• Net income: $27.6 billion (Q3 2023: $32.6 billion)
  • Cash flow from operating activities: $35.2 billion (Q3 2023: $31.4 billion)
  • Free cash flow1: $22.0 billion (Q3 2023: $20.3 billion)
  • Gearing ratio1: 1.9% as at September 30, 2024, compared to -6.3% at end of 2023
  • Q3 2024 base dividend of $20.3 billion and performance-linked dividend of $10.8 billion declared for distribution in the fourth quarter
  • Q3 2024 net income in line with analyst consensus, despite certain non-cash charges of c.$0.9 billion
  • Capital expenditures totaling $13.2 billion in Q3 support long-term strategic growth
  • Strong demand for $3.0 billion international sukuk issuance, which further diversifies investor base and enhances liquidity profile
  • Upstream developments enhance production flexibility and progress gas expansion
  • Renewables program progresses with financial close for three solar PV projects, with anticipated combined capacity of 5.5 GW2

Commenting on the results, Aramco President & CEO Amin H. Nasser said:

“Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment. We also progressed our upstream developments, strengthened our downstream value chain, and advanced our new energies program as we continue to invest through cycles.

“Our recent $3.0 billion international sukuk issuance highlighted strong investor confidence in Aramco and we can be proud of the significant strides the Company continues to make, all while sustaining our high levels of profitability, operational performance and reliability.

“As we focus on strategic growth opportunities and capturing value through integration and diversification, we intend to maintain our positive momentum and cement our position as a leading global energy and petrochemicals player.”

For more information, please see the 2024 Saudi Aramco Third Quarter Interim Report.

Key financial results

 

Third quarter ended September 30

 

 

Nine months ended September 30

 

SAR

 

USD*

 

 

SAR

 

USD*

All amounts in millions unless otherwise stated

2024

2023

 

2024

2023

 

 

2024

2023

 

2024

2023

Net income

103,365

122,188

 

27,564

32,583

 

 

314,646

354,540

 

83,906

94,544

EBIT1 

192,927

233,523

 

51,447

62,273

 

 

601,320

667,233

 

160,353

177,929

Capital expenditures

49,593

41,354

 

13,225

11,028

 

 

135,705

113,390

 

36,188

30,237

Free cash flow1

82,465

76,280

 

21,990

20,341

 

 

238,908

278,966

 

63,709

74,392

Dividends paid

116,447

110,181

 

31,052

29,382

 

 

349,467

256,491

 

93,191

68,398

ROACE1,3

20.8%

23.4%

 

20.8%

23.4%

 

 

20.8%

23.4%

 

20.8%

23.4%

Average realized crude oil price ($/barrel)

n/a

n/a

 

79.3

89.3

 

 

n/a

n/a

 

82.7

82.9


*  Supplementary information is converted at a fixed rate of U.S. dollar 1.00 = SAR 3.75 for convenience only.

1.   Non-IFRS measure: refer to Non-IFRS measures reconciliations and definitions section of the 2024 Saudi Aramco Third Quarter Interim Report for further details.

2.   Refers to AC production capacity.

3.   Calculated on a 12-month rolling basis.

 

Aramco will discuss its Q3 2024 financial results in an audio webcast on November 5, 2024 at 3.30pm Riyadh / 12.30pm London / 7.30am New York. The webcast will be available at www.aramco.com/investors.

 Aramco Contact Information
Media Relations: media.inquiries@aramco.com
Investor Relations: investor.relations@aramco.com
 @aramco

 About Aramco

As one of the world’s leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world. https://www.aramco.com

Disclaimer

The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “can have,” “likely,” “should,” “could,” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco’s ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco’s growth; the management of the Company’s subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco’s exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Saudi Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements.