Aramco announces second quarter and half-year 2023 results

Aramco announces second quarter and half-year 2023 results

Gearing ratio1 down to -10.5%, as balance sheet continues to strengthen

Sustainable and progressive dividend: Q1 2023 base dividend of $19.5 billion paid in the second quarter, up 4% year-on-year, and Q2 2023 dividend of $19.5 billion to be paid in the third quarter

Company intends to distribute performance-linked dividends over six quarters from Q3 2023. First distribution of approximately $9.9 billion in Q3 2023, based on combined full-year 2022 results and half-year 2023 results

Upstream oil and gas developments on track, including the Marjan, Berri, Dammam, and Zuluf crude oil increments, as part of broader capacity expansions

Downstream growth strategy advances with award of engineering, procurement and construction contracts for the $11 billion Amiral petrochemicals complex

Accredited lower-carbon ammonia shipments dispatched to key markets, supporting development of decarbonization options

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

“Our strong results reflect our resilience and ability to adapt through market cycles. We continue to demonstrate our long-standing ability to meet the needs of customers around the world with high levels of reliability. For our shareholders, we intend to start distributing our first performance-linked dividend in the third quarter.

“At Aramco, our mid to long-term view remains unchanged. With a recovery anticipated in the broader