adplus-dvertising
Connect with us

Business

Saudi Aramco’s Q2 Earnings Drop 38% On Lower Oil Prices

Published

 on



300x250x1


 

Lower oil prices dragged down the profits at Saudi Aramco by 38% in the second quarter of 2023, but the world’s largest oil company is boosting dividend payout with a new performance-linked initiative.

Aramco reported on Monday a net income of $30.1 billion for the second quarter of 2023, down by 38% compared to the $48.4 billion net profit for the same period of 2022, when oil prices surged to above $100 per barrel after the Russian invasion of Ukraine.  

The net income for Q2 2023 slightly beat a company-provided median analyst estimate of $29.8 billion.

For the second quarter of 2023, Aramco’s average realized crude oil price was $78.80 per barrel, down from $113.20 a barrel for the same period in 2022.

Free cash flow slipped to $23.2 billion from $34.6 billion for the same period in 2022.

Aramco, however, is boosting dividend payouts as it intends to distribute performance-linked dividends over six quarters beginning in Q3 2023. The company plans to calculate the first performance-linked dividends based on the combined full-year results of 2022 and 2023. Aramco expects these performance-linked dividends to be calculated based on 70% of the Group’s combined full-year free cash flow for 2022 and 2023, net of the base dividend and other amounts including external investments.

“At Aramco, our mid to long-term view remains unchanged. With a recovery anticipated in the broader global economy, along with increased activity in the aviation sector, ongoing investments in energy projects will be necessary to safeguard energy security,” President and CEO Amin Nasser said in a statement.

Saudi Arabia has recently pushed for higher oil prices and “market stability”, by announcing a unilateral production cut of 1 million barrels per day (bpd) for July, August, and September. Last week, the Kingdom said it would extend its cut into September and signaled that the production reduction could be further extended or extended and deepened.

By Tsvetana Paraskova for Oilprice.com

728x90x4

Source link

Continue Reading

Business

Clean electricity regulations can be tweaked, but Alberta won't get special deal: Guilbeault – National Post

Published

 on


We use cookies and data to

  • Deliver and maintain Google services
  • Track outages and protect against spam, fraud, and abuse
  • Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services

If you choose to “Accept all,” we will also use cookies and data to

  • Develop and improve new services
  • Deliver and measure the effectiveness of ads
  • Show personalized content, depending on your settings
  • Show personalized ads, depending on your settings

If you choose to “Reject all,” we will not use cookies for these additional purposes.

300x250x1

Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.

Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Canada's economic growth misses forecasts, backing interest rate pause – Financial Post

Published

 on


We use cookies and data to

  • Deliver and maintain Google services
  • Track outages and protect against spam, fraud, and abuse
  • Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services

If you choose to “Accept all,” we will also use cookies and data to

  • Develop and improve new services
  • Deliver and measure the effectiveness of ads
  • Show personalized content, depending on your settings
  • Show personalized ads, depending on your settings

If you choose to “Reject all,” we will not use cookies for these additional purposes.

300x250x1

Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.

Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Strikes at 2 more U.S. auto factories to start Friday as UAW ratchets up pressure

Published

 on

A picketer holds a "UAW On Strike" sign while attempting to block a truck from entering the Ford Motor Co. Michigan Assembly plant in Wayne, Michigan
A picketer holds a ‘UAW On Strike’ sign while attempting to block a truck from entering the Ford Motor Co. Michigan Assembly plant in Wayne, Mich., earlier this month. The autoworkers’ union says 7,000 more workers at two GM and Ford plants are going to walk off the job on Friday at noon ET. (Emily Elconin/Bloomberg)

The United Auto Workers union is expanding its strike against U.S. automakers to two new plants, as 7,000 workers at a Ford plant in Chicago and a General Motors assembly factory near Lansing, Mich., will walk off the job at midday on Friday.

Union president Shawn Fain told workers on a video appearance Friday that negotiations haven’t broken down but Ford and GM have refused to make meaningful progress.

“Despite our willingness to bargain, Ford and GM have refused to make meaningful progress,” Fain said. “That’s why at noon eastern we will expand our strike to these two companies.”

“Not a single wheel will turn without us,” Fain said, adding that the 7,000 soon-to-be picketers are the “next wave of reinforcements.”

300x250x1

Stellantis, the third major automaker targeted by the union, and the maker of brands like Chrysler, Jeep and Dodge, was spared further action, as Fain said the company’s management has made significant concessions on things like a cost-of-living allowance and a freeze on outsourcing.

The Ford plant in Chicago makes the Explorer and Police Interceptor, as well as the Lincoln Aviator SUV.

The GM plant in Michigan’s Delta Township near Lansing manufactures large crossover SUVs such as the Chevrolet Traverse.

The two new plants join 41 other factories and distribution centres already seeing job action.

So far, the impact on Canada’s auto industry has been muted, as none of the idled factories are major users of Canadian-made components.

Biden says striking autoworkers deserve a ‘significant’ raise

U.S. President Joe Biden visited the United Auto Workers picket line in Detroit on Tuesday, saying the workers deserve a significant raise after sacrifices made during the 2008 financial crisis. Auto companies are doing ‘incredibly well,’ Biden said, ‘and you should be doing incredibly well, too.’

Edward Moya, a strategist with foreign exchange firm Oanda, says that despite the expanded job action, the strike seems to be nearing an “endgame” as the two sides are clearly making slow but steady progress.

“Yesterday, the UAW said they are targeting a 30 per cent pay raise, which is down from the 46 per cent they were asking for in early September,” he said. “Automakers have raised their offer to 20 per cent but were not offering much on retirement benefits. The longer this drags, the more both sides lose, so a deal should be reached in the next week or two.”

728x90x4

Source link

Continue Reading

Trending