Oil giant Saudi Aramco's profit slides 23% in third quarter on lower crude prices, volumes
Publishing timestamp: 2023-11-07 03:17:16
Summary
Aramco, the Saudi state oil giant, reported a 23% drop in net profit in the third quarter due to lower crude oil prices and volumes sold. Despite the decline, the company still beat analyst estimates and maintained its dividend payout. The drop in profitability is in line with industry trends, with other energy majors also experiencing declines. Aramco is expanding its business, including entering the South American market and investing in liquefied natural gas.
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Keywords: earnings, amazon.com inc, energy, breaking news: middle east, dividends, oil and gas, walmart inc, ukraine, russia, chevron corp, apple inc, saudi arabia, business news, middle east, aram eisho,