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| Saudi Aramco boosts dividends despite profit fall | Saudi Aramco boosts dividends despite profit fall |
| (14 days later) | |
| Saudi Aramco has reported a steep decline in profits, after the energy giant cut production and oil prices fell sharply in 2023. | Saudi Aramco has reported a steep decline in profits, after the energy giant cut production and oil prices fell sharply in 2023. |
| Its profits fell 25% to $121bn (£91bn) profits after a record-smashing year in 2022. | Its profits fell 25% to $121bn (£91bn) profits after a record-smashing year in 2022. |
| But the figure is still the second-highest profit ever for the state-backed company. | But the figure is still the second-highest profit ever for the state-backed company. |
| The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China. | The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China. |
| Dividends will increase to $98bn, a rise of almost a third compared to 2022, when it banked a record $161bn in profit, thanks to the impact Russia's war in Ukraine was having on energy prices. Oil prices hit $130 a barrel in 2022. | Dividends will increase to $98bn, a rise of almost a third compared to 2022, when it banked a record $161bn in profit, thanks to the impact Russia's war in Ukraine was having on energy prices. Oil prices hit $130 a barrel in 2022. |
| The Saudi state owns nearly 95% of the company, so the bumper profits resulted in a budget surplus for the kingdom in 2022. | The Saudi state owns nearly 95% of the company, so the bumper profits resulted in a budget surplus for the kingdom in 2022. |
| In 2023 oil prices fell back to $85 a barrel. Moreover, Saudi Aramco has cut back on production to help support the oil price, providing a further challenge to profits. | In 2023 oil prices fell back to $85 a barrel. Moreover, Saudi Aramco has cut back on production to help support the oil price, providing a further challenge to profits. |
| "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," Aramco's chief executive Amin Nasser said in a statement. | "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," Aramco's chief executive Amin Nasser said in a statement. |
| Jared Kushner defends business ties with Saudi Arabia | Jared Kushner defends business ties with Saudi Arabia |
| What is the windfall tax on oil and gas firms? | What is the windfall tax on oil and gas firms? |
| Saudi Arabia is aiming to diversify the country's economy, using income from its energy sector to fund the transition. | Saudi Arabia is aiming to diversify the country's economy, using income from its energy sector to fund the transition. |
| Mr Nasser said the firm would make some announcements this year on renewables investments in Saudi Arabia. | Mr Nasser said the firm would make some announcements this year on renewables investments in Saudi Arabia. |
| But he also said the oil giant was looking for opportunities to invest in China, where demand for oil was growing. | But he also said the oil giant was looking for opportunities to invest in China, where demand for oil was growing. |
| "So far we are in the early part of 2024, demand is healthy and growing in China," Mr Nasser told journalists. | "So far we are in the early part of 2024, demand is healthy and growing in China," Mr Nasser told journalists. |
| Saudi Aramco already has investments in Chinese refineries. | Saudi Aramco already has investments in Chinese refineries. |
| He said he expects the oil market to be "fairly robust" in 2024 with demand just marginally higher than last year. | He said he expects the oil market to be "fairly robust" in 2024 with demand just marginally higher than last year. |
| He also said discussions were taking place over a stake in the tie-up with French carmaker Renault and China's Geely which make hybrid car engines. | He also said discussions were taking place over a stake in the tie-up with French carmaker Renault and China's Geely which make hybrid car engines. |