Saudi Aramco has reported net income of $27.27bn for Q1 2024, down 14.4% from $31.87bn in the same period a year ago. 

The company attributed the decline to reduced crude oil volumes sold, weaker refining and chemicals margins, and a decrease in finance and other income. 

These factors were offset by lower production royalties and a rise in crude oil prices year-on-year, the energy giant said.  

The Saudi Government-backed company’s revenue fell to $107.21bn from $111.32bn in Q1 2023.  

Aramco’s total hydrocarbon production averaged 12.4 million barrels of oil equivalent per day during the quarter.  

The crude oil processed by Aramco’s downstream operations represented 51% of the company’s total crude oil production. 

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The company’s capital expenditures in the first quarter increased to $10.83bn from $8.74bn in the same period of 2023.  

Aramco announced that the Q1 base dividend of $20.3bn and the fourth performance-linked dividend distribution of $10.8bn will be paid in Q2 2024. 

Aramco president and CEO Amin Nasser said: “Our first-quarter performance reflects the resilience and strength of Aramco, reinforcing our position as a leading supplier of energy to economies, to industries and to people worldwide. We also continue to execute our long-term strategy, and in the first quarter made significant progress on expanding our gas business and growing our globally integrated downstream value chain, while maintaining our focus on consistently delivering value for our shareholders. 

“Looking ahead, I expect our portfolio to continue to evolve as we aim to contribute to an energy transition that offers solutions to climate challenges, but at the same time recognises the need for affordable, reliable and flexible energy supplies.”