- ORIGINAL NEWS
Saudi oil giant Aramco posts 25% fall in full-year profit
- SUMMARY
Aramco, Saudi Arabia’s state oil company, made less money in 2023 compared to 2022.
Despite this, it’s still their second-best year ever.
Aramco earned $121.3 billion, down from $161.1 billion in 2022.
This was due to lower oil and gas demand, plus reduced profits from refining and producing chemicals.
However, the company increased its dividend to $31 billion for the government and shareholders.
They also moved 8% of their shares to the government’s investment fund, giving it a larger share of these dividends.
Aramco says the oil market is expected to stay strong, and they’re investing in expanding their gas production.
They’ve decided to keep their oil production capacity at 12 million barrels per day for now, which will reduce their spending.
Overall, Aramco remains a very profitable company, despite some challenges in the global economy.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“Aramco raised its base dividend for the fourth quarter by 4% to $20.3 billion dollars, and lifted its performance-linked dividend by 9% to $10.8 billion, resulting in a $31 billion dollar payday for the Saudi government and Aramco stakeholders.”
Negative
“Saudi Arabia’s state oil giant Aramco reported a 25% decline in profit to $121.3 billion in 2023, down from $161.1 billion in 2022.”