The Saudi Arabian Oil Company (Aramco) on Sunday announced its full-year 2023 financial results, reporting a net income of $121.3 billion, its second-highest ever net income.

The results, underpinned by Aramco’s unique operational flexibility, reliability and low-cost production base, reflect the Company’s ongoing commitment to creating value for its shareholders.

The company recorded the second highest ever net income of $121.3 billion (2022: $161.1 billion).

The total dividends of $97.8 billion paid in 2023, up 30% from 2022 and Board declares 4% YoY increase in base dividend for Q4 2023 to reach $20.3 billion, to be paid in the first quarter of 2024, and 9% increase in performance-linked dividend distribution of $10.8 billion, compared to two payments of $9.9 billion in H2 2023.

Capital investments in 2023 reached $49.7 billion, including $42.2 billion organic capex. This represents a 28% increase from capital investments of $38.8 billion in 2022, including $37.6 billion organic capex.

Aramco expects 2024 capital investments to be approximately $48 to $58 billion, growing until around the middle of the decade. The directive to maintain Maximum Sustainable Capacity at 12 million barrels per day, mainly from deferral of projects not yet commissioned and reductions in infill drilling, is expected to reduce capital investment by approximately $40 billion between 2024 and 2028.

Total full year performance-linked dividend to be paid in 2024 is expected to be $43.1 billion, including the $10.8 billion in Q1, based on the previously announced mechanism and subject to Board approval.

 Amin H. Nasser, Aramco President & CEO, said: “In 2023 we achieved our second-highest ever net income. Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds. We also delivered for our shareholders with a 30% year-on-year increase in total dividends paid in 2023.

“Our capital expenditures increased in line with guidance as we seek to create and capture additional value from our operations, positioning the Company for a future in which we believe oil and gas will be a key part of the global energy mix for many decades to come, alongside new energy solutions. “The recent directive from the government to maintain our Maximum Sustainable Capacity at 12 million barrels per day provides increased flexibility, as well as an opportunity to focus on increasing gas production and growing our liquids-to-chemicals business. At the same time, we continue to make progress on several strategic crude oil increments which will contribute to our reliability, operational flexibility and ability to seize market opportunities.