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Saudi Aramco Reports $30 Billion in Profit for Latest Quarter



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The Numbers: Profits that rise and fall with oil prices.Major energy companies have been reporting reduced profits, largely because the price of oil has fallen since last year. In the second quarter, Aramco said, the average oil price was just under $79 a barrel, down from about $113 in the same period a year ago. Oil prices jumped after Russia’s invasion of Ukraine, and have slowly eased since then.Despite the reduced earnings, Aramco reported a 12 percent increase in capital expenditures, to $10.5 billion, a category of spending that reflects investment in its business.Notable: A bigger payout for shareholders.Aramco made some news in its earnings announcement by promising to pay more to shareholders through a new dividend program. In addition to its base quarterly dividend of …

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