Saudi Aramco 1Q 2023 Profit Down 19% To $31.9 Billion
Saudi Aramco’s average hydrocarbon production was 12.8 mmboe/d (-1% YoY).
Net profit of Saudi Aramco in the 1st quarter of 2023 amounted to 31.9 billion US dollars against 39.5 billion for the same period in 2022, down 19% (YoY).
The information follows from the company’s reporting.
In the reporting period, the average price of oil sold by the company amounted to $81/bbl, while a year earlier, quotations were at the level of $97.7/bbl.
The company’s free cash flow was $30.89 billion, up 0.8% YoY. The company’s capex rose by 15% to US$8.7 billion. Saudi Aramco’s dividend payments for the 1st quarter of 2023 will amount to $19.5 billion.
Saudi Aramco average hydrocarbon production in 1Q 2023 was 12.8 mmboe/d (-1% YoY).
The company said the weaker earnings results were offset by tax cuts and higher financial and other income.
Saudi Aramco’s 1Q 2023 dividend, which was raised in 4Q 2022 to $19.5 billion United States, will be paid in the 2nd quarter of 2023, the company said.
Quarterly operating cash flow was $39.6 billion and free cash flow was $30.9 billion, slightly higher than in 2022.
Additional theses from Saudi Aramco:
- $19.5 billion in performance-based dividend payments to begin as soon as possible;
- the company will strive to ensure that their size is from 50% to 70% of free cash flow;
- dividends will be paid quarterly and at the discretion of the board of directors of the company, depending on the results of its activities.
- Recall that earlier Saudi Arabia for the first time in 4 months lowered the price of its oil for buyers in Asia.
This is likely due to the desire of Saudi Arabia to support oil prices after a number of OPEC + countries, including the kingdom itself, unexpectedly announced additional production cuts from May to the end of 2023.
