Saudi Aramco has announced its full year 2023 results, revealing a strategy that includes a lower net income for Q4, increased spending on gas projects like Jaffoura, and enhancements to gas infrastructure, including the east/west gas pipeline. Despite a retreat in energy prices and lower production, Aramco raised its dividend to investors and the Saudi government to $31.07 billion, 4% up from the last quarter, contributing to the kingdom's budget amid a widening deficit. The company is also in talks with LNG players in the US for potential acquisition opportunities and remains ready to increase its maximum sustained capacity if required. Aramco expects the global oil market to remain healthy in 2024, with a growth of 1.5 million bpd. Additionally, Aramco's CEO highlighted the robust and growing demand in China, indicating further investment opportunities there. The company's capex guidance for this year is set between $48-58 billion, an increase from last year's expenditure, with a free cash flow of $101.2 billion and total dividends of $97.8 billion. This financial maneuvering comes as Saudi Arabia seeks to diversify its economy, including making significant investments in global sports and aiming to become a top tourism destination, requiring $80 billion in private investment.
Aramco raised its dividend despite a retreat in energy prices and lower production, a boost for Saudi Arabia as it faces a widening budget deficit. https://t.co/q15mrYAn2s
Saudi Aramco Hikes Dividend, Adjusts Spending https://t.co/QgOVoUmz2c
According to industry sources projects related to the Jaffoura gas development and Master Gas are being awarded, as Aramco pushes ahead with a plan to boost gas supplies by 60%. #OOTT
Aramco's second-highest net income on record, far outpacing the profitability of its largest global peers. The company has boosted its mega dividend payout, despite economic headwinds https://t.co/hOzbyETCK5
Aramco Raises Payout to $31 Billion in Boon for Saudi Budget: BBG gonna see alot more "unexplained" oil supply-chain terrorism in the next few months
FT: "Crown Prince MbS has made the [Saudi sovereign wealth fund] the vehicle for investments under his Vision 2030 strategy, which seeks to modernise the kingdom and reduce its reliance on oil" https://t.co/AUirQjkNcU
Saudi Arabia’s state-owned oil company has paid out nearly $100bn (£77bn) in dividends as Crown Prince Mohammed bin Salman seeks to fund ambitious plans to build a ‘mirror city’ in the desert https://t.co/qecI37uM6R
Saudi Aramco raises 2030 gas target as capex growth to slow on oil #oott https://t.co/ooiTey6s7f
Aramco sees 'healthy' oil demand growth of 1.5 million b/d this year #oott https://t.co/HayAXieOIt
What do you think of Saudi Aramco's results? https://t.co/QZwfZWx0EX
Interesting set of results released by Aramco today. Free cash flow*: $101.2 billion Total dividends of $97.8 billion Increasingly large divvy paid to KSA, in addition to increasingly higher CAPEX (on a declining production...) @Josh_Young_1 interested in your thoughts on this.
Aramco pays nearly $100bn in dividends as profits tumble https://t.co/CIASn8BcfP
Aramco sees China demand growing, eyes more investments Saudi Aramco Chief Executive Amin Nasser said on Sunday the oil giant was looking at further opportunities to invest in China, where he said oil demand was robust and growing. State-owned Aramco has been ramping up its…
Aramco sees #China demand growing, eyes more investments #oott https://t.co/I5arA53v1p
🇨🇳🛢️ ARAMCO CHIEF SEES HEALTHY CHINESE DEMAND, LOOKING AT MORE INVESTMENTS Full Story → https://t.co/3rzpbRbnQg Saudi Aramco Chief Executive Amin Nasser said on Sunday the oil giant was looking at further opportunities to invest in China, where he said oil demand was robust… https://t.co/AKRjRARIKw
Aramco chief sees healthy Chinese demand, looking at more investments https://t.co/tGUjyd3i8e https://t.co/0Ig34GRG7U
⚠️ ARAMCO CHIEF SEES HEALTHY CHINESE DEMAND, LOOKING AT MORE INVESTMENTS Full Story → https://t.co/3rzpbRbnQg
Aramco said that "the decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins". https://t.co/fLCP5chhzP
Saudi Aramco Dividend 2024: MASSIVE $31.07 bn payout! 4% up from last quarter - Record date, distribution date https://t.co/BTPANvtmCw
Global oil market to remain 'healthy' this year, says Amin H. Nasser, CEO of Saudi Aramco https://t.co/o4nwUAlRBz
Saudi Aramco sees global oil demand up 1.5m b/d in 2024 (largely around consensus, but higher than the IEA own forecast of 1.2m b/d). Aramco CEO calls consumption growth "robust" and describes the oil market as "heathy" | #OOTT
Aramco’s CFO said that the recent 8% share transfer to the PIF did not impact the company’s policy when it comes to dividend payments #OOTT #Aramco
Saudi Aramco increases dividend despite lower oil prices and profits https://t.co/r5mqmzIXj6
Saudi Arabia is making big bets on global sports including soccer and golf to diversify its economy and improve its image. Here's everything you need to know https://t.co/Zu9haUpZ6J
The increments from the fields of Dammam/ Zuluf/ Marjan and Berri will come online as planned, no delay- Aramco CEO #OOTT #Aramco
So key areas of interest for Aramco: Boost domestic gas, international LNG acquisitions, liquid to chemicals investments in Asia and maintain the 12 million bpd in oil capacity #OOTT #Aramco
The East/ West pipeline is currently being used at a capacity of 3.1 million bpd - Aramco’s ceo #OOTT #Aramco
By not going ahead with the 1 million bpd oil increment plan Aramco is saving around 40 billion dollars, this won’t be immediately seen in FIDs- Aramco’s CFO #OOTT #Aramco
Aramco’s capex guidance is 48-58 billion dollars for this year and increase from last year’s capex #OOTT #Aramco
Aramco in talks with LNG players in the US for potential acquisition opportunities- Aramco CEO #OOTT #Aramco
In case we are asked again to increase our maximum sustained capacity we remain ready - Amin Nasser CEO Aramco #OOTT #Aramco
We expect the global oil market to remain healthy this year with a growth of 1.5 million bpd for 2024- Amin Nasser CEO of Aramco #OOTT #Aramco
Aramco Raises Payout to $31 Billion in Boost for Saudi Budget #oott https://t.co/SSfaSZ2ufs
Aramco raised its dividend to investors and Saudi Arabia’s government despite a retreat in energy prices and lower production, a boon for the kingdom as it faces a widening budget deficit https://t.co/qHUg0nke1B
Saudi Arabia wants $80 billion in private investment as it seeks to become one of the world's top tourism destinations https://t.co/5cp0jmUwsK
Aramco is announcing their full year 2023 results today. What to expect: A lower net income for Q4, more spending on gas projects (Jaffoura), more spending on gas infrastructure projects the east/west gas pipeline, and perhaps higher dividend to the state. #OOTT
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