Saudi Aramco pays $31bn dividend despite profit drop

Saudi Aramco

• Year-on-year profit falls $56bn
• Total payout up 60% on 2023
• Production at 12m barrels per day

Saudi Aramco, the world’s largest oil producer, reported a 9 percent decline in net profit to SAR212 billion ($56 billion) in the first half of 2024 due to lower crude oil volumes sold, weakening refining margins and lower finance income.

Despite this, the Saudi-listed oil major announced a dividend of SAR116 billion ($31 billion) in the second quarter, comprising a base dividend of SAR76 billion and a performance-linked dividend of SAR40 billion.

Total payout for the first half reached SAR233 billion, up 60 percent year on year. Second-quarter profit fell 3 percent year on year to SAR109 billion.

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Global crude oil prices improved in the second quarter of 2024 compared to the previous one, driven by easing inflationary pressures, expected seasonal demand and falling global crude oil inventory stocks.

Aramco said it remains confident in its forecasts for medium and long-term demand growth.

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Total hydrocarbon production reached 12.3 million barrels of oil equivalent per day in the quarter ended June 30, 2024.

The average realised crude price for the second quarter reached $85.7, compared to $78.8 a year ago. The half-year price stood at $84.3 compared to $79.9.

Capital expenditures for the second quarter of 2024 reached SAR45 billion and amounted to SAR211 billion for the first half of the year, down from SAR232 billion during the same period a year ago.