Aramco announces first quarter 2024 results
Q1 net income remains robust as Company progresses its growth strategy
- Net income: $27.3 billion (Q1 2023: $31.9 billion)
- Cash flow from operating activities: $33.6 billion (Q1 2023: $39.6 billion)
- Free cash flow1: $22.8 billion (Q1 2023: $30.9 billion)
- Gearing ratio1: -3.8% as at March 31, 2024, compared to -6.3% at end of 2023
- Q1 2024 base dividend of $20.3 billion and the fourth performance-linked dividend distribution of $10.8 billion to be paid in the second quarter
- Company expects total dividends of $124.3 billion2 to be declared in 2024, including base dividend of $81.2 billion2 and performance-linked dividend of $43.1 billion2
- $7.7 billion of engineering, procurement, and construction contracts awarded for Fadhili Gas Plant expansion, which is expected to add 1.5 bscfd of processing capacity
- Company announced addition of 15 tscf to proven gas reserves and two billion stock tank barrels of condensate at Jafurah unconventional field
- Aramco completed its acquisition of a 100% equity stake in Chilean retailer Esmax, supporting the Company’s downstream expansion
- Overall venture capital funding to more than double to $7.5 billion, expanding the Company’s ability to finance disruptive new technologies in a variety of sectors, including the digital and sustainability fields
Commenting on the results, Aramco President & CEO Amin H. Nasser said:
“Our first-quarter performance reflects the resilience and strength of Aramco, reinforcing our position as a leading supplier of energy to economies, to industries and to people worldwide.
“We also continue to execute our long-term strategy, and in the first quarter made significant progress on expanding our gas business and growing our globally-integrated downstream value chain, while maintaining our focus on consistently delivering value for our shareholders.
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