Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier
Saudi Arabian oil giant Aramco has reported third-quarter profits of $27.5 billion, down about 15% from last year as low oil prices ate into its revenues
By JON GAMBRELL
Published - Nov 05, 2024, 02:42 AM ET
Last Updated - Dec 16, 2024, 05:41 PM EST
DUBAI, United Arab Emirates (AP) — Saudi Arabian oil giant Aramco reported third-quarter profits of $27.5 billion on Tuesday, down about 15% from last year as low oil prices ate into its revenues.
Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $111.1 billion over the quarter, the company said in a filing on Riyadh's Tadawul stock exchange. It had $113 billion in revenues the same quarter last year.
Profits for the third quarter last year were $32.5 billion.
The profit decrease “was mainly due to the impact of lower crude oil prices and weakening refining margins,” Aramco said.
