DHAHRAN — The net income for the first quarter of 2024 for Saudi Aramco, the world's leading energy company, was $27.3 billion, compared to $31.9 billion in the same period last year.

The company also reported robust cash flow from operating activities, totaling $33.6 billion, and free cash flow amounting to $22.8 billion. Aramco's gearing ratio stood at -3.8% as of March 31, 2024, compared to -6.3% at the end of 2023.

The company declared a base dividend of $20.3 billion for the first quarter, along with a fourth performance-linked dividend distribution of $10.8 billion, to be paid in the second quarter.

Aramco expects total dividends of $124.3 billion to be declared in 2024, including a base dividend of $81.2 billion and a performance-linked dividend of $43.1 billion.

Among the key developments in the quarter, Aramco awarded $7.7 billion in engineering, procurement, and construction contracts for the expansion of its Fadhili Gas Plant, which is expected to add 1.5 billion standard cubic feet per day (bscfd) of processing capacity. The company also announced the addition of 15 trillion standard cubic feet (tscf) to proven gas reserves and two billion stock tank barrels at the Jafurah unconventional field.

Additionally, Aramco completed its acquisition of a 100% equity stake in Chilean retailer Esmax, supporting its downstream expansion. The company also announced that its overall venture capital funding will more than double to $7.5 billion, expanding its ability to finance disruptive new technologies in various sectors, including digital and sustainability.

Commenting on the results, Aramco President and CEO Amin Nasser said: "Our first-quarter performance reflects the resilience and strength of Aramco, reinforcing our position as a leading supplier of energy to economies, to industries, and to people worldwide."

Nasser added: "We also continue to execute our long-term strategy, and in the first quarter made significant progress on expanding our gas business and growing our globally-integrated downstream value chain, while maintaining our focus on consistently delivering value for our shareholders."

Looking ahead, Nasser expressed confidence in Aramco's evolving portfolio and its ability to contribute to an energy transition that offers solutions to climate challenges, while also recognizing the need for affordable, reliable, and flexible energy supplies. — SG