Saudi Aramco's Third Quarter Financial Shifts

Saudi Arabian Oil Co reported a Q3 net profit of 103.37 billion riyals, down from 122.19 billion riyals the previous year. Despite lower crude oil prices, sales reached 416.63 billion riyals, supported by higher volumes sold. Capital expenditures were noted at SAR 49.6 billion.

Saudi Arabian Oil Co (Aramco) has reported a third-quarter net profit of 103.37 billion riyals, a decline compared to the previous year's 122.19 billion riyals. This financial outcome reflects the challenges of lower market prices for crude oil, refined, and chemical products.

The oil giant's sales in the same period were documented at 416.63 billion riyals, slightly lower than the 424.1 billion riyals reported last year. Despite this, the company experienced an increase in sales volumes which helped cushion the impact of reduced prices.

In terms of capital investments, Aramco allocated 49.6 billion riyals for the quarter, showcasing its continued commitment to expansion and production capabilities. Total hydrocarbon production amounted to 12.7 million barrels of oil equivalent per day (MMBOED), reinforcing its status in global energy production.

(With inputs from agencies.)