Aramco Q1 net income remains robust as Company progresses its growth strategy

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  at Jafurah unconventional field.

Aramco completed its acquisition of a 100% equity stake in Chilean retailer Esmax, supporting the Company’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, Aramco President & CEO Amin H. Nasser 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.

“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 H. Nasser said.