Saudi Arabian Oil Company (Aramco) says its net income dropped by 11 percent to $83.9 billion in nine months, compared to $94.5 billion in the corresponding period.
) says its net income dropped by 11 percent to $83.9 billion in nine months, compared to $94.5 billion in the corresponding period.said it recorded $27.6 billion in the quarter under review as net income.
According to Aramco, the decrease experienced was primarily due to the impact of lower crude oil prices and weakening refining margins.“This was partially offset by a reduction in selling, administrative and general expenses primarily driven by a gain from derivative instruments, and a decrease in production royalties largely reflecting lower crude oil prices and a lower average effective royalty rate compared to the same quarter last year,” Aramco said.
According to the financial statement, the oil company’s capital expenditure increased by 19 percent to $13.2 billion in the third quarter – up from $11 billion in Q3 last year.The increase, Aramco said is largely due to advancements in crude oil increments and increased development activity to support the strategic expansion of the company’s gas business.
“Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment,” Nasser said.
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