Saudi Aramco dividends increase to US$98b
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The news: The world’s biggest crude oil exporter, Saudi Aramco, has increased its dividend to almost USD100 billion ($150.5 billion) as it reported its second-highest annual profits despite lower oil prices and production cuts.
The numbers: Aramco achieved net income of USD121 billion during 2023, down from its peak of USD161 billion in 2022. Despite the drop, Aramco increased its total dividend by 30% year-on-year to USD97.8 billion.
The context: The payout is significant for the Saudi state which owns 82% of the oil giant, and controls another 16% through the country’s sovereign wealth fund.
Aramco CEO Amin Nasser revealed the figures during an earnings call on Sunday morning. The results also highlighted Aramco’s plans to expand its presence in the liquified natural gas sector, stating that it is in discussion with a number of entities in the US and other regions, noting its first investment of a minority stake in Australia-focused MidOcean Energy in September.
