From Breakingviews - Aramco’s dividend largesse contains a hard logic
to shareholders. On top of an existing dividend programme that saw the company hand out $20 billion to investors between January and March, the $2 trillion oil behemoth said on Tuesday it plans to introduce a “performance-linked” payout policy that aims to distribute between 50% and 70% of annual free cash flow.
That could work out to up to $18 billion a year, Royal Bank of Canada analysts reckon.to hold Aramco shares, it might seem odd that the world’s largest oil producer feels the need to keep its investors on side. One driver is just that high oil prices have left it very well-off: in April Fitch Ratings bumped Aramco to an A-plus rating, citing its $135 billion cash pile as of end-2022.
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