(Bloomberg) -- Saudi Aramco said it will introduce performance-linked dividends that will be paid out in addition to its base dividend, which was $19.5 billion for the fourth quarter.

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The new payout will be “in the amount of 50%-70% of Saudi Aramco’s annual free cash flow, net of the base dividend and other amounts including external investments, to be determined with the annual results,” the world’s largest energy company said.

Aramco is scheduled to release its first-quarter results later on Tuesday.

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The company’s free cashflow soared, along with oil prices, to almost $149 billion last year, easily covering the annual dividend of $75.8 billion.

Aramco’s net profit was probably around $32 billion for the first quarter of this year, according to analyst estimates. The company is targeting capital expenditure of $45 billion to $55 billion for all of 2023.

The Saudi Arabian government owns 90% of Aramco’s stock directly, with a further 8% held by the sovereign wealth fund.

(Updates with context.)

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