Aramco announces first quarter 2024 results

Aramco released its financial results on Tuesday. Highlights included:

• 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 Aramco’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, Amin Nasser, Aramco president and CEO, 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,” he added.

Looking ahead, I expect our portfolio to continue to evolve as we aim to contribute to an energy transition that offers solutions to climate challenges, but at the same time recognizes the need for affordable, reliable, and flexible energy supplies.
— Amin Nasser

For more information, see the 2024 Aramco First Quarter Interim Report at https://www.aramco.com/-/media/publications/corporate-reports/reports-and-presentations/2024/q1/saudi-aramco-q1-2024-interim-report-english.pdf.

_{* Supplementary information is converted at a fixed rate of U.S. dollar 1.00 = SAR 3.75 for convenience only.}

_{1. Non-IFRS measure: refer to Non-IFRS measures reconciliations and definitions section of the 2024 Saudi Aramco First Quarter Interim Report for further details.}

_{2. Includes dividends already declared in Q1 2024 and Q2 2024. Exact amounts and eligibility dates for the remaining dividends to be declared in 2024 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. Calculated on a 12-month rolling basis.}