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Friday, February 26, 2021

Saudi Aramco’s Third-Quarter Profit Fell Nearly 50 Percent

Saudi Arabian oil juggernaut Aramco reported on Tuesday afternoon a 44.6 percent drop in third-quarter net profit as the COVID-19 pandemic continued to hammer demand and weigh on oil prices.

Saudi Arabian oil juggernaut Aramco reported on Tuesday afternoon a 44.6 percent drop in third-quarter net profit as the COVID-19 pandemic continued to hammer demand and weigh on oil prices.

The oil company also said that weaker refining and chemicals margins hit its net profit, which fell to $11.79 billion for the three months ended on September 30th.

“We saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets,” Saudi Aramco Chief Executive Officer Amin Nasser said in a statement.

Aramco’s shares rose as much as 1 percent and were 0.6 percent higher at $10. Although down 2.3 percent year to date, Aramco has outperformed the likes of rivals Exxon, BP and Shell, which are down by more than 50 percent while Chevron is down by 40 percent.

Oil prices have recovered only slightly since tumbling to their lowest in almost 20 years in March, prompting Aramco and other oil juggernauts to slash capital expenditure this year and next.

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