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  • Ahmed Saleh

Aramco Unveils Q3 2023 Financial Outcomes

Here are the financial and operational highlights:

- Net income: $32.6 billion (compared to $42.4 billion in Q3 2022).

- Cash flow from operating activities: $31.4 billion (compared to $54.0 billion in Q3 2022).

- Free cash flow: $20.3 billion (compared to $45.0 billion in Q3 2022).

- Gearing ratio: -7.6% as of September 30, 2023 (compared to -7.9% at the end of 2022).

- Q2 base dividend of $19.5 billion paid in the third quarter; Q3 base dividend of $19.5 billion to be paid in the fourth quarter.

- First performance-linked dividend distribution of $9.9 billion paid in Q3; second distribution of approximately $9.9 billion to be paid in Q4 based on combined full-year 2022 and nine-month 2023 results.

- Strategic expansion includes the agreement on the first international LNG investment and plans to enter the South American market through a downstream retail acquisition.

- The company has increased its raw gas processing capacity by 800 million standard cubic feet per day (mmscfd), including approximately 750 mmscfd of sales gas processing capacity, through the Hawiyah Gas Plant expansion.

- Collaboration with Stellantis demonstrates eFuel compatibility with 24 engine families in Europe.

These figures and initiatives provide insights into the company's financial performance and strategic developments. “Our robust financial results reinforce Aramco’s ability to generate consistent value for our shareholders, and we continue to identify new opportunities to evolve our business and meet the needs of customers.

“During the third quarter we agreed to make our first international investment in liquefied natural gas (LNG) to capitalize on rising LNG demand, and announced our intention to enter the South American retail market. These planned investments demonstrate the scale of our ambition, the broad scope of our activities, and the disciplined execution of our strategy. I am excited by the progress we are making, which I believe will complement both our Upstream capacity expansion and our growing Downstream presence.

“We intend to continue investing across the hydrocarbon chain, leveraging cutting-edge technologies to optimize our operations and advance the development of emerging energy solutions. It is an approach rooted in our belief that a balanced and realistic energy transition plan should consider the needs of all geographies, in order to avoid disparities between global energy consumers.” Amin H. Nasser, President and CEO

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