Aramco announces full-year 2024 results
- Net income: $106.2 billion (2023: $121.3 billion)
- Cash flow from operating activities: $135.7 billion (2023: $143.4 billion)
- Free cash flow1: $85.3 billion (2023: $101.2 billion)
- Gearing ratio1: 4.5% as at December 31, 2024 (end of 2023: -6.3%)
- Q4 2024 net income in line with analyst consensus, despite certain other non-cash charges of c.$1.7 billion
- Board declares base dividend of $21.1 billion for Q4, a 4.2% YoY increase, to be paid in Q1 2025, reflecting Aramco’s focus on delivering a sustainable and progressive dividend
- Performance-linked dividend of $0.2 billion declared and to be paid in Q1 2025, in line with previously announced mechanism
- Company expects total dividends of $85.4 billion to be declared in 20252
- Capital investment of $53.3 billion in 2024, including $50.4 billion organic capex
- 2025 capital investment guidance of $52.0 billion to $58.0 billion, excluding around $4.0 billion of project financing
- Progress on track to deliver growth strategy across Upstream and Downstream, with potential additional operating cash flows of $9.0 billion to $10.0 billion from growth in Aramco’s Upstream gas business3, and $8.0 billion to $10.0 billion from growth in its Downstream business4, by 2030
- Company’s spare capacity provides flexibility to help meet potential oil demand growth. If called upon, utilizing one million barrels per day of existing spare capacity could generate an additional $12.0 billion in operating cash flow5, based on 2024’s average price
Commenting on the results, Aramco President & CEO Amin H. Nasser said:
“Our strong net income and increased base dividend illustrate Aramco’s exceptional resilience and ability to leverage its unique scale, low cost, and high levels of reliability to deliver industry-leading performance for our shareholders and customers.
“Global oil demand reached new highs in 2024, and we expect further growth in 2025. With dependable and more sustainable energy key to global economic growth, we continue to make progress on projects to maintain our maximum sustainable crude oil capacity, expand our gas capabilities, achieve further integration of our Upstream and Downstream businesses to capture additional value, and help mitigate greenhouse gas emissions.
“We are also adopting and deploying AI technologies and solutions at scale across our operations, unlocking greater efficiencies and value creation throughout our business. Capital discipline is at the core of Aramco’s strategy, enabling us to deliver growth and capture value across conventional and new energy solutions.”
For more information, please see the Aramco Full-Year 2024 Report.
1. Please refer to www.aramco.com/investors for reconciliation of non-IFRS measures.
2. Includes dividends declared in Q1 2025. Exact amounts and eligibility dates for the remaining dividends to be declared in 2025 will be announced, if and when declared at the Board’s sole discretion, after considering the Company’s financial position and ability to fund commitments including growth capital plans, in accordance with the Company’s dividend distribution policy.
3. Subject to future sales gas demand and liquids prices.
4. Based on 5-year historical average refining and chemicals margins, expected upside from transformation programs and SABIC synergies.
5. In line with internal analysis which is indicative, may change over time and may not be precise.
6. Calculated on a 12-month rolling basis.
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