DHAHRAN: Aramco recorded a robust net income of $27.3 billion in Q1 2024, compared to $31.9 billion in Q1 2023.

The cash flow from operating activities was $33.6 billion in Q1 2024, down from $39.6 billion in Q1 2023. Additionally, the free cash flow for Q1 2024 was $22.8 billion, a decrease from $30.9 billion in Q1 2023.

For Q1 2024, Aramco declared a base dividend of $20.3 billion and a fourth performance-linked dividend of $10.8 billion in Q2. A total of $124.3 billion in dividends is expected in 2024.

Furthermore, Aramco has awarded $7.7 billion worth of contracts for the expansion of the Fadhili Gas Plant.

This expansion is expected to add 1.5 billion standard cubic feet per day (bscfd) of processing capacity.

Aramco also announced the addition of 15 trillion standard cubic feet (tscf) to proven gas reserves and two billion stock tank barrels of oil at the Jafurah unconventional field.

Meanwhile, it plans to more than double its overall venture capital funding to $7.5 billion. This increased funding will enhance Aramco's ability to finance disruptive new technologies in various sectors, including the digital and sustainability fields.