Aramco reports its full-year financial results for 2024.

- Aramco reported strong financial performance in 2024 with increased net income, dividends, and capital investments, while advancing its growth strategy and integrating AI technologies.

April 1, 2025 - Net Income: $106.2 billion (2023: $121.3 billion)

Cash Flow from Operating Activities: $135.7 billion (2023: $143.4 billion)

Free Cash Flow: $85.3 billion (2023: $101.2 billion)

Gearing Ratio: 4.5% as of December 31, 2024 (end of 2023: -6.3%)

Q4 2024 net income met analyst expectations, despite around $1.7 billion in non-cash charges.

The Board declared a base dividend of $21.1 billion for Q4, reflecting a 4.2% YoY increase, to be paid in Q1 2025, emphasizing Aramco’s commitment to a sustainable and progressive dividend strategy.

A performance-linked dividend of $0.2 billion was also declared for Q1 2025, in line with the previously announced mechanism.

The company expects total dividends of $85.4 billion to be declared in 2025.

Capital Investment: $53.3 billion in 2024, including $50.4 billion in organic capex, with a 2025 capital investment guidance of $52.0 billion to $58.0 billion, excluding approximately $4.0 billion of project financing.

Aramco is on track to meet its growth strategy in Upstream and Downstream, with additional potential operating cash flows of $9.0 billion to $10.0 billion from growth in the Upstream gas business and $8.0 billion to $10.0 billion from growth in the Downstream business by 2030.

The company's spare capacity offers flexibility to meet potential oil demand growth, potentially generating an additional $12.0 billion in operating cash flow from utilizing one million barrels per day of spare capacity at 2024's average price.

Amin H. Nasser, President & CEO, commented:

“Our strong net income and increased base dividend highlight Aramco’s resilience and ability to leverage its scale, low cost, and reliability to deliver industry-leading performance for shareholders and customers. Global oil demand reached new highs in 2024, and we anticipate further growth in 2025. We continue advancing projects to maintain sustainable crude oil capacity, expand gas capabilities, integrate Upstream and Downstream businesses, and reduce gas emissions. Additionally, we are incorporating AI technologies to enhance efficiencies and value creation across our operations. Capital discipline remains at the core of Aramco’s strategy, driving growth across both conventional and new energy solutions.”