Results and performance
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FY 2023 Financial Highlights
Net income (billion)
$121
2022: $161
SAR 455
EBIT* (billion)
$231
2022: $307
SAR 865
Free cash flow* (billion)
$101
2022: $149
SAR 380
Net cash provided by operating activities (billion)
$143
2022: $186
SAR 538
Capital expenditures1 (billion)
$42
2022: $38
SAR 158
ROACE* (%)
2022: 31.6
22.5
Dividends paid (billion)
$98
2022: $75
SAR 367
Dividends paid per share
$0.41
2022: $0.35
SAR 1.55
Gearing* (%)
2022: (7.9)
(6.3)
Earnings per share (basic and diluted)
$0.50
2022: $0.662
SAR 1.87
Average realized crude oil price ($/barrel)
2022: 100.2
83.6
1. Capital expenditures do not include external investments.
2. Earnings per share have been adjusted to reflect the effect of the bonus shares issuance.
* Non-IFRS measures: refer to “Non-IFRS measures reconciliations and definitions” for further details.
FY 2023 Operational Highlights
MSC (mmbpd)
2022: 12.0
12.0
Total hydrocarbon production (mmboed)
2022: 13.6
12.8
Total liquids production3 (mmbpd)
2022: 11.5
10.7
Net refining capacity (mmbpd)
2022: 4.1
4.1
Net chemicals production capacity4 (million tons per year)
2022: 56.3
59.6
Reliability5 (%)
2022: 99.9
99.8
Upstream carbon intensity6 (kg CO2e/boe)
2022: 10.3
10.7
Flaring intensity6 (scf/boe)
2022: 4.60
5.64
Total recordable case rate6 (per 200,000 work hours)
2022: 0.050
0.042
3. Total liquids is comprised of crude oil, NGL and condensate.
4. Excludes SABIC Agri-Nutrients and Metals (Hadeed) businesses.
5. Applies to Saudi Arabian Oil Company (the Company).
6. Refer to Section 3: Sustainability in the 2023 Annual Report for further information.