Saudi Aramco’s profit fell 23% in the third Quarter.

oilandgascareersearchNovember 12, 2023Comments Off129

Keypoints

Net income: $32.6 billion (Q3 2022: $42.4 billion).
Cash flow from operating activities: $31.4 billion (Q3 2022: $54.0 billion).
Free cash flow1: $20.3 billion (Q3 2022: $45.0 billion)
Gearing ratio1: -7.6% as of September 30, 2023, compared to -7.9% at the end of 2022.
Q2 base dividend of $19.5 billion was paid in the third quarter; Q3 base dividend of $19.5 billion will be paid in the fourth quarter.
First performance-linked dividend payout of $9.9 billion paid in Q3; second distribution of roughly $9.9 billion to be paid in Q4 based on combined full-year 2022 and nine-month 2023 performances.
The company’s strategic development continues with an agreement on its first foreign LNG investment and plans to enter the South American market through a downstream retail acquisition.
Through the extension of the Hawiyah Gas Plant, the company boosts raw gas processing capacity by 800 million standard cubic feet per day (mmscfd), including about 750 mmscfd of sales gas processing capacity.
Collaboration with Stellantis confirms eFuel compatibility with 24 European engine families.

Amin H. Nasser, President and CEO, comments on the third-quarter performance.

“Our strong financial results demonstrate Aramco’s ability to consistently generate value for our shareholders, and we continue to identify new opportunities to evolve our business and meet customer needs.”

“We agreed to make our first international investment in liquefied natural gas (LNG) during the third quarter to capitalise on rising LNG demand, and we announced our intention to enter the South American retail market.” These planned investments illustrate the magnitude of our goal, the breadth of our activities, and our strategy’s focused execution. I am encouraged by our success, which I believe will complement both our expanding Upstream capability and our rising Downstream footprint.

“We intend to continue investing throughout the hydrocarbon chain, leveraging cutting-edge technologies to optimise our operations and accelerate the development of emerging energy solutions.” It is based on our conviction that a balanced and realistic energy transition strategy should take into account the needs of all geographies in order to eliminate imbalances amongst global energy consumers.”

SOURCE: Aramco

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