Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.
Hamad I Mohammed | Reuters
Saudi state oil producer Aramco reported on Tuesday a decline in net profit to $106.2 billion in 2024, down from $121.3 billion in 2023.
The company said its base dividend for the fourth quarter of 2024 would be $21.1 billion, but its performance-linked payout would be just $0.2 billion. This compares to a third-quarter base dividend of $20.3 billion and a performance-linked dividend of $10.8 billion.
Lower oil prices hit the company’s net profit last year as crude production around the world increased and demand slowed. The price of global benchmark Brent crude futures averaged $80 per barrel in 2024, $2 less than the 2023 average, according to the U.S. Energy Information Administration.
Aramco’s revenue fell to $436.6 billion in 2024, compared to $440.8 billion the year before.
This breaking news story is being updated.