Saudi Aramco Earnings: Introduction of Performance-Linked Dividend a Positive

Saudi Aramco reported first-quarter net income fell to $31.9 billion from $39.5 billion the year before largely on lower oil prices and volumes. Total hydrocarbon volumes decreased to 12.8 million barrels of oil equivalent per day from 13.0 mmboe/d last year. Free cash flow increased slightly to $30.9 billion in the quarter from $30.6 billion the year prior. Net debt fell to negative $42.6 billion from net debt of negative $32.7 billion at end-2022 as the gearing ratio fell to negative 10.3% from negative 7.9%.