$31.9 billion in net income (Q1 2022: $39.5 billion)
$39.6 billion in cash flow from operating operations (Q1 2022: $38.2 billion)
$30.9 billion in free cash flow (Q1 2022: $30.6 billion)
As of March 31, 2023, the gearing ratio was -10.3%, down from -7.9% at the end of 2022.
$19.5 billion in dividends for Q4 2022 were paid in the first quarter, an increase of 4.0% over the prior quarter.
$19.5 billion in dividends for Q1 2023 will be paid in the second quarter.
A mechanism for performance-linked payouts will be introduced in addition to the base dividend.
A bonus share grant of one share for every ten shares held is approved by the extraordinary general assembly.
Significant investments support strategic downstream expansion in important international markets.
Iktva signings worth about $7.2 billion are anticipated to increase supply chain effectiveness.
A deal with Linde Engineering to create a new ammonia cracking technology that will help the development of lower-carbon energy sources
Amin H. Nasser, President and CEO of Aramco, commented on the findings:
The results demonstrate Aramco's ongoing high level of dependability, cost-conscious approach, and flexibility in responding to changing market conditions as we produce solid cash flows and further fortify the balance sheet. We are also announcing our plan to establish a system for performance-linked payments, in addition to the basic dividend the company already delivers, to further demonstrate our commitment to maximizing long-term shareholder value.
Our growth strategy is still on track, and during the quarter, we announced a large purchase in the US as well as significant investments and collaborations in China and South Korea. We also made significant progress on the strategic expansion of our downstream sector. We are utilizing cutting-edge technology to boost our liquids-to-chemicals capacity and satisfy the anticipated demand for petrochemical goods as part of our growing global downstream strategy.
We are continuing to expand our capacity, and our long-term forecast is unaffected since we think oil and gas will continue to play a significant role in the world's energy mix for the foreseeable future.
"Our goal is to maintain our position as a trustworthy energy provider with the capacity to offer more environmentally friendly energy options, aiding in the pursuit of a smooth energy transition. I am confident about the contributions we will make by working to further reduce the carbon footprint of our operations and expanding our portfolio with additional lower-carbon energy sources.
Please refer to the 2023 Saudi Aramco First Quarter Interim Report for further details.
