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Logo of Aramco, officially the Saudi Arabian Oil Group, Saudi petroleum and natural gas company, seen on the second day of the 24th World Petroleum Congress at the Big 4 Building at Stampede Park, on September 18, 2023, in Calgary, Canada. 

Artur Widak | Nurphoto | Getty Images

Saudi Arabia’s state oil giant Aramco reported a 25% decline in profit to $121.3 billion in 2023, down from $161.1 billion in 2022.

“The year-on-year decrease can be attributed to lower crude oil prices and volumes sold, as well as reduced refining and chemicals margins, partially offset by a decrease in production royalties during the year and lower income taxes and zakat,” Aramco said in a statement. 

Aramco said total revenue also fell 17% to $440.88 billion, down from $535.19 billion last year.

The result still represents Aramco’s second-highest ever net income. Free cash flow also fell to $101.2 billion in 2023, compared to $148.5 billion in 2022. 

“Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds,” Aramco CEO Amin Nasser said. 

Changing Hands

The earnings come after the Saudi government transferred an additional 8% of Aramco shares, worth $164 billion, to Saudi Arabia’s Public Investment Fund (PIF). Yasir Al-Rumayyan is both the Chairman of Aramco’s Board of Directors and the Governor of the PIF. 

The share transfer to PIF is one of the largest transactions Aramco has undertaken since listing, and will allow the PIF to benefit from Aramco’s mega dividend payout policy. PIF already owned 4% of Aramco, and controls Sanabil, a financial investment firm, which owns 4% of Aramco as well. 

Aramco said total dividends of $97.8 billion were paid in 2023, up 30% from 2022. It declared a base dividend of $20.3 billion for the fourth quarter, to be paid in the first quarter of 2024. Aramco also pays performance-linked dividends, worth $10.8 billion this year.  The full year performance-linked dividend to be paid in 2024 is expected to be $43.1 billion.

OPEC+ producers to extend cuts: Here's what it means for the oil market

The PIF’s 16% state in Aramco, worth an estimated $328 billion, is set to strengthen its financial position and boost its ability to deploy capital to invest on behalf of the Saudi state. The new stake also pushes PIF closer to achieving its end-2025 target of $1 trillion in assets under management. 

More Investment

Aramco confirmed it would halt plans to raise its oil production capacity from 12 million barrels per day to 13 million barrels per day — a move expected to reduce capital investment by approximately $40 billion between 2024 and 2028.

“The recent directive from the government to maintain our Maximum Sustainable Capacity at 12 million barrels per day provides increased flexibility, as well as an opportunity to focus on increasing gas production and growing our liquids-to-chemicals business,” Nasser said. 

Aramco’s average hydrocarbon production was 12.8 million barrels of oil equivalent per day in 2023, including 10.7 million barrels per day of total liquids.

Aramco aims to ramp up its investments in gas, and has a target to increase gas production by more than 60% by 2030, compared to 2021 levels. Its flagship investment is the Jaffoura project — the largest gas play in the Middle East — with an estimated 200 trillion standard cubic feet of natural gas.

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Hyundai and Kia invest in WeaveGrid to power smarter EV charging

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Hyundai and Kia invest in WeaveGrid to power smarter EV charging

Hyundai and Kia have invested in WeaveGrid, a software company that enables rapid EV adoption on the grid, following Toyota’s earlier backing.

WeaveGrid’s tech helps EVs charge in a way that’s smart and grid-friendly while keeping vehicle data secure. Its EV Management System (EVMS) gives utilities tools to manage EV charging efficiently. The platform also supports vehicle-to-grid (V2G) capabilities, which let EVs send power back to the grid when needed. A key part of WeaveGrid’s approach is its AI-powered system, called DISCO, which optimizes charging to keep the grid stable.

Hyundai’s investment signals that the company is taking grid-interactive EVs seriously. Keith Noh, VP at Hyundai Motor Company, said, “Our software-defined EVs require a sophisticated platform that can securely manage vehicle data, optimize charging patterns, and strengthen the grid. WeaveGrid’s technology allows us to turn our vehicles into dynamic energy resources that can communicate intelligently with the electric grid, creating value for drivers, utilities, and the broader energy ecosystem.”

As EV adoption accelerates in the US, one of the biggest challenges is making sure the grid can handle the growing demand. WeaveGrid’s software is designed to help solve that problem, making EV charging more efficient while supporting a cleaner, more resilient energy system.

Apoorv Bhargava, CEO of WeaveGrid, said that having Hyundai and Kia on board alongside Toyota shows the auto industry is moving toward a common goal: integrating EVs with the grid in a secure, efficient way. “With our solutions already deployed with some of the largest utilities in the country, we’re establishing the foundation for how hundreds of millions of EVs and the grid will work together.”

Read more: GM is using AI to find ideal spots for EV charging stations


To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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US solar trade body sets a bold target of 700 GWh of battery storage by 2030

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US solar trade body sets a bold target of 700 GWh of battery storage by 2030

The Solar Energy Industries Association (SEIA) has announced a target of 700 gigawatt-hours (GWh) of total installed battery storage capacity and 10 million distributed storage installations by 2030.

The targets are part of a new whitepaper, “SEIA’s Vision for American Energy Storage,” that analyzes the economic and energy security imperative of a strong US battery storage sector. The whitepaper outlines policy recommendations to open markets for storage development, build financial support, grow a domestic storage supply chain, and progress long-duration storage technology.

The SEIA is also releasing a new 50-state guide to energy storage policies at the state level.

“Expanding energy storage capacity is a crucial means of ensuring our nation’s energy security and resilience,” said SEIA president and CEO Abigail Ross Hopper. “As demand for energy soars, storage helps turn quick-to-build, low-cost solar generation into clean, dispatchable power, ensuring our grid can adapt to challenges, support critical infrastructure, and deliver reliable power to every community.”

According to Wood Mackenzie, there are 83 GWh of installed energy storage capacity in the US, including nearly 500,000 distributed storage installations. Current forecasts show that US storage capacity is expected to reach 450 GWh by 2030, falling short of the capacity required to support US energy needs.

The whitepaper calls on states, regional transmission organizations, and the federal government to take action to accelerate storage deployment and manufacturing. These actions include:

  • Preserving the federal tax credit for standalone storage
  • Ensuring equal grid access and fair compensation to storage for grid services
  • Reforming interconnection processes to account for storage flexibility
  • Establishing affordable retail rates for storage charging
  • Supporting domestic manufacturing with targeted trade policies and streamlined permitting
  • Implementing state-level procurement programs
  • Emphasizing investments in low-income communities, including areas disproportionately impacted by extreme weather and poor air quality
  • Investing in further development of long-duration storage

“The US storage market is at an inflection point, but with the mix of policy support and private, state, and federal collaboration, we can achieve SEIA’s storage targets while creating jobs and ensuring reliable, around-the-clock power for every home and business in this county,” said Joan White, SEIA’s director of storage and interconnection.

Access the whitepaper and learn more about SEIA’s energy storage advocacy work here.

Read more: This long duration compressed air energy storage project just got a $1.76B DOE loan


To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

FTC: We use income earning auto affiliate links. More.

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We’re on Fed watch and tracking a parabolic move higher in one of our struggling stocks

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We're on Fed watch and tracking a parabolic move higher in one of our struggling stocks

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