BAKU, Azerbaijan, May 13. Saudi Aramco's EBIT from its upstream sector in 1Q2024 amounted to $54,758, Trend reports.
According to the company, this marked a slight decrease from $57,407 in the corresponding quarter of 2023.
This decline in EBIT is primarily attributed to reduced sales volumes of crude oil, although partially offset by higher crude oil prices compared to the same period last year, as well as decreased production royalties, Aramco explained.
Meanwhile, Aramco's capital expenditures in the upstream segment in the reporting period of 2024 reached $8,830, marking a notable increase of 30.7 percent compared to $6,755 in 1Q2023.
This uptick reflects advancements in crude oil expansions to maintain MSC at 12 mb/d and intensified development efforts to bolster the Company's gas business expansion, the producer noted.
Saudi Aramco's 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.