Aramco announces third quarter 2023 results

Aramco announced its third-quarter 2023 results on Tuesday.

The company continues to deliver robust earnings while progressing its growth strategy. Here are some of the quarter’s highlights:

• Net income: $32.6 billion (Q3 2022: $42.4 billion)
• Cash flow from operating activities: $31.4 billion (Q3 2022: $54.0 billion) 
• Free cash flow1: $20.3 billion (Q3 2022: $45.0 billion) 
• Gearing ratio1: -7.6% as at September 30, 2023, compared to -7.9% at end of 2022
• Q2 base dividend of $19.5 billion paid in the third quarter; Q3 base dividend of $19.5 billion to be paid in the fourth quarter
• First performance-linked dividend distribution of $9.9 billion paid in Q3; second distribution of approximately $9.9 billion to be paid in Q4 based on combined full-year 2022 and nine-month 2023 results  
• Strategic expansion continues with agreement on first international LNG investment, and plan to enter South American market through a downstream retail acquisition
• Company increases raw gas processing capacity by 800 million standard cubic feet per day (mmscfd), including approximately 750 mmscfd of sales gas processing capacity, through Hawiyah Gas Plant expansion
• Collaboration with Stellantis indicates eFuel compatibility with 24 engine families in Europe

Commenting on the results, Aramco president and CEO Amin Nasser said, “Our robust financial results reinforce Aramco’s ability to generate consistent value for our shareholders, and we continue to identify new opportunities to evolve our business and meet the needs of customers. 

“During the third quarter we agreed to make our first international investment in liquefied natural gas (LNG) to capitalize on rising LNG demand, and announced our intention to enter the South American retail market,” Nasser added. “These planned investments demonstrate the scale of our ambition, the broad scope of our activities, and the disciplined execution of our strategy. 

I am excited by the progress we are making, which I believe will complement both our Upstream capacity expansion and our growing Downstream presence.
— Amin Nasser

“We intend to continue investing across the hydrocarbon chain, leveraging cutting-edge technologies to optimize our operations and advance the development of emerging energy solutions,” he added. “It is an approach rooted in our belief that a balanced and realistic energy transition plan should consider the needs of all geographies, in order to avoid disparities between global energy consumers.” 

For more information, see the 2023 Aramco Third Quarter Interim Report.