CEO Amin Nasser: Aramco delivered robust net income, generated strong free cash flow in Q3 despite lower oil price environment

• Net income: $27.6 billion (Q3 2023: $32.6 billion)
• Cash flow from operating activities: $35.2 billion (Q3 2023: $31.4 billion)
• Free cash flow1: $22.0 billion (Q3 2023: $20.3 billion)
• Gearing ratio1: 1.9% as at September 30, 2024, compared to -6.3% at end of 2023
• Q3 2024 base dividend of $20.3 billion and performance-linked dividend of $10.8 billion declared for distribution in the fourth quarter
• Q3 2024 net income in line with analyst consensus, despite certain non-cash charges of c.$0.9 billion
• Capital expenditures totaling $13.2 billion in Q3 support long-term strategic growth
• Strong demand for $3.0 billion international sukuk issuance, which further diversifies investor base and enhances liquidity profile
• Upstream developments enhance production flexibility and progress gas expansion
• Renewables program progresses with financial close for three solar PV projects, with anticipated combined capacity of 5.5 GW2

Commenting on the results, Aramco President & CEO Amin H. Nasser said:

“Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment. We also progressed our upstream developments, strengthened our downstream value chain, and advanced our new energies program as we continue to invest through cycles.

“Our recent $3.0 billion international sukuk issuance highlighted strong investor confidence in Aramco and we can be proud of the significant strides the Company continues to make, all while sustaining our high levels of profitability, operational performance and reliability.

“As we focus on strategic growth opportunities and capturing value through integration and diversification, we intend to maintain our positive momentum and cement our position as a leading global energy and petrochemicals player.”