Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Deep Fundamental Analysis

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Equity Bottom-Up

<ul>
<li>Aramco’s 2024 revenue fell 1% YoY, missing estimates by 7.6%, while net profit dropped 12.4%. EPS missed by 0.3%. Average realized oil prices declined by 4.1%.</li>
<li>The decline stemmed from weaker crude prices, higher costs, lower refining margins, and reduced income. Total hydrocarbon production fell 3.1% YoY in 2024.</li>
<li>Saudi Aramco set 2025 dividends at USD 85.4 billion, down 31.1% from 2024. Performance-linked incentives were slashed by 98% to USD 900 million from USD 43.1 billion in 2024.</li>
</ul>


Aramco’s 2024 revenue fell 1% YoY, missing estimates by 7.6%, while net profit dropped 12.4%. EPS missed by 0.3%. Average realized oil prices declined by 4.1%.
The decline stemmed from weaker crude prices, higher costs, lower refining margins, and reduced income. Total hydrocarbon production fell 3.1% YoY in 2024.
Saudi Aramco set 2025 dividends at USD 85.4 billion, down 31.1% from 2024. Performance-linked incentives were slashed by 98% to USD 900 million from USD 43.1 billion in 2024.


[Earnings Review] Aramco’s 2024 Performance Hit by Weak Oil, Cuts 2025 Dividend by One-Third