The firm made a net profit of SAR691.3 million ($184 million) in the third quarter, down from SAR864.8 million in the same period of 2013, a statement to the Saudi bourse said.
Under the plan approved at a board meeting on Thursday, MMG’s capital will be cut from SAR1.25 billion to SAR125 million, creating one share for every 10 shares currently possessed.
The company, a unit of Saudi Basic Industries Corp (SABIC), said it made a profit of SAR913 million ($243.5 million) in the third quarter, up from SAR734 million in the year-earlier period.
The field, whose production is around 280,000 bpd-300,000 bpd, will be brought offline “immediately”.
The Kingdom’s largest listed retailer aims to open six new stores on average each year.
The firm attributed the rise to a 5.6 per cent rise in revenue and a reduction in costs and marketing expenditure.
An industry source said there was no impact on oil operations in the world’s top crude exporter.
Prices above $100 are unsustainable because they lead to too much new supply and too much demand destruction, writes Reuters columnist John Kemp.
The bank attributed the rise in quarterly profit to higher operating income, which increased 12.1 per cent.
Saudi Aramco Products Trading Co sold a November 180-centistoke derivative to Glencore at $466.25 a tonne.
The Saudi index sank to 9,407 points, its lowest level since mid-April.
The group was convicted of embracing militant ideology, the possession of ammunition in their apartment and firing on security services during a raid on their apartment in Mecca, killing one security officer.
The bank said it made SAR1.66 billion ($442.6 million) in the three months ending September 30, compared with SAR1.71 billion in the same period a year earlier.
Last year a prosecutor said he was seeking to convict Sheikh Nimr al-Nimr for “aiding terrorists” and “waging war on God”, which carry the death penalty.
The controversy underlines how Saudi Arabia’s conservative brand of Islam can complicate economic decision-making in the Kingdom.
The bank said it made SAR1.08 billion ($280 million) in the three months ending September 30, compared with SAR998 million in the same period of 2013, according to a bourse filing.
The assailant, who was wounded in the attack and then detained, is a Saudi national who was born in the United States.
Saudi Arabia, Bahrain and the UAE recalled their ambassadors to Qatar in March, accusing Doha of failing to abide by an accord not to interfere in each other’s internal affairs.
The IEA forecast that the Middle East’s net oil product exports will reach nearly one million barrels per day in 2015.
Brent crude oil touched just above $88 a barrel on Tuesday – its lowest in almost four years.
Shi’ite Muslim Iran and Sunni Saudi Arabia are enmeshed in a struggle for influence across the Middle East and they support opposing sides in political disputes across the region.
The lender said it made SAR461.8 million ($123.1 million) in the three months to September 30 compared with SAR433.3 million in the corresponding quarter of 2013.
Strikes destroyed a machine gun firing position, a militant unit, damaged a staging location and several buildings.
The bank said it made SAR926 million ($246.9 million) in the three months ending September 30, compared with SAR685 million in the same period a year earlier.
The Saudis now appear to be betting that a period of lower prices will be necessary to pave the way for higher revenue in the medium term.
Today’s trio takes the French Group’s Middle East portfolio to 100 hotels
Dubai plunged 6.7 per cent, Abu Dhabi slid 2.1 per cent and Qatar dropped 2.7 per cent.
Almarai made a profit of SAR539.4 million ($143.8 million) in the three months to Sept. 30, up from SAR475.6 million in the year-earlier period
The lack of a Saudi cut could add to perceptions of traders and analysts that the Kingdom is looking to defend market share, not prices.
Biden earlier apologised to Turkey and the UAE for saying that regional US allies were partly to blame for the rise of IS in Syria.