{"id":1992872,"date":"2023-08-07T07:08:02","date_gmt":"2023-08-07T11:08:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aramco-q2-profit-drops-38-to-30-1-billion-boosts-dividend\/"},"modified":"2023-08-07T07:13:10","modified_gmt":"2023-08-07T11:13:10","slug":"aramco-q2-profit-drops-38-to-30-1-billion-boosts-dividend","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aramco-q2-profit-drops-38-to-30-1-billion-boosts-dividend\/","title":{"rendered":"Aramco&#8217;s Q2 profit falls 38% to $30.1B, raises dividend."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Faramco-q2-profit-drops-38-to-30-1-billion-boosts-dividend%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1992872&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Maha El Dahan and Yousef Saba<\/p>\n<p>DUBAI\u2062 (Reuters) -Saudi Arabian state oil giant Aramco\u200c reported a near 38% drop\u2063 in second<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/european-shares-flat-as-ubs-retailers-slide-offset-unilever-boost\/\" title=\"European shares flat as UBS, retailers slide offset Unilever boost\">-quarter net profit<\/a> on Monday\u2063 amid weaker oil prices and thinner refining and chemicals margins, as it boosted its dividend with a\u200b new\u2063 performance-linked payout.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Aramco\u2019s net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30\u2062 from 181.64 \u2063billion riyals a year earlier, beating a company-provided median estimate from 15\u2062 analysts of\u200c $29.8 billion.<\/p>\n<p>The group declared a base dividend of about $19.5 billion for \u2064the second quarter, roughly in line with its payout for the first\u2064 quarter. <\/p>\n<p>Aramco \u200bwill begin\u2063 paying performance-linked dividends for \u2062six quarters, \u2063starting with a $9.87 billion payout in the third quarter, it said.<\/p>\n<p>The Saudi state remains overwhelmingly Aramco\u2019s biggest shareholder. The government directly holds 90.19%, the sovereign Public Investment \u2062Fund owns 4%\u200b and another\u2064 4% is held by PIF subsidiary Sanabil, according to\u200b Refinitiv \u2062data.<\/p>\n<p>Saudi Arabia has posted a budget deficit of 8.2\u2064 billion riyals in the first\u200b half of 2023, raising the \u2064possibility of a full-year deficit after it \u200dnotched its first surplus in nearly a decade last year.<\/p>\n<p>Most oil majors reported strong or record-breaking\u200b earnings in the second quarter of \u20622022 after Western sanctions against major \u200dexporter Russia squeezed an already undersupplied global market, causing a\u200b surge\u200b in crude and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texans-hit-with-thousands-of-dollars-in-energy-costs-wont-get-bills-reduced\/\" title=\"Texans Hit With Thousands Of Dollars In Energy Costs Won\u2019t Get Bills Reduced\">natural gas prices<\/a>.<\/p>\n<p>Brent has\u200c dropped\u2064 from $113 a barrel a year ago, hit by concerns over an economic slowdown and ample supplies. Moscow and Riyadh have been trying \u200dto prop up prices.<\/p>\n<p>Oil futures are now at their highest since mid-April after \u200dSaudi Arabia\u2063 and Russia pledged\u200c last week to keep supplies down for another month to\u200d tighten global markets further. \u200dBrent was trading around $86 a barrel on Monday.<\/p>\n<p>OPEC+, which groups the de facto Saudi-led Organization of the Petroleum Exporting Countries and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-passes-anti-islamophobia-bill-after-boebert-suggested-ilhan-omar-is-a-terrorist\/\" title=\"House Passes Anti-Islamophobia Bill After Boebert Suggested Ilhan Omar Is A Terrorist\">allies led<\/a> by Russia, pumps around\u200b 40% of \u2062the world\u2019s crude. The group \u200bhas been\u2064 limiting supply\u200d since late last year to bolster the market.<\/p>\n<p>\u201cAt Aramco,\u2064 our mid to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aramco-q2-profit-drops-38-to-30-1-billion-boosts-dividend\/\" title=\"Aramco's Q2 profit falls 38% to .1B, raises dividend.\">long-term\u2063 view remains unchanged<\/a>. With a recovery anticipated in the\u200b broader global\u2064 economy, along with increased activity in the aviation sector, ongoing investments in energy projects will be necessary to safeguard \u2064energy security,\u201d CEO Amin Nasser\u200b said \u2063in a statement.<\/p>\n<p>The firm still sees capital expenditure at between $45 billion and $55 billion this \u2064year, Nasser said on \u200da media call.<\/p>\n<p>He expected Chinese demand \u200cto continue growing and said its chemicals sector was growing at a\u2062 substantial pace and that Aramco continued\u200c to eye potential acquisitions there.<\/p>\n<p>Aramco\u2019s shares, which\u200b were up\u2063 2.2% at 0812 GMT on Monday, have risen about 12.7% this year to 32.9 riyals.<\/p>\n<p>  (Reporting by Maha El Dahan and Yousef Saba; Editing by Jan Harvey and Bernadette Baum)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/aramco-q2-profit-drops\/attachment\/file-photo-a-view-shows-branded-oil-tanks-at-saudi\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h2>This week&#8217;s major headlines<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>Interview with \u2063Dr. Carole Lieberman<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>Interview with\u200c Tom MacDonald<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>Interview with Gregory Angelo<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h2>North Korean hackers \u200bbreach\u2062 computer networks<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h2>Paytm Chairman buys stake in the\u2064 firm<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h2>Medieval advances in plough and poverty<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h2>U.S. financial\u200d investor \u2062buys stake in OHB<\/h2>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia&#8217;s Aramco, the world&#8217;s largest oil company, saw a 38% decline in Q2 net profit due to lower oil prices and reduced margins in refining and chemicals. Despite this, Aramco increased its dividend with a new performance-based payout. Net profit for the quarter stood at 112.81 billion riyals.<\/p>\n","protected":false},"author":66,"featured_media":1992873,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1992872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1992872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1992872"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1992872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1992873"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1992872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1992872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1992872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}