Aramco posts $29.1b net income in Q2

Aramco announced its second quarter and half-year 2024 results, delivering strong performance as key milestones advance long-term growth strategy.

The Saudi Arabian Oil Group reported net income of $29.1 billion in Q2 and $56.3 billion in H1.

The company’s cash flow from operating activities was $31.1 billion (Q2) / $64.7 billion (H1) and free cash flow1: $19.0 billion (Q2) / $41.7 billion (H1).

Q2 2024 base dividend of $20.3 billion and performance-linked dividend distribution of $10.8 billion to be paid in the third quarter. Company expects to declare industry-leading total dividends of $124.2 billion in 2024.

Commenting on the results, Aramco President & CEO Amin H. Nasser said: “We have delivered market-leading performance once again, with strong earnings and cash flows in the first half of the year. Leveraging these strong earnings, we continued to deliver a base dividend that is sustainable and progressive, and a performance-linked dividend that shares the upside with our shareholders.

“We have also continued to create and deliver both value and growth, as demonstrated by the positive investor response to the government’s secondary public offering of Aramco shares and our recent $6 billion bond issuance. Our drive to create value is supported by our distinctive long-term competitive advantages, our exceptional financial resilience through cycles, and our strong balance sheet.

“These are exciting times for Aramco as we continue to seek new opportunities to enhance our portfolio and our capabilities to enable a secure and more sustainable energy future.”

Saudi Aramco, officially the Saudi Arabian Oil Group or simply Aramco, is a state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia.