Saudi Aramco's Q1 Profit Drops 19% Amid Falling Oil Prices.
TL;DR Summary
Saudi Aramco's net income for Q1 2023 was $31.9 billion, a 19% drop from the same period last year due to lower oil prices. However, the company's earnings still exceeded those of Western rivals combined. Aramco plans to increase dividend payments by 4% and is considering adding "performance-linked" dividends. The company is investing in expanding output and signing refining and chemical deals, mostly in Asia, to lock up markets for the long term. Despite concerns about climate change risks, Aramco remains focused on fossil fuels and expects demand for oil to remain healthy this year as China and India's economies grow.
- Falling Oil Prices Cause Saudi Aramco's Profit to Slip 19 Percent The New York Times
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- Saudi Aramco's Profit Slides as Oil Boom Cools The Wall Street Journal
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