Saudi Aramco (2222.SE) on Tuesday reported a 23% fall in third-quarter net profit, marginally beating analyst estimates, on lower crude oil prices and volumes sold.
Net profit fell to $32.6 billion for the quarter to Sept. 30 from $42.4 billion a year earlier.
That topped the $31.8 billion expected by 12 analysts in a company-provided forecast.
The Saudi oil producer said lower oil prices and volumes were partially offset by a reduction in production royalties.
The group’s shares were flat at 33.45 riyals at 0733 GMT. They have gained about 15% this year.
Saudi Arabia, de facto leader of the OPEC group of oil-producing nations, said on Sunday it would continue with its voluntary oil output cut of 1 million barrels per day (bpd) until the end of the year and that it would review the decision again next month.
Aramco’s revenue fell to $113.09 billion in the quarter from $144.99 billion a year earlier.
It paid out $14.7 billion in royalties and other taxes, down from $24.3 billion a year earlier, the company said.
Aramco declared a base dividend of $19.5 billion for the quarter.
It also approved a second distribution of performance-linked dividends with a $9.87 billion payout in the fourth quarter, unchanged from its first performance-linked payout.
The second one is based on Aramco’s results in 2022 and the first nine months of 2023. Subsequent distributions are expected to be adjusted to reflect results from the remainder of 2023, the company said.
Capital expenditure in the quarter rose to $11 billion from $9 billion a year earlier.