Saudi Aramco Reports $27.3 Billion Net Income for Q1 2024, Announces $155.1 Billion in Dividends and Expansions
Saudi Aramco, the world's leading energy company, reported a net income of $27.3 billion for the first quarter of 2024, a decrease from $31.9 billion in the same period last year.
The company had robust cash flow from operating activities of $33.6 billion and free cash flow of $22.8 billion.
Aramco's gearing ratio improved to -3.8% from -6.3% at the end of 2023.
The company declared a base dividend of $20.3 billion and a performance-linked dividend of $10.8 billion for the first quarter, totaling $114.1 billion in dividends for 2024.
Aramco awarded $7.7 billion in contracts for the expansion of its Fadhili Gas Plant, which is expected to add 1.5 bscfd of processing capacity.
Aramco announced increased proven gas reserves by 15 trillion standard cubic feet and added 2 billion stock tank barrels at the Jafurah unconventional field.
The company completed the acquisition of Chilean retailer Esmax for downstream expansion.
Aramco's venture capital funding will more than double to $7.5 billion.
Aramco President and CEO Amin Nasser stated that the first-quarter results reflect the company's resilience and strength as a leading energy supplier and that progress was made on expanding the gas business and downstream value chain.
Nasser, from Aramco, is optimistic about the company's diverse energy portfolio and its role in addressing climate challenges through the energy transition.
He acknowledges the importance of providing affordable, dependable, and adaptable energy solutions.
Aramco's gearing ratio improved to -3.8% from -6.3% at the end of 2023.
The company declared a base dividend of $20.3 billion and a performance-linked dividend of $10.8 billion for the first quarter, totaling $114.1 billion in dividends for 2024.
Aramco awarded $7.7 billion in contracts for the expansion of its Fadhili Gas Plant, which is expected to add 1.5 bscfd of processing capacity.
Aramco announced increased proven gas reserves by 15 trillion standard cubic feet and added 2 billion stock tank barrels at the Jafurah unconventional field.
The company completed the acquisition of Chilean retailer Esmax for downstream expansion.
Aramco's venture capital funding will more than double to $7.5 billion.
Aramco President and CEO Amin Nasser stated that the first-quarter results reflect the company's resilience and strength as a leading energy supplier and that progress was made on expanding the gas business and downstream value chain.
Nasser, from Aramco, is optimistic about the company's diverse energy portfolio and its role in addressing climate challenges through the energy transition.
He acknowledges the importance of providing affordable, dependable, and adaptable energy solutions.
Translation:
Translated by AI
