1303 GMT - Saudi Aramco is among the most mentioned companies across news items over the past eight hours, according to Factiva data, after the world's largest oil producer's first-quarter net profit missed market forecasts. Saudi Arabia's national oil company credited a lower volume of crude oil sold and weaker refining and chemicals margins for the decline. Net profit was $27.27 billion, down from $31.88 billion a year prior, missing the $27.79 billion expected by analysts polled by Visible Alpha. The decline came despite a strong crude-oil price, which rose 14% through the quarter on continued tensions in the Middle East. "Arguably the unwind in performance in recent months is a reflection of the fact that earnings are shifting to a more normalized level," Citi said in a research note. Aramco, one of the world's most valuable companies, also said it expects to declare dividends of $124.3 billion through the year, as it kept its quarterly payout stable at $31.1 billion. Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)
(END) Dow Jones Newswires
05-07-24 0918ET
