Aramco’s Q3 net profit drops to $32.6 billion

Energy behemoth Aramco reported a 23.2 percent drop in its third-quarter net income to $32.6 billion due to lower oil prices and volumes sold.

Aramco’s net income dropped from $42.4 billion in the third quarter last year when oil and gas prices spiked.

Saudi Arabia’s Aramco said cash flow from operating activities reached $31.4 billion in the third quarter, compared to $54 billion in the same period last year.

Moreover, the company’s revenue of $113.09 billion in the third quarter declined from $144.99 billion last year.

Aramco said third-quarter base dividend of $19.5 billion will be paid in the fourth quarter.

Amin H. Nasser, Aramco president and CEO, said the company’s “robust financial results reinforce Aramco’s ability to generate consistent value for our shareholders, and we continue to identify new opportunities to evolve our business and meet the needs of customers.”

“During the third quarter we agreed to make our first international investment in liquefied natural gas (LNG) to capitalize on rising LNG demand, and announced our intention to enter the South American retail market. These planned investments demonstrate the scale of our ambition, the broad scope of our activities, and the disciplined execution of our strategy,” Nasser said.

In September, Aramco agreed to buy a minority stake in MidOcean Energy, the LNG unit of US-based energy investor EIG for $500 million.

The agreement includes the option for Aramco to increase its shareholding and associated rights in MidOcean in the future.

Most Popular

Delfin inks new deals for US FLNG project, eyes FID later this year

Delfin Midstream, the US developer of a floating LNG export project offshore Louisiana, is moving forward with the project by signing new deals with Siemens Energy, Samsung Heavy, and Black & Veatch.

Deutsche ReGas: Mukran LNG terminal hits record in Q2

German LNG terminal operator Deutsche ReGas claims that its FSRU-based LNG import facility in Mukran was the highest-performing LNG terminal in Germany in the second quarter of this year.

Ukraine’s Naftogaz to get another US LNG cargo from Orlen

Poland's Orlen will supply another US LNG cargo to Ukraine's Naftogaz, the fourth shipment as part of a deal signed earlier this year.

More News Like This

Peru LNG shipped five cargoes in June

Peru LNG’s liquefaction plant at Pampa Melchorita has shipped five liquefied natural gas cargoes in June, the same as in the previous month.

Peru LNG terminal shipped five cargoes in May

Peru LNG’s liquefaction plant at Pampa Melchorita has shipped five liquefied natural gas cargoes in May, two more than in the previous month.

Aramco plans to join Woodside’s Louisiana LNG project

Saudi Arabia’s energy behemoth Aramco plans to take a stake in Woodside's Louisiana LNG export project.

Peru LNG terminal shipped three cargoes in April

Peru LNG’s liquefaction plant at Pampa Melchorita has shipped three liquefied natural gas cargoes in April due to restrictions on the transportation system, according to operator Hunt Oil.