BRIEF-Saudi Aramco To Pay Q3 Dividend Of $18.8 Billion

SAUDI ARABIAN OIL CO: * Q3 DIVIDEND OF $18.8 BILLION TO BE PAID IN THE FOURTH QUARTER

* Q3 NET INCOME RISES 39% YOY TO $42.4 BILLION; FREE CASH FLOW INCREASES TO A RECORD $45.0 BILLION * Q3 EARNINGS REFLECT ARAMCO'S ABILITY TO GENERATE SIGNIFICANT VALUE

* NET INCOME: $42.4 BILLION (Q3 2021: $30.4 BILLION) * CASH FLOW FROM OPERATING ACTIVITIES: $54.0 BILLION (Q3 2021: $36.3 BILLION)

* FREE CASH FLOW : $45.0 BILLION (Q3 2021: $28.7 BILLION) * CAPITAL EXPENDITURES INCREASED BY SAR 5,429 MILLION ($1,447 MILLION) IN THE THIRD QUARTER OF 2022

* GEARING RATIO: -4.1% AS AT SEPTEMBER 30, 2022, COMPARED TO 12.0% AT END OF 2021 * ROACE FOR THE 12 MONTHS ENDED SEPTEMBER 30, 2022, WAS 32.6%, COMPARED TO 20.6% FOR THE SAME PERIOD IN 2021

* CO'S STRONG EARNINGS AND FREE CASH FLOW IN Q3 REINFORCE PROVEN ABILITY TO GENERATE SIGNIFICANT VALUE THROUGH LOW COST, LOWER-CARBON INTENSITY UPSTREAM PRODUCTION, STRATEGICALLY INTEGRATED UPSTREAM AND DOWNSTREAM BUSINESSES - CEO * INCREASE IN ROACE WAS PREDOMINANTLY DRIVEN BY HIGHER EARNINGS, MAINLY REFLECTING STRONGER CRUDE OIL PRICES AND VOLUMES SOLD

* CAPITAL EXPENDITURES INCREASE WAS MAINLY DUE TO HIGHER UPSTREAM CAPITAL EXPENDITURES REFLECTING INCREASED DEVELOPMENT ACTIVITY FOR CRUDE OIL INCREMENTS AND GAS PROJECTS * OUR LONGTERM VIEW IS THAT OIL DEMAND WILL CONTINUE TO GROW FOR REST OF THE DECADE GIVEN THE WORLD'S NEED FOR MORE AFFORDABLE AND RELIABLE ENERGY - CEO

* AGAINST BACKDROP OF GLOBAL UNDERINVESTMENT IN OUR SECTOR, WE ARE EXTENDING OUR LONG-TERM OIL AND GAS PRODUCTION CAPABILITIES - CEO * GEARING RATIO AS AT SEPTEMBER 30, 2022, WAS (4.1)% (NET CASH POSITION), COMPARED TO 12.0% AS AT DECEMBER 31, 2021

* ALSO WORKING TOWARDS OUR PREVIOUSLY STATED AMBITION TO ACHIEVE NET-ZERO SCOPE 1 AND SCOPE 2 GREENHOUSE GAS EMISSIONS FROM OUR WHOLLY-OWNED OPERATED ASSETS - CEO * DECREASE IN GEARING WAS DRIVEN BY LOWER NET DEBT AND HIGHER TOTAL EQUITY

* PLANS FOR OUR DOWNSTREAM EXPANSION CONTINUE TO MOVE FORWARD AS WE SEEK TO LEVERAGE THE SIGNIFICANT POTENTIAL OF OUR PRODUCTS TO MEET RISING GLOBAL DEMAND FOR PETROCHEMICALS - CEO * WE CONTINUE TO DEVELOP NEW, LOWER-CARBON ENERGY SOLUTIONS AS WE WORK TO BE PART OF A MORE PRACTICAL, STABLE AND INCLUSIVE ENERGY TRANSITION - CEO

* Q3 CAPITAL EXPENDITURES $9.04 BILLION Source: (https://bit.ly/3NnF0jX) Further company coverage: