What to expect from Aramco’s upcoming earnings report
- Aramco is expected to report 1.861 trillion Saudi riyals ($496.18 billion) in total revenue for 2023
- Net profit is expected to be SAR455.5 billion
- Average hydrocarbon production is expected to decline slightly to 12.94 million barrels of oil equivalent per day in 2023
- Aramco’s shares have fallen 3.8% since the start of the year
- Aramco scuttled plans to increase its oil production capacity
- The decision represents a huge strategic shift for Aramco
- Aramco may lower its capital expenditure guidance
Saudi Arabian Oil Co., commonly known as Aramco, is scheduled to report its 2023 results on Sunday. Analysts expect the company to report 1.861 trillion Saudi riyals ($496.18 billion) in total revenue for 2023, a decline from the previous year. Net profit is also expected to decrease to SAR455.5 billion. Additionally, average hydrocarbon production is projected to decline slightly to 12.94 million barrels of oil equivalent per day in 2023. Aramco’s shares have fallen 3.8% since the start of the year. The company’s decision to scuttle plans to increase its oil production capacity represents a significant strategic shift, with analysts predicting a negative impact on earnings. This move could also lead to a reduction in Aramco’s capital expenditure guidance.
Factuality Level: 8
Factuality Justification: The article provides specific information about Saudi Aramco’s expected revenue, net profit, and daily production for 2023, along with analyst expectations and recent developments. The information is sourced from Visible Alpha consensus, FactSet, and research notes from Citi and JPMorgan analysts. The article does not contain irrelevant information, misleading details, sensationalism, redundancy, or opinion masquerading as fact. It presents the data in a straightforward manner without bias or logical errors.
Noise Level: 3
Noise Justification: The article provides relevant information about Saudi Arabian Oil Co.’s upcoming report for 2023, including revenue, net profit, and daily production expectations. It also includes insights from analysts about the company’s strategic decisions and potential impacts on earnings and growth. The article stays on topic and supports its claims with data from Visible Alpha, FactSet, and analyst research notes. Overall, the article offers actionable insights for investors and those interested in the oil and gas industry.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets that may be impacted by the results of Saudi Arabian Oil Co. (Aramco) include the oil and gas industry, energy markets, and investors in Aramco.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article does not mention any extreme events or their impact.
Public Companies: Saudi Arabian Oil Co. (Aramco) (N/A)
Key People: Pierre Bertrand (Author)
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