Saudi Aramco’s quarterly profit decreased by 23% – Kommersant
[ad_1]
Net profit of the Saudi oil and gas company Saudi Aramco fell in the third quarter by 23%, amounting to $32.6 billion. This result was better than analysts’ forecasts, who expected profit to be $31.8 billion. Revenue in this period decreased by 22%, to $113 billion.
As is the case with other oil and gas companies, the decline is due to a correction in energy prices this year after last year’s increase against the backdrop of the armed conflict in Ukraine and a reduction in supplies from Russia. Earlier, several other large oil and gas companies presented their quarterly reports: B.P., ShellChevron, Exxon Mobil, Eni – they also ended the quarter with a significant decrease in profits.
This year, Saudi Arabia decided to reduce oil production to 1 million barrels per day. A few days ago, the country’s authorities confirmed their intention to extend this practice until the end of the year.
The Saudi Aramco share price today, November 7, remained almost unchanged (increased by 0.15% compared to Monday). Since the beginning of the year, the company’s shares have increased by 15%.
[ad_2]
Source link
