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DUBAI, United Arab Emirates —\u00a0Saudi 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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Profits for the third quarter last year were $32.5 billion.<\/p>\n\n\n\n
The profit decrease \u201cwas mainly due to the impact of lower crude oil prices and weakening refining margins,\u201d Aramco said.<\/p>\n\n\n\n
Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the year before.<\/p>\n\n\n\n
Oil prices have been depressed over recent days as tensions in the Middle East appear to have receded slightly and as China’s economy has slowed<\/a>. Benchmark Brent crude traded Tuesday at around $75 a barrel.<\/p>\n\n\n\n Aramco will pay dividends of $20.28 billion for the third quarter and a performance-linked dividend of $10.77 billion, the company said. It has said it hopes its overall dividend for the year will be over $124 billion.<\/p>\n\n\n\n While a sliver of Aramco trades on the Tadawul<\/a>, the vast majority is held by Saudi Arabia\u2019s government, fueling its expenditures and providing wealth to its Al Saud royal family. The company also serves as a bellwether for the global oil industry.<\/p>\n\n\n\n Stock in Aramco traded around $7.31 a share Tuesday, down from a high this year of over $9. It has fallen over the past year as oil prices have dropped.<\/p>\n\n\n\n Aramco has a market value of $1.7 trillion, making it the world\u2019s sixth-most valuable company behind Apple, NVIDIA, Microsoft, Alphabet which owns Google, and Amazon.<\/p>\n\n\n\n Aramco reported a $121 billion annual profit in 2023, down from its 2022 record<\/a> due to lower energy prices.<\/p>\n\n\n\n