The world’s third-biggest company just saw its profits plummet 38%—but it still paid shareholders $19.5 billion in dividends

Amin Nasser, President and CEO of Saudi Aramco, speaks during a press conference in the eastern Saudi Arabian region of Dhahran on November 3, 2019. (Credit: AFP/Getty Images)

Saudi Aramco, the third most valuable company in the world, saw its profits plummet 38% in the second quarter of the year as energy prices cooled.

Spiraling energy costs have squeezed household budgets over the past year while huge windfalls were recorded by oil and gas producers—including Aramco, which raked in a $161 billion profit in 2022, the highest ever recorded by an energy firm.