STORY: Oil giant Saudi Aramco reported a 3.4% fall in second-quarter profit on Tuesday (August 6).
Results were weighed by lower crude volumes and softer refining margins.
The net income for Q2 was just over $29 billion, Aramco said, which did beat analysts' expectations.
Despite this dip, it kept its generous dividend policy unchanged, with $31 billion declared in payouts for the second quarter, a third of which was performance-linked payouts.
Aramco said on Tuesday it expects just over $124 billion in total dividends this year, roughly in line with previous guidance.
The Saudi government holds nearly 81.5% of Aramco and relies heavily on the company's payouts.
The kingdom has made cuts to its oil production, working at three quarters of its capacity, as have fellow members and allies of oil production group OPEC+.
They've made these cuts to bolster the market amid uncertainty over global demand and rising supply outside the group.
But lower output and prices have pressured Saudi state finances - and to meet financial needs, the government sold a fresh chunk of Aramco earlier this year.
But it may not be entirely gloomy for the world's most profitable oil company.
On Tuesday CEO Amin Nasser said he expected oil demand growth of between 1.6 and 2 million barrels per day in the second half of the year.
