-$31.9 billion in net income (Q1 2022: $39.5 billion) Operating cash flow: $39.6 billion (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 Q4 2022 dividends were paid in the first quarter, marking a 4.0% increase from 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. Bonus shares: award of one bonus share for every 10 shares held approved by the extraordinary general assembly Significant investments support strategic downstream expansion in important international markets. Iktva agreements worth approximately $7.2 billion are anticipated to further boost supply chain effectiveness. In a significant move towards the promotion of sustainable energy solutions, an agreement has been reached between the company and Linde Engineering for the development of an innovative ammonia cracking technology. This collaboration aims to facilitate the progress of lower-carbon energy alternatives.An ----
An agreement with Linde Engineering for the creation of a new ammonia cracking technology that promotes the evolution of lower-carbon energy solutions has been reached.
In response to the outcomes, Amin H. Nasser, the President and CEO of Aramco, expressed his thoughts.
Aramco recently emphasized its unwavering dedication to dependability and cost effectiveness, which is evident from the outstanding results it has achieved. The company's ability to adapt to market dynamics has allowed it to generate robust cash flows and fortify its balance sheet, showcasing its resilience in the face of challenging circumstances. In a bold move aimed at bolstering long-term shareholder value, the company has unveiled plans to implement a performance-linked dividend mechanism. This strategic decision, which comes alongside the existing base dividend distribution, underscores the company's unwavering dedication to maximizing returns for its valued shareholders.
The company's growth strategy continues to stay on course, with notable advancements in the expansion of their downstream business. In the past quarter, they have made significant headway by announcing a crucial acquisition in the United States, along with noteworthy investments and partnerships in China and South Korea. The global downstream strategy is making significant strides as cutting-edge technologies are being harnessed to enhance our capacity for liquid-to-chemical production. This strategic move is aimed at effectively meeting the projected surge in demand for petrochemical products.
In a recent statement, the company confirmed its commitment to advancing its capacity expansion plans. Despite the ever-evolving energy landscape, the company maintains a steadfast belief that oil and gas will continue to play a vital role in the global energy mix in the foreseeable future.
In an exclusive statement, the company expressed its unwavering commitment to maintaining its status as a dependable energy provider while also emphasizing its dedication to offering increasingly sustainable energy alternatives. By aligning with the ongoing global push for an organized shift towards cleaner energy sources, the company aims to play a pivotal role in facilitating a smooth and efficient transition. In a statement, the individual expressed confidence in the contributions they will make by actively striving to diminish the carbon footprint of their operations and incorporating additional energy alternatives with lower carbon emissions into their portfolio.
To access further details, kindly refer to the 2023 Saudi Aramco First Quarter Interim Report.
