Aramco reports net income of $121.3 billion for full year 2023

The Saudi Arabian Oil Company (Aramco) on Sunday announced its full-year 2023 financial results, reporting a net income of $121.3 billion, its second-highest ever net income.

The results, underpinned by Aramco’s unique operational flexibility, reliability and low-cost production base, reflect the Company’s ongoing commitment to creating value for its shareholders.

The company recorded the second highest ever net income of $121.3 billion (2022: $161.1 billion).

The total dividends of $97.8 billion paid in 2023, up 30% from 2022 and Board declares 4% YoY increase in base dividend for Q4 2023 to reach $20.3 billion, to be paid in the first quarter of 2024, and 9% increase in performance-linked dividend distribution of $10.8 billion, compared to two payments of $9.9 billion in H2 2023.

Capital investments in 2023 reached $49.7 billion, including $42.2 billion organic capex. This represents a 28% increase from capital investments of $38.8 billion in 2022, including $37.6 billion organic capex.

Aramco expects 2024 capital investments to be approximately $48 to $58 billion, growing until around the middle of the decade. The directive to maintain Maximum Sustainable Capacity at 12 million barrels per day, mainly from deferral of projects not yet commissioned and reductions in infill drilling, is expected to reduce capital investment by approximately $40 billion between 2024 and 2028.