Saudi Arabia’s state-owned oil and gas company Saudi Aramco has released its 2024 results, posting a record net income of US$106.2bn, a 12 % decrease compared to 2023. Capital expenditure rose by 19% to US$50bn.
In 2024, Saudi Aramco’s average hydrocarbon production was 12.4 mboe/d, a 3% decrease compared to 2023 (12.8 mboe/d), including 10.3 mbl/d of crude oil (-4%). Aramco’s gas production remained stable at 10.8 bcf/d or 111 bcm/year (10.7 bcf/d in 2023). The company’s net refining capacity stayed the same in 2024 at 4.1 mb/d
The company announced continued progress on its Marjan, Berri, Dammam and Zuluf crude oil increment projects, which should come online in 2025 (2026 for Zuluf). The company’s gas projects are also advancing with the aim of increasing gas production by more than 60% by 2030, compared to 2021 levels.
In January 2024, Saudi Aramco announced that it was asked by the Ministry of Energy to maintain its planned maximum sustainable crude oil production capacity at 12 mb/d, thereby freezing a planned increase in production.