{"id":5281,"date":"2023-05-09T12:52:33","date_gmt":"2023-05-09T12:52:33","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5281"},"modified":"2023-05-09T12:56:12","modified_gmt":"2023-05-09T12:56:12","slug":"lower-oil-prices-push-saudi-oil-giant-aramcos-first-quarter-profit-down-19","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5281\/","title":{"rendered":"Lower oil prices push Saudi oil giant Aramco&#8217;s first quarter profit down 19%"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Saudi oil giant Aramco&#8217;s\u00a0first quarter net profit dropped 19% from a year earlier to 119.54 billion riyals ($31.88 billion), it said on Tuesday, due to lower crude prices.<\/p>\n\n\n\n<p>Profit still beat analysts&#8217; median forecast of $30.8 billion, according to Refinitiv data, and Aramco said the decline was partially offset by lower taxes including in the zakat Islamic tax and a rise in finance and other income.<\/p>\n\n\n\n<p>Net profit was 3.75% higher than in the fourth quarter.<\/p>\n\n\n\n<p>The world&#8217;s top oil exporter made a record profit of over $161 billion for 2022 on higher energy prices and production.<\/p>\n\n\n\n<p>Last month, Saudi Arabia and other OPEC+ producers announced surprise oil production cuts from May, initially driving up prices, but global economic uncertainty and an unclear demand outlook continue to weigh on prices.<\/p>\n\n\n\n<p>Crude petroleum and natural gas contributed 32.7% of Saudi Arabia&#8217;s gross domestic product last year, with petroleum refining making up another 6%.<\/p>\n\n\n\n<p>The kingdom&#8217;s oil revenue slipped 3% in the first quarter to 178.6 billion riyals while non-oil revenue was up 9%.<\/p>\n\n\n\n<p>The production cuts and lower oil prices are expected to weigh on Saudi growth, with the IMF projecting GDP growth to more than halve this year to 3.1% from 8.7% in 2022, among the highest in the G20.<\/p>\n\n\n\n<p>Aramco will pay $19.5 billion in dividends for the first quarter, in line with the previous quarter.<\/p>\n\n\n\n<p>CEO Amin Nasser in a statement said Aramco was looking at introducing performance-linked dividends, in addition to its base distribution.<\/p>\n\n\n\n<p>The additional payouts would target 50%-70% of annual free cash flow, net of the base dividend and other amounts including external investments, the company said.<\/p>\n\n\n\n<p>Aramco reached deals to expand its downstream business abroad in the first quarter, including\u00a0investments in China\u00a0and completing a $2.76 billion acquisition of Valvoline Inc&#8217;s products business.<\/p>\n\n\n\n<p>&#8220;We are also moving forward with our capacity expansion, and our long-term outlook remains unchanged as we believe oil and gas will remain critical components of the global energy mix for the foreseeable future,&#8221; Nasser said.<\/p>\n\n\n\n<p>The company&#8217;s compression projects at the Haradh and Hawiyah fields are expected to begin initial production and achieve full capacity during 2023, it said.<\/p>\n\n\n\n<p>($1 = 3.7501 riyals)<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-05-09T12:56:12+00:00\"> 9 May 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Saudi oil giant Aramco&#8217;s\u00a0first quarter net profit dropped 19% from a year earlier to 119.54 billion riyals ($31.88 billion), it said on Tuesday, due to lower crude prices. Profit still beat analysts&#8217; median forecast of $30.8 billion, according to Refinitiv data, and Aramco said the decline was partially offset by lower taxes including in the [&hellip;]","protected":false},"author":1,"featured_media":5282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-5281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=5281"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5281\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/5282"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=5281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=5281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=5281"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=5281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}