Aramco Raises Payout to $31 Billion in Boon for Saudi Budget

-- Aramco raised its dividend despite a retreat in energy prices and lower production, a boost for Saudi Arabia as it faces a widening budget deficit.The total payout of about $31 billion for the fourth quarter to investors and Saudi Arabia’s government, including a special component, rose from the previous quarter’s level even as lower oil output pushed net income down 25% year-on-year.

The suspension is likely to reduce Aramco’s capital investments by about $40 billion between this year and 2028, the company said in a statement. Capital expenditure rose about 28% to just short of $50 billion last year, and is expected to be $48 billion to $58 billion in 2024.

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