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!

2022-05-16 11:40:00

SAUDI ARAMCO NET INCOME $39.5 BLN

SAUDI ARAMCO NET INCOME $39.5 BLN

ARAMCO - May 15, 2022 - The Saudi Arabian Oil Company (“Aramco” or “the Company”) today announced its first quarter 2022 financial results, posting an 82% year-on-year (YoY) increase in net income to $39.5 billion — and setting a new quarterly earnings record for the Company since its Initial Public Offering in 2019. Aramco also declared a Q1 dividend of $18.8 billion to be paid in the second quarter, and has approved the distribution of one bonus share for every 10 shares held in the Company. The results were underpinned by higher crude oil prices and volumes sold, and improved downstream margins.

Commenting on the results, Aramco President & CEO Amin H. Nasser, said: “Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable. 

“Energy security is vital and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated demand growth and creating long-term shareholder value by capitalizing on our low lifting cost, low upstream carbon intensity, and integrated downstream business.

“During the first quarter, our strategic downstream expansion progressed further in both Asia and Europe, and we continue to develop opportunities that complement our growth objectives. 

“As we collaborate with domestic and international partners to explore new and emerging technologies and solutions, from developing cleaner transport technologies to establishing lowcarbon hydrogen and ammonia value chains, I am more optimistic than ever about the positive contribution we can make, both to our customers and to the ongoing global energy transition.”

Financial Highlights

Aramco achieved a record quarterly net income of $39.5 billion in Q1, an 82% increase from $21.7 billion in Q1 2021, primarily driven by higher crude oil prices and volumes sold, and improved downstream margins.

Cash flow from operating activities was $38.2 billion in the first quarter, compared to $26.5 billion in Q1 2021. Free cash flow* increased by 68% YoY to $30.6 billion and the Company continues to strengthen its balance sheet, with the gearing ratio* reducing to 8.0% at March 31, 2022 from 14.2% at December 31, 2021. The decrease in gearing was a result of higher cash and cash equivalents, primarily attributable to stronger operating cash flows and cash proceeds in connection with Aramco’s gas pipeline transaction.

In line with the Company’s prudent financial framework and focus on capital flexibility, Aramco decreased its total borrowings principally through a prepayment to the Public Investment Fund in January, therefore reducing the total outstanding principal amount of Promissory Notes by $8 billion originally issued in connection with the acquisition of a 70% stake in SABIC. This resulted in a reduction in financing costs. 

Aramco continued to deliver a stable dividend in Q1, with $18.8 billion to be paid to shareholders in the second quarter. In addition, Aramco’s Extraordinary General Assembly on May 12 approved the Board of Directors’ recommendation in Q1 to capitalize $4 billion of retained earnings to support the distribution of bonus shares to shareholders, in the amount of one share for every 10 shares held. 

First quarter capital expenditure was $7.6 billion and Aramco continues to expect capital expenditure to grow until around the middle of the decade, to support the Company’s long-term strategy realization.

The Company continued to progress its portfolio optimization program and closed a lease and leaseback deal involving its gas pipeline network with a consortium of investors led by BlackRock Real Assets and Hassana Investment Company. The consortium acquired a 49% stake in a newlyformed Aramco subsidiary, Aramco Gas Pipelines Company, with Aramco receiving upfront proceeds of $15.5 billion.

Aramco first quarter 2022 results 

Strongest quarterly earnings since IPO as Q1 net income rises more than 80% YoY to $39.5 billion 

• Net income: $39.5 billion (Q1 2021: $21.7 billion) 

• Cash flow from operating activities: $38.2 billion (Q1 2021: $26.5 billion) 

• Free cash flow*: $30.6 billion (Q1 2021: $18.3 billion) 

• Gearing ratio*: 8.0% on March 31, 2022 (end of 2021: 14.2%) 

• Q4 2021 dividend of $18.8 billion paid in the first quarter; Q1 2022 dividend of $18.8 billion to be paid in the second quarter

• Extraordinary General Assembly approves bonus shares grant 

• Company grows presence in Asia and Europe as downstream expansion gathers pace 

• Emphasis on tackling emissions highlighted by planned participation in Voluntary Carbon Market

 

Full PDF version

-----


Earlier:

SAUDI ARAMCO NET INCOME $39.5 BLN
2022, May, 13, 11:45:00
OPEC OIL PRICE: $109.02
The price of OPEC basket of thirteen crudes stood at $109.02 a barrel on Wednesday
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, May, 13, 11:10:00
ARAMCO HYDROGEN COOPERATION
Both the companies will work together in areas of blue and green hydrogen and various clean energy initiatives, according to a statement.
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, April, 19, 14:25:00
SAUDI ARABIA'S OIL EXPORTS UP
Crude exports rose to 7.307 million b/d in February, the highest since the record 10.237 million b/d, from 6.996 million b/d in January, the JODI data published April 18 showed. Production climbed to 10.225 million b/d from 10.145 million b/d.
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, March, 22, 12:15:00
SAUDI ARAMCO NET INCOME $110 BLN
The Saudi Arabian Oil Company (“Aramco” or “the Company”) announced its full-year 2021 financial results, reporting that net income more than doubled year-on-year to $110.0 billion. Aramco declared a fourth quarter dividend of $18.8 billion, to be paid in the first quarter of 2022.
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, March, 15, 14:55:00
SAUDI INVESTMENT FOR CHINA
Saudi Arabia's national oil company Saudi Aramco has taken the final investment decision (FID) to participate in the development of a 300,000 bbl/d refinery in the city of Panjin, in China’s Liaoning Province.
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, March, 15, 14:50:00
SAUDI INVESTMENT $152 BLN
Saudi National Development Fund to inject SR570 billion ($152 billion) in the Kingdom’s economy by 2030
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, March, 3, 14:10:00
SAUDI ARAMCO $2.3 TLN
Shares in oil giant Aramco touched the highest level in its history of SR43.1 ($11.5) on Wednesday, propelled by a rally in the energy market.
All Publications »
Tags: SAUDI, ARAMCO
Chronicle:
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, June, 24, 11:34:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, June, 24, 11:33:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, June, 24, 11:30:00
RUSSIAN OIL PROTECTION
Certification by the Indian Register of Shipping (IRClass), one of the world's top classification companies, provides a final link in the paperwork chain - after insurance coverage - needed to keep state-owned Sovcomflot's tanker fleet afloat and delivering Russian crude oil to overseas markets.
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, June, 24, 11:20:00
U.S. LNG EXPORTS DOWN BY 17%
Freeport LNG is one of seven LNG export facilities operating in the United States.
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, June, 24, 11:10:00
U.S. SMR FOR POLAND
Last Energy's SMR technology is based on a pressurised water reactor with a capacity of 20 MWe or 60 MWt.
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, June, 24, 11:05:00
PAKISTAN ENERGY CRISIS
This is the third time this month that Pakistan failed to complete an LNG tender for July, and the country’s inability to purchase fuel threatens to exacerbate electricity shortages just as hotter weather boosts air conditioning and power demand.
SAUDI ARAMCO NET INCOME $39.5 BLN
2022, June, 24, 11:00:00
INDONESIAN OIL PRODUCTION UP
The Indonesian state-owned oil and natural gas company Pertamina released its results for 2021, posting a total revenue of US$57.5bn (+39% compared to 2020) and a profit of US$2.2bn
All Publications »