Al-Dhahran, March 10, 2024, Saudi Arabian Oil Company (Aramco) has released its full-year 2023 financial results, reporting a net income of $121.3 billion, its second-highest ever net income. The results showcase Aramco's operational flexibility, reliability, and low-cost production base, demonstrating the company's commitment to creating value for shareholders. Aramco President and CEO Amin H. Nasser emphasized the resilience and agility that contributed to healthy cash flows and high profitability despite economic headwinds. The company's capital expenditures increased to create and capture additional value from its operations, positioning it for a future where oil and gas remain integral to the global energy mix. The financial highlights include a decrease in net income from 2022 due to lower crude oil prices and volumes, and reduced refining and chemicals margins, offset by decreased production royalties, income taxes, and zakat. Aramco's balance sheet remains strong, with free cash flow reaching $101.2 billion in 2023. Total dividends of $97.8 billion were paid in 2023, representing a 30% increase from 2022. Aramco expects 2024 capital investments to be approximately $48 to $58 billion, growing until the middle of the decade. The company's average hydrocarbon production was 12.8 million barrels of oil equivalent per day in 2023, maintaining a strong track record of supply reliability. Aramco is progressing on various projects to enhance operational flexibility, reliability, and capture value from global demand while contributing to maintaining a maximum sustainable capacity of 12.0 million barrels per day.
