Saudi Aramco's Third Quarter Net Profit Drops 23% Amid Falling Oil Prices

Saudi Aramco, the state oil giant of Saudi Arabia, saw its third quarter net profit decline 23% due to lower crude oil prices and lower volumes sold compared to the same period last year. Net profit for the quarter ending September 30th was $32.6 billion, down from $42.4 billion in the same period last year. Aramco maintained its dividend payout of $29.4 billion to investors and the Saudi government. Weaker oil prices have cut into profits across the whole energy sector, with other majors like ExxonMobil and Chevron also reporting large annual declines for the third quarter.