Week in Review
Week in Review: China in focus, F1 Aramco Employee League, Our 2020 results, and new appointments
China Development Forum, the International Petroleum Technology Conference, new managerial appointments, how to change minds, and more in our weekly wrap-up
This week, the company announced its full-year 2020 results, demonstrating exceptional resilience despite the macroeconomic impact of COVID-19 and delivering on its intended dividend payments to shareholders.
Aramco president and CEO Amin Nasser said ensuring the continuing security of China’s energy needs remains the company’s highest priority.
At IPTC, Nasir K. Al-Naimi, business line head of Upstream, addressed current industry challenges and the role that technologies and employees play in fostering a culture of innovation and collaboration.
For World Water Day, we featured a significant milestone in environmental sustainability recently achieved by Unconventional Resources.
Also, employees have started revving up their engines in preparation for the 2021 F1 Aramco Employee League where they will compete with each other across Saudi Arabia and throughout Aramco’s international operations network to win a three-day VIP pass for the Paddock Club.
Here are our top highlights from the week!
Nasser: Aramco committed to China’s economic vision
China’s economic vision for accelerated modernization, innovation, and sustainability is well matched with Aramco’s own strategic goals for cleaner energy and a faster, smoother global energy transition.
That was the message of Aramco president and CEO Amin Nasser, in a speech given at the China Development Forum on March 21.
Aramco announces full-year 2020 results
• Net income: $49 billion
• Cash flow from operating activities: $76 billion
• Free cash flow*: $49 billion
• Full-year dividend of $75 billion declared
• 2021 capex expected to be around $35 billion
• Progress on Downstream business strategy with ongoing integration of SABIC
Read the story for more information on the company's performance last year.
Al-Naimi: Aramco committed to keeping pace with digital age
Nasir K. Al-Naimi, acting business line head of Upstream, spoke at the 13th edition of the International Petroleum Technology Conference (IPTC), a flagship energy industry technology conference taking place virtually in Kuala Lumpur, Malaysia.
During the IPTC Executive Insight interview, Al-Naimi spoke about trends in the future energy mix, articulating the fact that existing energy in the form of oil and gas will continue to play a pivotal role alongside “new energy” sources for the foreseeable future.
New Management Appointments
Nasir K. Al-Naimi named senior vice president of Upstream.
Misfir A. AzZahrani has been appointed as vice president of Exploration
Khalid M. Al-Abdulqader has been appointed as the vice president of Unconventional Resources
A sustainable water source for unconventional operations
A significant milestone in environmental sustainability was recently achieved by Unconventional Resources (UR), with the commencement of a large-scale supply of treated sewage effluent (TSE) for fracturing operations.
The realization of this strategic milestone was a direct result of efforts exerted over the course of five years, involving wide-ranging multidisciplinary technical studies, intensive laboratory research, and field-based trial testing, leading to availing a key component of the UR program — a sustainable water source for unconventional operations.
F1 Aramco Employee League gears up for action
The 2021 F1 Aramco Employee League is already gearing up for starter’s orders and Aramco’s second season as one of the key Global Partners of F1. One of the best things about the League is that it enables colleagues to create F1 “dream teams” to compete with each other across Saudi Arabia and throughout Aramco’s international operations network. All League players will have an equal opportunity to win the ultimate prize of a three-day VIP pass for the Paddock Club next season.
Seize the opportunity to create a Formula 1 dream team and compete with Aramcons around the world!
Also, Find your winning strategy for the 2021 F1 Aramco Employee League.
How to change minds
When faced with resistance, we are often tempted to push harder. But author Jonah Berger, a Marketing Professor at the Wharton School at the University of Pennsylvania, writes that sometimes the best and fastest way to change the world isn’t by pushing harder, but by listening to concerns, understanding resistance, providing choices, and lowering hurdles to action.