Aramco announces second quarter and half-year 2024 results

• Net income: $29.1 billion (Q2) / $56.3 billion (H1)
• Cash flow from operating activities: $31.1 billion (Q2) / $64.7 billion (H1)
• Free cash flow¹: $19.0 billion (Q2) / $41.7 billion (H1)
• Gearing ratio¹: -0.5% as at June 30, 2024 compared to -6.3% at December 31, 2023
• Q2 2024 base dividend of $20.3 billion and performance-linked dividend distribution of $10.8 billion to be paid in the third quarter
• Company expects to declare industry-leading total dividends of $124.2 billion² in 2024
• Secondary public offering of Aramco shares and $6.0 billion bond offering receive strong demand from investors worldwide
• Company advances strategic gas expansion with the announcement of contract awards worth more than $25.0 billion, as it targets sales gas production growth of more than 60% by 2030, compared to 2021 levels
• Company agrees to acquire 10% equity interest in HORSE Powertrain Limited, the global powertrain solutions company established by Renault Group and Geely
• International retail expansion progresses with successful acquisition of 40% equity stake in Gas & Oil Pakistan Ltd
• Agreement with Pasqal to install first quantum computer in the Kingdom of Saudi Arabia

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

“We have delivered market-leading performance once again, with strong earnings and cash flows in the first half of the year. Leveraging these strong earnings, we continued to deliver a base dividend that is sustainable and progressive, and a performance-linked dividend that shares the upside with our shareholders.

“We have also continued to create and deliver both value and growth, as demonstrated by the positive investor response to the government’s secondary public offering of Aramco shares and our recent $6 billion bond issuance. Our drive to create value is supported by our distinctive long-term competitive advantages, our exceptional financial resilience through cycles, and our strong balance sheet.

“Building on these strengths, we also made significant progress in key strategic areas during the second quarter — from advancing our gas program and expanding our new energies portfolio, to partnering with leading car manufacturers on lower-emission vehicle technologies and growing our global retail network.

“These are exciting times for Aramco as we continue to seek new opportunities to enhance our portfolio and our capabilities to enable a secure and more sustainable energy future.”

For more information, please see the 2024 Aramco Second Quarter and Half-Year Interim Report.

Key financial results:

*  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 Second Quarter Interim Report for further details.
2. Includes dividends already declared in Q1 2024, Q2 2024, and Q3 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.

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Aramco will discuss its H1 2024 financial results in an audio webcast on August 6, 2024 at 1.00pm Riyadh / 11.00am London / 6.00am New York. The webcast will be available at www.aramco.com/investors.