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BRIEF-Saudi Aramco Announces Q2 Dividend Of $18.8 Billion

SAUDI ARABIAN OIL CO: * Q2 DIVIDEND OF $18.8 BILLION TO BE PAID IN THE THIRD QUARTER * STRONG MARKET CONDITIONS DURING SECOND QUARTER DRIVE UP NET INCOME 22.7% FROM Q1 2022 * PROGRESS CONTINUES ON OIL AND GAS EXPANSION, AS WELL AS DEVELOPMENT OF LOWER-CARBON ENERGY SOLUTIONS * NET INCOME $48.4 BILLION Q2 / […]

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SAUDI ARABIAN OIL CO: * Q2 DIVIDEND OF $18.8 BILLION TO BE PAID IN THE THIRD QUARTER

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* STRONG MARKET CONDITIONS DURING SECOND QUARTER DRIVE UP NET INCOME 22.7% FROM Q1 2022 * PROGRESS CONTINUES ON OIL AND GAS EXPANSION, AS WELL AS DEVELOPMENT OF LOWER-CARBON ENERGY SOLUTIONS

* NET INCOME $48.4 BILLION Q2 / $87.9 BILLION (H1) * FREE CASH FLOW $34.6 BILLION (Q2) / $65.2 BILLION (H1)

* AVERAGE TOTAL HYDROCARBON PRODUCTION OF 13.6 MILLION BARRELS OF OIL EQUIVALENT PER DAY IN THE SECOND QUARTER OF 2022 * CASH FLOW FROM OPERATING ACTIVITIES: $44.0 BILLION (Q2) / $82.2 BILLION (H1)

* GEARING RATIO*: 7.9% (JUNE 30) COMPARED TO 14.2% AT END OF 2021 * CONTINUES TO WORK ON INCREASING ITS CRUDE OIL MAXIMUM SUSTAINABLE CAPACITY FROM 12 MILLION BARRELS OF OIL PER DAY TO 13 MILLION BARRELS OF OIL PER DAY BY 2027

* ACHIEVES 99.8% RELIABILITY IN THE DELIVERY OF CRUDE OIL AND OTHER PRODUCTS IN THE SECOND QUARTER OF 2022 * RETURN ON AVERAGE CAPITAL EMPLOYED FOR Q2 AND HALF YEAR ENDED JUNE 30, 2022, WAS 31.3%, COMPARED TO 16.7% FOR THE SAME PERIODS IN 2021

* CONSTRUCTION OF THE HAWIYAH UNAYZAH GAS RESERVOIR STORAGE HAS REACHED AN ADVANCED STAGE, WITH THE INJECTION PHASE NEARING COMPLETION * THE COMPANY CONTINUES TO STRENGTHEN ITS BALANCE SHEET TO MAINTAIN A HIGH INVESTMENT GRADE CREDIT RATING ACROSS MARKET CYCLES

* THE GEARING RATIO* WAS 7.9% ON JUNE 30, 2022, COMPARED TO 14.2% ON DECEMBER 31, 2021, PRIMARILY DUE TO HIGHER OPERATING CASH FLOWS * HAWIYAH UNAYZAH GAS RESERVOIR EXPECTED TO PROVIDE UP TO 2.0 BSCFD OF NATURAL GAS TO BE INJECTED INTO THE MASTER GAS SYSTEM BY 2024

* THIS REDUCED THE PRINCIPAL AMOUNTS OF THE PROMISSORY NOTES OUTSTANDING BY $12 BILLION, IN ADDITION TO THE $8 BILLION REDUCTION IN Q1 2022. * ARAMCO DECLARED A DIVIDEND OF $18.8 BILLION FOR THE SECOND QUARTER, TO BE PAID IN Q3 2022

* AIMS TO MAINTAIN A SUSTAINABLE AND PROGRESSIVE DIVIDEND IN LINE WITH FUTURE PROSPECTS AND UNDERLYING FINANCIAL RESULTS * INTEGRATION OF SABIC INTO ARAMCO IS PROGRESSING AHEAD OF SCHEDULE

* CONTINUES TO INVEST TO CAPTURE GROWTH OPPORTUNITIES, PROGRESSING STRATEGIC INTEGRATION OF ITS UPSTREAM AND DOWNSTREAM SEGMENTS * ARAMCO FURTHER COMPLETED THE TRANSFER OF OFFTAKE RIGHTS FOR PREFCHEM POLYMERS AND MONOETHYLENE GLYCOL TO SABIC Source: ( Further company coverage:

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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