By Giulia Petroni
Saudi Arabia’s national oil company reported a fall in quarterly profit due to lower energy prices and volumes sold.
Saudi Arabian Oil Co., known as Aramco, said Tuesday that its net profit amounted to $32.58 billion in the three months ended September, from $42.43 billion in the same period a year earlier, when it benefited from soaring energy prices after Russia invaded Ukraine.
Net profit improved on quarter despite continued inflationary pressures as the global crude oil market strengthened and refining margins improved, the company said.
Revenue came in at 424.1 billion Saudi riyals (112.97 billion) from SAR402.56 in the previous-year period.
Aramco said it would pay its shareholders a base dividend of $19.51 billion for the third quarter and a performance-linked dividend of $9.87 billion. Its free cash flow fell to $20.34 billion for the quarter, from $44.97 billion in the same period last year.
Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, said over the weekend that it will extend output cuts of one million barrels a day until the end of the year.
Write to Giulia Petroni at giulia.petroni@wsj.com
