BAKU, Azerbaijan, November 28. Saudi Aramco's earnings before interest, income taxes, and zakat (EBIT) from upstream projects in the third quarter of 2023 amounted to $60,632, Trend reports.
As per the company's latest financial results, this figure decreased by 22.7 percent year-on-year ($78,399 in 3Q2022).
The decline in EBIT was attributed to reduced average realized crude oil prices and lower volumes sold, although it was partially mitigated by a decrease in production royalties, Aramco said.
Furthermore, the company's capital expenditures on upstream projects in the reporting period totaled $8,985, marking a 23.8-percent rise from $7,256 in the corresponding period of 2022. As the company noted, the upswing was primarily driven by the advancement of crude oil increments for expanding the MSC (mention the full form if necessary) and the continuous development of gas projects aimed at boosting gas production capacity.
Meanwhile, Aramco's EBIT from upstream projects over the first nine months of the current year amounted to $174,695, showcasing a decrease of 23.1 percent from $227,270 recorded in 9M2022. This decline was mainly attributed to a reduction in average realized crude oil prices, although it was partially mitigated by lower production royalties.
During the initial nine months of 2023, capital expenditures amounted to $24,092, marking a 17.7-percent increase from $20,472 in the corresponding period of 2022. This rise was primarily driven by the development of crude oil increments associated with increasing crude oil MSC (please clarify the full form if necessary) and the ongoing progress of multiple gas projects.
