Saudi oil giant Aramco reported a 19% fall in its first-quarter net profit, amounting to 119.54 billion riyals ($31.88 billion), primarily due to lower crude prices.
The company's net profit was 3.75% higher than the fourth-quarter, although it was below the analysts' median forecast of $30.8 billion.
Aramco plans to introduce performance-linked dividends in addition to its base distribution, targeting 50-70% of annual free cash flow.
The company has invested in downstream businesses in China and acquired Valvoline's products business for $2.76 billion.
The compression projects at Haradh and Hawiyah fields are expected to start initial production in 2023.
The Saudi Arabian government owns 90% of Aramco’s stock, with a further 8% held by the sovereign wealth fund.
