Saudi Aramco keeps $29.4bn payout despite profit drop

November 07, 2023 (MLN): Saudi Aramco maintained its payout to the Saudi government and investors at $29.4 billion despite a 23% drop in its profits for the third quarter of 2023, the company's latest earnings results showed.

The Saudi oil giant recorded a net income worth $32.6 billion, as compared to a net income of $42.4bn in the same quarter of 2022.

The cash flow from operating activities stood at $31.4bn, as against $54bn in 1QCY22.

As per the earnings statement, strategic expansion continued with agreement on the first international LNG investment, and a plan to enter the South American market through a downstream retail acquisition.

The company increased raw gas processing capacity by 800 million standard cubic feet per day (mmscfd), including approximately 750 mmscfd of sales gas processing capacity, through Hawiyah Gas Plant expansion.

Amin H. Nasser, President and CEO stated “Our robust financial results reinforce Aramco’s ability to generate consistent value for our shareholders, and we continue to identify new opportunities to evolve our business and meet the needs of customers."

“During the third quarter, we agreed to make our first international investment in liquefied natural gas (LNG) to capitalize on rising LNG demand and announced our intention to enter the South American retail market," he added.

He further stated, "These planned investments demonstrate the scale of our ambition, the broad scope of our activities, and the disciplined execution of our strategy. I am excited by the progress we are making, which I believe will complement both our Upstream capacity expansion and our growing Downstream presence."

“We intend to continue investing across the hydrocarbon chain, leveraging cutting-edge technologies to optimize our operations and advance the development of emerging energy solutions," he said.

It is an approach rooted in our belief that a balanced and realistic energy transition plan should consider the needs of all geographies, in order to avoid disparities between global energy consumers.” the president added.

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