Saudi state oil giant Aramco reported a 15.4% drop in net profit in the third-quarter on the back of "lower crude oil prices and weakening refining margins," but maintained a 31.05 billion dividend.
The company reported net income of $27.56 billion in the July-September period, topping a company-provided estimate of $26.9 billion.
The print is also a 5% drop from the previous quarter, which came in at $29.1 billion, as lower global oil prices, weaker demand and prolonged OPEC+ production cuts led by Saudi Arabia continue to impact crude prices.
Earnings before Interest and Taxes (EBIT) came in at $51.45 billion in the third quarter, down 17% year-on-year.
The earnings align with a broader trend across oil majors, whose third-quarter profits have also suffered from declines in crude prices and refining margins.
Organizations:
Aramco, Al
Locations:
Saudi, Saudi Arabia, Al Rajhi, OPEC