Saudi oil giant Aramco posts drop in full-year profit, slashes dividend

Saudi oil giant Aramco posts drop in full-year profit, slashes dividend


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.



Source

I’ve spent 10 years studying parents of highly successful kids—5 things they do differently: ‘It’s not just hard work and grit’
World

I’ve spent 10 years studying parents of highly successful kids—5 things they do differently: ‘It’s not just hard work and grit’

I’ve always been fascinated by families whose children seem to be on some kind of unusual streak, reaching the top of their career ladders, or, even more interesting to me, blazing trails or following their passions with spectacular results. What did their parents do differently to empower them? What do researchers really know about what’s […]

Read More
Morgan Stanley upgrades this mining stock as best pick to play rare earths
World

Morgan Stanley upgrades this mining stock as best pick to play rare earths

A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, January 30, 2020. Steve Marcus | Reuters The rare-earth miner MP Materials will enjoy growing strategic value to the U.S., as geopolitical tensions with China make the supply of critical minerals more uncertain, according to […]

Read More
Thailand and Cambodia reinforcing troops on disputed border after May skirmish, Thai minister says
World

Thailand and Cambodia reinforcing troops on disputed border after May skirmish, Thai minister says

A Thai soldier stands guard in the area of Prasat Ta Muen Thom, a disputed border area between Thailand and Cambodia in Surin province, Thailand, on March 5, 2025. Nurphoto | Nurphoto | Getty Images Thailand has reinforced its military presence along a disputed border with Cambodia, following an increase in troops on the other side, Thailand’s […]

Read More
Powered by WordPress | WP Magazine by WP Mag Plus