantime, the business kept its dividend at 31.05 billion, which consists of an unusual performance-linked payout of $10.8 billion and a base payout of $20.3 billion.

Amin Nasser, CEO of Saudi Aramco, commented on the findings, saying that despite a weaker oil price environment, the business produced significant free cash flow and delivered high net income during the third quarter. According to Nasser, it strengthens its downstream value chain while making advances in upstream developments.

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