top of page
  • Ahmed Saleh

Aramco releases its second-quarter and full-year 2023 financial results

  • Net income: $62.0 billion (H1) and $30.1 billion (Q2).

  • Operating cash flow: $33.6 billion in the second quarter and $73.3 billion in the first half.

  • Generous cash flow 1: $54.1 billion (H1) compared to $23.2 billion (Q2)

  • As the financial sheet keeps getting stronger, gearing ratio 1 has decreased to -10.5%.

  • Sustainable and growing dividend: Q1 2023 base dividend paid in the second quarter, up 4.0% year-over-year; Q2 2023 dividend to be paid in the third quarter, also up 19.5% y-o-y.

  • From Q3 2023 on, the company plans to pay out performance-linked dividends over six quarters. Based on combined full-year 2022 performance and half-year 2023 results, the first distribution will be about $9.9 billion in Q3 2023.

  • The Marjan, Berri, Dammam, and Zuluf crude oil additions are on schedule as part of larger capacity expansions in the upstream oil and gas sector.

  • With the award of the engineering, procurement, and construction contracts for the $11.0 billion Amiral petrochemicals complex, the downstream expansion strategy is advanced.

  • Shipments of approved lower-carbon ammonia are sent to important markets, aiding in the development of decarbonization solutions.

Amin H. Nasser, President and CEO of Aramco, commented on the findings:

"Our impressive results demonstrate our adaptability and tenacity through market cycles. We continue to show that we have the ability to reliably and consistently meet the needs of customers all over the world. We plan to begin paying out our first performance-linked dividend to stockholders in the third quarter.

"At Aramco, we continue to have a long-term perspective. Continuous investments in energy projects will be important to protect energy security given the expected rebound in the global economy and the rise in aviation activity.

In order to increase our oil and gas production capacity and develop our downstream business, we are maintaining the largest capital spending program in company history. To meet future demand, petrochemical projects like our $11.0 billion expansion of the SATORP refinery with TotalEnergies are crucial.

"At the same time, we remain optimistic about the potential for new technologies to reduce our operational emissions, and our recent shipments of blue ammonia to Asia highlight the growing market interest in the potential of alternative, lower-carbon energy solutions."

Please refer to the 2023 Saudi Aramco Second Quarter Interim Report for further details.

Do you want a Email?

- Get your own Email like [email protected]

- 50 GB webspace included

- complete privacy

- free newsletters

bottom of page