Aramco Lifts Payouts, Unveils $3 Billion Buyback as Q4 Profit Declines

Overview

• Fourth-quarter net income fell to $17.77 billion from $22.34 billion year over year after the average crude price dropped to $64.1 per barrel from $73.1.
• The quarterly base dividend was raised by 3.5%, bringing the payout to $21.89 billion.
• Aramco announced an additional performance-linked dividend of about $220 million.
• The company plans to repurchase up to $3 billion of shares over the next 18 months.
• Aramco said the Ras Tanura refinery is resuming operations following last week's drone attack, which some reports have attributed to Iran.