Saudi Aramco’s profit touches $30.07bn in Q2 of 2023
Riyadh, The Gulf Observer: Global energy giant Saudi Arabian Oil Co. has posted a net profit of SR112.81 billion ($30.07 billion) in the second quarter of 2023, the company said in a bourse filing.
In a statement to Tadawul, Saudi Aramco noted that the profit of the second quarter was down 5.67 percent compared to the previous quarter when the company clocked a gain of SR119.54 billion.
According to the statement, the drop in profit was due to lower crude oil prices and weakening refining and chemicals margins.
Saudi Aramco’s net profit for the first half also dropped 29.52 percent to SR232.35 billion, compared to SR329.67 billion in the same period a year ago, the statement added.
“Our strong results reflect our resilience and ability to adapt through market cycles. We continue to demonstrate our long-standing ability to meet the needs of customers around the world with high levels of reliability. For our shareholders, we intend to start distributing our first performance-linked dividend in the third quarter,” said Aramco’s President and CEO Nadim H Nasser in the statement.
In April, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, announced plans to reduce oil output by 1.2 million barrels per day. In those cuts, Saudi Arabia pledged to reduce production by 500,000 bpd.
In June, Saudi Arabia also announced an additional cut of 1 million bpd for July and later to August.
Earlier this month, Saudi Arabia extended its voluntary production cut of 1 million bpd to the end of September, adding that it could be extended beyond then or deepened.
