twitter linkedinfacebookacp contact us

Aramco reports healthy profits and increased dividends in 2023 full-year results

Amin H. Nasser, CEO Aramco. (Image source: Aramco)


Aramco has reported profits of $121.3bn for 2023 in its full year results, the second-highest in its history, and a 30% rise in dividends

Profits were down on the record 2022 figure of US$161.1, as a result of production cuts and lower oil prices, along with reduced refining and chemicals margins.Total dividends of US$97.8bn were paid in 2023, up 30% from 2022.

Capital investments in 2023 rose by 28% to US$49.7bn from US$38.8bn in 2022, with 2024 capital investments forecast to be approximately US$48 to US$58bn. While capital investments are forecast to grow until around the middle of the decade, the recent directive to maintain Maximum Sustainable Capacity at 12mn barrels per day is expected to reduce capital investment by approximately US$40bn between 2024 and 2028, Aramco says.

Operational highlights

Aramco reported average hydrocarbon production of 12.8mn barrels of oil equivalent per day in 2023, reporting progress on its Marjan, Berri, Dammam and Zuluf crude increment projects. Gas projects are also advancing with the aim of increasing gas production by more than 60% by 2030, compared to 2021 levels. Projects include injection activities at the Hawiyah Unayzah Gas Reservoir Storage, completion of the Hawiyah Gas Plant expansion to increase gas processing capacity, and production of the first unconventional tight gas from the South Ghawar operational area.

Other operational highlights include Aramco’s first international investment in LNG, the award of EPC contracts for the US$11.0bn Amiral complex at SATORP refinery, facilitating the advancement of Aramco’s liquids-to-chemicals strategy, and a shareholders agreement with the Public Investment Fund (PIF) and ACWA Power for the development of the Al Shuaibah 1 and Al Shuaibah 2 photovoltaic solar projects.

Amin H. Nasser, Aramco president & CEO, said, “Our capital expenditures increased in line with guidance as we seek to create and capture additional value from our operations, positioning the company for a future in which we believe oil and gas will be a key part of the global energy mix for many decades to come, alongside new energy solutions.

“The recent directive from the government to maintain our Maximum Sustainable Capacity at 12mn bpd provides increased flexibility, as well as an opportunity to focus on increasing gas production and growing our liquids-to-chemicals business. At the same time, we continue to make progress on several strategic crude oil increments which will contribute to our reliability, operational flexibility and ability to seize market opportunities.

“In parallel, announcements of our first international investment in LNG, the growth of our international retail operations, continued progress in major overseas refining and chemical projects, and our emerging new energies portfolio all serve to highlight our ability to capitalise on new market opportunities and advance our strategic objectives.”