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.

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