Saudi state oil giant Aramco posted a 23% drop in net profit in the third quarter, down to $32.6 billion attributable to “the impact of lower crude oil prices and volumes sold,” the company said Tuesday.
The third-quarter net profit result marked a steep decline from $42.4 billion the same time last year, but still beat analyst estimates near $31.8 billion.
Free cash flow for the company was slashed to $20.3 billion, less than half of what it was in the third quarter of 2022 at $45 billion.
Aramco still upheld its dividend payout of $29.4 billon to investors and the Saudi government.
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