Aramco's Full-Year 2023 Financial Results Highlights:
1. Net Income: Aramco reported a net income of $121.3 billion for the full year 2023, marking its second-highest net income ever.
2. Dividends: Total dividends paid in 2023 amounted to $97.8 billion, representing a 30% increase from 2022. Aramco declared a base dividend of $20.3 billion for Q4 2023.
3. Free Cash Flow: Free cash flow reached $101.2 billion in 2023, compared to $148.5 billion in 2022.
4. Gearing Ratio: The gearing ratio at the end of 2023 was -6.3%, indicating a strong and resilient balance sheet.
5. Capital Investments: Aramco's capital investments in 2023 totaled $49.7 billion, with $42.2 billion allocated to organic capital expenditure (capex).
6. Operational Performance: Average hydrocarbon production in 2023 was 12.8 million barrels of oil equivalent per day (mmboed), including 10.7 million barrels per day (mmbpd) of total liquids.
7. Gas Production Growth: Aramco raised its gas production growth target to more than 60% by 2030, based on the 2021 baseline.
8. Strategic Investments: Aramco made its first international investment in LNG, acquiring a strategic minority stake in MidOcean Energy.
9. Downstream Expansion: The downstream expansion continued to add value, with Aramco advancing in major overseas refining and chemical projects.
10. Renewables Focus: Aramco participated in developing two solar projects with an anticipated combined capacity of 2.66 GW.
11. Global Retail Operations: Aramco expanded its global retail operations through acquisitions, including Esmax Distribución in Chile and Gas & Oil Pakistan Limited (GO) in Pakistan.
12. Steel Plate Manufacturing Complex: Aramco signed a shareholders' agreement with Baoshan Iron & Steel Co. Ltd. (Boasteel) and PIF to establish a world-class steel plate manufacturing complex in Saudi Arabia.
13. Recognition: Yanbu Refinery joined the World Economic Forum Global Lighthouse Network, recognizing its deployment of cutting-edge technologies.
14. Steel Plate Manufacturing Complex: Aramco signed a shareholders' agreement with DHL for a new Procurement and Logistics Hub.
These results highlight Aramco's financial strength, operational resilience, and strategic moves toward diversification, renewables, and global expansion in line with evolving energy dynamics.
