Despite a 15% decline in third-quarter profit, Saudi Aramco continues to pay out dividends.

Despite a 15.4% decline in net profit in the third quarter due to "lower crude oil prices and weakening refining margins," Aramco maintained a 31.05 billion dividend.

In the July-September period, the company reported a net income of $27.56 billion, exceeding its own estimate of $26.9 billion. However, this is a 5% decrease from the previous quarter's $29.1 billion, due to factors such as lower global oil prices, weaker demand, and prolonged OPEC+ production cuts led by Saudi Arabia.

During the third quarter of 2024, the average selling price of oil decreased from $85 per barrel to $78.7 per barrel, according to Al Rajhi capital, due to an increase in non-OPEC supply volumes.

The oil firm's year-on-year decline was partially offset by a reduction in expenses, primarily driven by gains from derivative instruments and a decrease in production royalties due to lower crude oil prices and a lower average effective royalty rate compared to the same quarter last year.

The dividend of Aramco comprises a $20.3 billion base payment and a $10.8 billion performance-linked component.

In the third quarter, Aramco's capital expenditure guidance was increased by 20% to $13.23 billion, while EBIT came in at $51.45 billion, down 17% year-on-year.

Oil majors, including Aramco, have experienced declines in their third-quarter profits due to decreases in crude prices and refining margins. Aramco's average realized crude price was $79.3 per barrel in the third quarter, compared to $89.3 per barrel in the same period of the previous year.

Saudi Arabia, the world's largest crude exporter who produces roughly 9 million barrels per day of crude at present, is the de facto leader of the OPEC+ oil producers' alliance, a subset of whom agreed over the weekend to delay a planned December output hike by one month.