Saudi Aramco’s Net Income Declined on Falling Crude Oil Volumes

Saudi Aramco expects total dividends of $124.3 billion to be declared during this year.

SEATTLE (Oil Monster): Aramco- Saudi Arabia’s national oil company announced first quarter 2024 results. The profits declined during the quarter, mainly on account of lower crude oil sales volume and weaker refining and chemicals margins.

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According to company press release, the Q1 net income totalled $27.3 billion, as compared with $31.9 billion during the corresponding quarter a year before. The cash flow from operating activities declined year-on-year from $39.6 billion to $33.6 billion. The company announced free cash flow of $22.8 billion during the initial quarter of 2024. Saudi Aramco expects total dividends of $124.3 billion to be declared during this year.

A total of $7.7 billion of engineering, procurement, and construction contracts were awarded for Fadhili Gas Plant expansion during the quarter. This is expected to result in addition of 1.5 bscfd of processing capacity. Also, the company announced addition of 15 tscf to proven gas reserves at Jafurah field. Saudi Aramco completed acquisition of 100% equity stake in Chilean retailer Esmax, said the press release.

Amin H. Nasser, President and CEO, Saudi Aramco noted that the Q1 performance by the company demonstrates the resilience and strength of the company. Furthermore, it reinforces the company’s position as a leading global energy supplier, he added.