Aramco announces first quarter 2023 results
Dhahran, May 9 (BNA): Saudi Arabian Oil Company "Saudi Aramco" announced today the financial results for the first quarter of the current year 2023, as follows:
Net income: $31.9 billion (Q1 2022: $39.5 billion)
Cash flow from operating activities: $39.6 billion (Q1 2022: $38.2 billion)
Free cash flow1: $30.9 billion (Q1 2022: $30.6 billion)
Gearing ratio1: -10.3% as at March 31, 2023, compared to -7.9% at end of 2022
Q4 2022 dividend of $19.5 billion paid in the first quarter; representing a 4.0% increase on the previous quarter
Q1 2023 dividend of $19.5 billion to be paid in the second quarter
Intention to introduce a mechanism for performance-linked dividends, in addition to the base dividend
Extraordinary General Assembly approves bonus shares grant of one bonus share for every 10 shares held
Major investments advance strategic downstream expansion in key global markets
iktva signings valued at around $7.2 billion expected to further strengthen supply chain efficiency
Agreement with Linde Engineering for the development of a new ammonia cracking technology, which supports the advancement of lower-carbon energy solutions
Saudi Press Agency (SPA) quoted Aramco President & CEO Amin Nasser, as saying that: "The results reflect Aramco’s continued high reliability, focus on cost and our ability to react to market conditions, as we generate strong cash flows and further strengthen the balance sheet. Reinforcing our commitment to maximize long-term shareholder value, we are also announcing our intention to introduce a mechanism for performance-linked dividends, in addition to the base dividend the Company currently distributes.
"Our growth strategy remains on track and we made significant progress on the strategic expansion of our Downstream business during the quarter, announcing a key acquisition in the US as well as important investments and partnerships in China and South Korea. Our global Downstream strategy is gaining momentum, and we are leveraging cutting-edge technologies to increase our liquids-to-chemicals capacity and meet anticipated demand for petrochemical products.
"We are also moving forward with our capacity expansion, and our long-term outlook remains unchanged as we believe oil and gas will remain critical components of the global energy mix for the foreseeable future.
"Our intention is to continue to be a reliable energy supplier with the ability to provide more sustainable energy solutions, supporting efforts to achieve an orderly energy transition. By working to further reduce the carbon footprint of our operations, and adding new lower-carbon energy options to our portfolio, I am confident about the contributions we will make."
