RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2021-11-01 13:25:00

SAUDI ARAMCO NET INCOME $30.4 BLN

SAUDI ARAMCO NET INCOME $30.4 BLN

ARAMCODhahran, Saudi Arabia, October 31, 2021 – The Saudi Arabian Oil Company (“Aramco” or “the Company”) today announced its third quarter financial results, recording a 158% year-on-year (YoY) increase in net income to $30.4 billion and declaring a dividend of $18.8 billion to be paid in the fourth quarter.

The increase in net income was primarily the result of higher crude oil prices and volumes sold and stronger refining and chemicals margins in Q3, which were underpinned by rebounding global energy demand and increased economic activity in key markets.

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

“Our exceptional third quarter performance was a result of increased economic activity in key markets and a rebound in energy demand, as well as our unique low-cost position, our financial discipline and our proven ability to reliably deliver essential energy and chemical products to our customers.

“Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future.

“Looking ahead, we are maintaining our strategy to invest for the long term, and we will build on our track record of low-cost and low-carbon intensity performance to advance our recently announced ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across our wholly-owned operated assets by 2050.”

Financial Highlights

Aramco’s net income was $30.4 billion in the third quarter, compared to $11.8 billion in Q3 2020. This 158% YoY increase in net income principally reflects the impact of higher crude oil prices and volumes sold and stronger refining and chemicals margins.

Free cash flow* was $28.7 billion in the third quarter, compared to $12.4 billion for the same period in 2020, and the company again delivered for its shareholders by declaring a dividend of $18.8 billion for Q3.

ROACE*, calculated on a 12-month rolling basis, was 20.6% for the period ending September 30, 2021, compared to 14.8% for the same period in 2020, principally reflecting an increase in net income.

The Company’s gearing ratio* was 17.2% on September 30, 2021, when compared with 23% on December 31, 2020. The decrease was mainly due to higher cash and cash equivalents, driven by higher operating cash flows resulting from stronger crude oil prices, improved refining and chemicals margins, the consolidation of SABIC’s results and cash proceeds in relation to Aramco’s stabilized crude oil pipelines transaction that completed in the second quarter of 2021.

Aramco continues to invest for the future with capital expenditure of $7.6 billion in the third quarter, representing a 19% increase, compared with the same period in 2020. This increase was primarily due to ongoing crude oil increment and other development projects. Aramco maintains a flexible approach to capital allocation and continues to expect 2021 capital expenditure to be approximately $35 billion.

 

Full PDF version

-----


Earlier:

SAUDI ARAMCO NET INCOME $30.4 BLN
2021, October, 29, 13:35:00
SAUDI ARABIA'S HYDROGEN PROJECT $7.2 BLN
The Jazan IGCC project will convert vacuum residue to be produced in the adjacent Jazan refinery (400,000 bbl/d) into synthesis gas (syngas).
SAUDI ARAMCO NET INCOME $30.4 BLN
2021, October, 26, 13:05:00
SAUDI ARABIA ZERO EMISSIONS 2060
Saudi Arabia also intends to develop carbon capture use and storage (CCUS), and to reduce global methane emissions in 2030 by 30% relative to 2020 levels. It will focus on energy efficiency in industry, building and land transportation and plans to retrofit the entire pool of public and governmental assets and facilities.
SAUDI ARAMCO NET INCOME $30.4 BLN
2021, August, 26, 16:10:00
SAUDI ARAMCO NET INCOME $47.2 BLN
Saudi Aramco net income: $25.5 billion (Q2) / $47.2 billion (H1)
All Publications »
Tags: SAUDI, ARAMCO
Chronicle:
SAUDI ARAMCO NET INCOME $30.4 BLN
2021, December, 2, 12:09:00
TRANSPORTATION OIL AND GAS CONGRESS, 21th-22th of February, 2022
Business and Technical Views On The Market At The Transportation Oil and Gas Congress 2022
SAUDI ARAMCO NET INCOME $30.4 BLN
2021, December, 2, 12:08:00
LEARN THE LATEST GLOBAL LNG TRENDS WITH LNGCON 2022
The next edition of the International LNG Congress (LNGCON 2022) takes place in Dusseldorf, Germany on March 28-30, 2022. Covering the whole LNG value chain, the Congress brings together decision makers of the industry to tackle the most relevant issues such as the role of LNG in the transition towards zero-carbon shipping.
SAUDI ARAMCO NET INCOME $30.4 BLN
2021, December, 2, 12:07:00
ENERGY WEEK CENTRAL ASIA & MONGOLIA 2022
To learn more, join the upcoming high-level international investment conference Energy Week Central Asia & Mongolia 2022, which will take place on 26-28th April in Tashkent.
SAUDI ARAMCO NET INCOME $30.4 BLN
2021, December, 2, 12:06:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
SAUDI ARAMCO NET INCOME $30.4 BLN
2021, December, 2, 12:05:00
GAZPROM GAS PRODUCTION +14.7%
Brent rose $3.25, or 4.7%, to $72.48 a barrel, WTI rose $3.01, or 4.6%, to $69.19 a barrel.
SAUDI ARAMCO NET INCOME $30.4 BLN
2021, December, 2, 12:00:00
RENEWABLES FOR POLAND
The measure was initially approved in 2017, with a budget of approximately €9.4bn (PLN40bn), and was set to expire on 30 June 2021.
SAUDI ARAMCO NET INCOME $30.4 BLN
2021, December, 1, 16:15:00
OIL PRICE: NOT BELOW $72
Brent rose $3.25, or 4.7%, to $72.48 a barrel, WTI rose $3.01, or 4.6%, to $69.19 a barrel.
All Publications »