Aramco realized crude price hits $81/barrel in Q1 2023

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Saudi Arabian Oil Co. (Saudi Aramco) said capital expenditure totaled $11.3 billion (SAR 42.2 billion) in the first quarter of 2023.

Commenting on the first-quarter results, the oil giant stated that the realized crude oil price stood at $81 per barrel in the first quarter of 2023, compared to $97.7 in Q1 2022.

Net debt amounted to $42.6 billion (SAR 159.8 billion), the company said, noting that the debt ratio hit 10.3%.

The priorities of cash flow allocation are maintaining capital expenditure, sustained and increased dividends, capital expenditure to achieve growth, and reduction of debt and/or additional dividends.

Saudi Aramco reported a drop in Q1 2023 net profit to SAR 117.5 billion, from SAR 142 billion in the prior-year period, according to data compiled by Argaam.