Saudi Gazette report

DHAHRAN — Saudi Aramco, the global energy giant, has unveiled its financial performance for the third quarter of 2023, reporting a net income of $32.6 billion.

This figure represents a slight decrease from the $42.4 billion reported in Q3 2022.

The cash flow from operating activities for Q3 2023 stood at $31.4 billion, compared to $54.0 billion in the same period last year.

Free cash flow was reported at $20.3 billion, down from $45.0 billion in Q3 2022.

Aramco’s gearing ratio showed improvement, reaching -7.6% as of Sept. 30, 2023, compared to -7.9% at the end of 2022.

In dividend distributions, the company paid a Q2 base dividend of $19.5 billion in the third quarter, with a Q3 base dividend of the same amount scheduled for the fourth quarter.

Strategic expansion initiatives include Aramco’s entry into the international liquefied natural gas (LNG) market.

It also includes plans to establish a presence in the South American retail market through a downstream retail acquisition.

The company has also increased its raw gas processing capacity by 800 million standard cubic feet per day.

It includes approximately 750 million standard cubic feet per day of sales gas processing capacity, through the expansion of the Hawiyah Gas Plant.

Aramco’s collaboration with Stellantis indicates compatibility with eFuel for 24 engine families in Europe.

Amin Nasser, president and CEO of Aramco, expressed confidence in the company’s ability to consistently generate value for shareholders.

He emphasized Aramco’s commitment to identifying new opportunities, evolving the business, and meeting customer needs.

Nasser highlighted the company’s ambitious plans, the extensive scope of its activities, and the disciplined execution of its strategy.

Nasser said: “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.

“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.”