BAKU, Azerbaijan, May 13. Saudi Aramco's free cash flow for 1Q2024 amounted to $22,760, Trend reports.
According to the company's latest financial report, this marked a decline of over 26 percent from $30,894 year-on-year.
This decrease of $8,134 primarily stems from lower operating cash flows due to reduced earnings and unfavorable movements in working capital, the producer explained. However, this decline was partially offset by a reduction in cash paid for the settlement of income, zakat, and other taxes.
Furthermore, capital expenditures increased by $2,086 in 1Q2024 compared to the same period in 2023. This growth was largely driven by advancements associated with crude oil increments aimed at maintaining the Maximum Sustainable Capacity (MSC) at 12 mb/d, as well as increased development activity to support further expansion of the company's gas business.
Meanwhile, Aramco's total net income for 1Q2024 stood at $27.3 billion, down 14.4 percent from $31.9 billion year-on-year. Similarly, cash flow from operating activities dropped 15.1 percent to $33.6 billion in the reporting period of 2024, compared to $39.6 billion in 1Q2023.
