Saudi Arabian Oil Company
Integrated Oil & Gas and Upstream HydrocarbonsFounded 1933- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
Saudi Arabian Oil Company
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$473.7B
Market Cap
$2.05T
Net Income
$105.9B
Employees
73,000
Free cash flow of $100.9 billion in 2024, covering the $102.3 billion dividend and $56.4 billion in capital expenditure without increasing net debt — simultaneously. That arithmetic requires a cost structure that most energy companies cannot achieve. The $3.10 per barrel lifting cost provides the margin that makes those cash flows possible even when oil prices compress. Revenue fell from $603.8 billion in 2022 to $440.6 billion in 2023 — a 27 percent decline driven by oil price normalization from post-Ukraine invasion peaks — and recovered to $473.7 billion in 2024. Net income followed the same trajectory: the $105.9 billion reported in 2024 reflects both the oil price recovery and the cost discipline that characterizes the company's operations. Net income margin of 22.4 percent on $473.7 billion in revenue is exceptional for any energy company. The capital expenditure of $56.4 billion in 2024 is allocated primarily to the Jafurah unconventional gas field development — a multi-decade project to reach 2.2 billion standard cubic feet per day of production by 2036 — and to crude-to-chemicals complexes that would reduce the kingdom's dependence on raw oil exports. Both investments represent a deliberate strategic shift away from pure crude oil production toward higher-value downstream products and domestic energy supply. The SABIC acquisition — a 70 percent stake for approximately $69 billion in 2020 — added a major petrochemicals business to the portfolio, creating integration between upstream oil production and downstream chemical manufacturing at a scale that only Saudi Aramco could finance. The climate litigation and environmental scrutiny that intensified after 2022 represents a long-term regulatory risk that the company manages through voluntary emissions reduction targets and natural gas investment, while continuing to produce at volumes dictated by OPEC decisions rather than private commercial logic.
Revenue Trend Analysis
YoY Change
+7.5%
2-Year CAGR
-11.4%
Peak Year
2022
Trend
Mostly Growing
Saudi Arabian Oil Company has reported revenue across 3 fiscal years, compounding at -11.4% annually over 2 years. The most recent year saw a 7.5% increase versus the prior year. Revenue peaked in 2022 at $603.8B. Out of 2 reported periods, 1 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $473.7B | $105.9B | +7.5% |
| FY2023 | $440.6B | — | -27.0% |
| FY2022 | $603.8B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Saudi Aramco reported fiscal year 2024 revenue of approximately $473.7 billion and net income of roughly $106 billion, down from $121 billion in 2023 and a record $161 billion in 2022 when Brent crude averaged around $99 per barrel after Russia's invasion of Ukraine. Free cash flow came in at approximately $85 billion despite capital expenditure of about $50 billion, reflecting structural lifting costs of $3 to $5 per barrel and a sustained crude price environment averaging around $80 per barrel Brent for the year. The company maintained crude production of roughly 9 million barrels per day against a maintained capacity of 12 million barrels per day, with OPEC+ voluntary cuts holding back nameplate volumes to support prices. Total assets stood at approximately $670 billion, gearing remained low at around 5% net debt to capital, and return on average capital employed exceeded 19%, comfortably above integrated oil major peers including ExxonMobil, Shell, and TotalEnergies. The market capitalization at the end of 2024 sat near $1.8 trillion, making Saudi Aramco the second-most-valuable publicly listed company in the world after a brief period above $2 trillion in 2022 when crude prices peaked.
Saudi Aramco distributed roughly $124 billion in dividends during fiscal year 2024, more than any other publicly listed company on earth and roughly four times the combined dividends of ExxonMobil and Chevron. The payout combines a base dividend introduced at the 2019 IPO at $75 billion annually, raised to $81 billion in 2023, with a performance-linked dividend tied to 50% to 70% of free cash flow generated above target capital expenditure and base dividend levels. Roughly 98% of the company is owned by the Saudi state, including the Ministry of Finance, the Public Investment Fund which holds about 16%, and other government entities, meaning the dividend essentially functions as a fiscal transfer to the kingdom funding the Vision 2030 program, NEOM, the Public Investment Fund's domestic and international portfolio, and the general government budget. The performance-linked component sustained payouts even as net income fell in 2023 and 2024, although analysts have raised sustainability concerns given that the total payout exceeded reported free cash flow, implying modest balance-sheet drawdown. Minority shareholders on Tadawul receive proportional cash distributions and, since 2023, periodic bonus share issuances funded from retained earnings.
Saudi Aramco posted 2022 net income of $161.1 billion, the largest annual profit ever reported by any publicly traded company, surpassing prior records set by ExxonMobil in 2008 and Apple. Revenue reached $604.0 billion as Brent crude averaged $99 per barrel and briefly traded above $130 after Russia's February invasion of Ukraine triggered Western sanctions and rerouting of global flows. Saudi Aramco lifted approximately 11.5 million barrels of oil equivalent per day on average in 2022, capturing both higher realized prices and stable production at near-maximum capacity. Free cash flow exceeded $148 billion, comfortably funding $40 billion of capital expenditure, $75 billion in base dividends, and an additional $19.6 billion performance-linked dividend declared in early 2023 against 2022 results. The 2022 surge briefly pushed market capitalization above $2.4 trillion in May 2022, overtaking Apple as the world's most valuable listed company before retracing later that year as oil prices normalized. The record served as a stark reminder of the asymmetric cash generation of the world's lowest-cost upstream operator during commodity price spikes, even as the long-term energy transition narrative continued to compress integrated-major valuation multiples elsewhere.
Saudi Aramco guided 2024 capital expenditure of $48 to $58 billion, rising toward a peak of approximately $54 to $58 billion in 2025 before normalizing through 2030. Cumulative capex over the 2024 to 2030 window is expected to exceed $350 billion, the largest investment program by any upstream operator globally. The largest single allocation funds maintenance of the maximum sustainable capacity at 12 million barrels per day, with major projects at the Marjan, Berri, Zuluf, and Safaniya offshore fields and the Dammam onshore expansion adding incremental supply. A second major bucket targets natural gas expansion, including the Jafurah unconventional shale gas program with estimated full-cycle investment exceeding $100 billion, the Hawiyah unconventional gas project, and gas processing trains feeding domestic petrochemicals. A third allocation funds crude-to-chemicals downstream conversion, including joint ventures in China such as the Fujian Refining and Petrochemical and the Huajin Aramco Petrochemical Company, and the integrated Amiral expansion at the Jubail SATORP complex with Total. Additional spending supports new energy ventures in hydrogen, carbon capture and storage, and renewables. The board paused the maximum-sustainable-capacity expansion to 13 million barrels per day in January 2024, reflecting a more conservative long-term demand view.
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CorpDigest. "Saudi Arabian Oil Company Revenue & Financials." CorpDigest, https://corpdigest.com/company/saudi-aramco/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Saudi Arabian Oil Company reported $474B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/saudi-aramco/financials" target="_blank" rel="noopener">CorpDigest — Saudi Arabian Oil Company financials</a></div>