Saudi Arabian oil giant Aramco reported third-quarter profits of $27.5 billion on Tuesday, down about 15% from last year as low oil prices ate into its revenues.
Aramco had revenues of $111.1 billion over the quarter, the company said in a filing on Riyadh's Tadawul stock exchange. It had $113 billion in revenues the same quarter last year.
Profits for the third quarter last year were $32.5 billion.
The profit decrease “was mainly due to the impact of lower crude oil prices and weakening refining margins,” Aramco said.
Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the year before.
Oil prices have been depressed over recent days as tensions in the Middle East appear to have receded slightly and as China's economy has slowed. Benchmark Brent crude traded Tuesday at around $75 a barrel.
Aramco will pay dividends of $20.28 billion for the third quarter and a performance-linked dividend of $10.77 billion, the company said. It has said it hopes its overall dividend for the year will be over $124 billion.
