Saudi Aramco’s Q1 Profit Slips By 19% Year-Over-Year  

Saudi oil giant Aramco on Tuesday reported a first-quarter net income of $31.9 billion, down by 19% from the first quarter of 2022 as macroeconomic concerns dragged down oil prices between January and March 2023. Aramco still beat a median analyst estimate of $30.8 billion in net profit compiled by Refinitiv. The company’s average realized crude oil price dropped to $81.0 per barrel in the first quarter of 2023, down from $97.7 a barrel in the same period of 2022. Capital expenditures rose to $8.746 billion from $7.583 billion, driven by…