Saudi Aramco reported on Tuesday a 14% decline in net income to $27.3 billion in the three months to March 31, down from $31.9 billion a year earlier, according to a company earnings statement.
The company declared base dividend payouts for the first quarter totaling $20.3 billion and a performance-linked dividend distribution of $10.8 billion to be paid in the second quarter.
It said it expects total dividends of $124.3 billion to be declared in 2024, of those $43.1 billion in performance-linked dividends.
“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,” said Aramco President & CEO Amin H. Nasser.
“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.”
He expected Aramco’s “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 recognizes the need for affordable, reliable, and flexible energy supplies.”