Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Deep Fundamental Analysis

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Equity Bottom-Up

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<li>Aramco’s Q3 operating revenue fell 1.8% YoY and missed estimates by 0.5%. Similarly, its net profit fell by 15.4% YoY and its EPS missed expectations by 1%.</li>
<li>Aramco’s total hydrocarbon production fell 0.8% YoY but rose 3.3% QoQ in Q3. Its average crude oil price realisation dropped 11.2% YoY and 7.5% QoQ.</li>
<li>Despite a decline in net profit, Aramco maintained its dividend, which led to a shift from net cash to a net debt position as dividend payouts exceeded free cash flow.</li>
</ul>


Aramco’s Q3 operating revenue fell 1.8% YoY and missed estimates by 0.5%. Similarly, its net profit fell by 15.4% YoY and its EPS missed expectations by 1%.
Aramco’s total hydrocarbon production fell 0.8% YoY but rose 3.3% QoQ in Q3. Its average crude oil price realisation dropped 11.2% YoY and 7.5% QoQ.
Despite a decline in net profit, Aramco maintained its dividend, which led to a shift from net cash to a net debt position as dividend payouts exceeded free cash flow.


[Earnings Review] Saudi Aramco Maintains Dividend Despite Decline in Net Profit in Q3