Saudi Aramco paid out almost US$100 billion in dividends last year, despite recording lower profits on the back of a drop in oil prices.
Some US$97.8 billion was paid out or up 30% from 2022, Saudi Aramco said in an update on Sunday.
This was as net income slipped 23% due to lower oil prices to US$121.3 billion, though this was still the oil giant’s second-largest profit ever.
“In 2023, we achieved our second-highest ever net income,” chief executive Amin H. Nasser said.
“Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds.”
Aramco, which is 82% owned by the Saudi government, had been a major beneficiary of the uptick in fuel prices after the outbreak of war in Ukraine in early 2022.
Benchmark Brent crude had climbed as high as US$120 a barrel in the middle of 2022 on the back of the invasion, before slipping back as low as US$67 last year.
Prices have indeed regained ground since, with the conflict in the Middle East threatening further supply pressure, but have remained off 2022’s highs.
Aramco, which is just one of a handful of companies with a market capitalisation of over US$2 trillion, said fourth-quarter base dividends grew by 4% to US$20.3 billion, while performance-linked payments jumped 9% to US$10.8 billion.
Free cash flow fell 32% to US$101.2 billion meanwhile, as investments were upped by 28% to US$49.7 billion.
“Our capital expenditures increased in line with guidance as [...] we believe oil and gas will be a key part of the global energy mix for many decades to come, alongside new energy solutions,” Nasser added.