Saudi Aramco reports a 23% decline in Q3 net profit due to lower oil prices and volumes

Q3 net profit of $32.6 billion beats analyst estimates of $31.8 billion.

Reduction in production royalties partially offsets lower oil prices and volumes.

Revenue falls to $113.09 billion from $144.99 billion a year earlier.

Declares a base dividend of $19.5 billion for Q3 and approves a second performance-linked dividend of $9.9 billion.

Saudi Arabia continues voluntary oil output cut of 1 million bpd until year-end.

Capital expenditure in Q3 rises to $11 billion from $9 billion a year earlier.

Aramco narrows its 2023 capex forecast to $48 billion to $52 billion.