Week 44 in Review: Strong financials, the IT Lab of Excellence, an innovation hub and more
Q3 net income rises 39% year-over-year to $42.4 billion as free cash flow increases to a record $45 billion.
From financial results to the conclusion of the Employee Engagement Survey, Week 44 was a busy one at Aramco.
Here are some of the headlines over the past week.
Reflecting its ability to generate significant value, Aramco on Tuesday announced its Q3 results for 2022 with a net income of $42.4 billion. That compares to a 2021 Q3 net income of $30.4 billion.
Commenting on the results, Aramco president and CEO Amin Nasser, said, “Aramco’s strong earnings and record free cash flow in the third quarter reinforce our proven ability to generate significant value through our low cost, low-carbon intensity Upstream production and strategically integrated Upstream and Downstream business.
While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy.
— Amin Nasser
The Saudi Aramco Board of Directors recently visited the Information Technology (IT) Lab of Excellence, the company’s lab hosting collaboration, experimentation, and digital solution development for solving today’s business challenges, and readying the company for a digitally enabled future.
The Lab will be the cornerstone driving Aramco’s vision to deliver innovative and cutting-edge technologies. It is a unique space in Aramco for clients from across the company to partner with domain experts and IT consultants, away from the constraints of corporate live production systems.
“It is a perfect environment for faster collaboration, agile experimentation, and technical support and guidance for adopting new technologies tailored to meet Aramco’s specific challenges,” said Yousef A. Al-Ulyan, IT vice president.
Aramco this week announced preliminary plans for a strategic collaboration to establish an Innovation Hub in Riyadh.
The collaboration will strive to support high-tech driven economic growth in the Kingdom leveraging emerging technologies in hybrid cloud, artificial intelligence (AI), and quantum computing, to address objectives that include circular economy, materials science, supply chain, sustainability, security, and digitization.
Aramco senior vice president of Technical Services, Ahmad A. Al Sa’adi, said: “The strategic collaboration of Aramco’s leadership with IBM’s enhanced technologies, R&D, and deep expertise, aspires to achieve potential breakthroughs in the energy sector that will have industrywide impact. Through this collaboration, we are seeking to leverage the next frontiers in computing to drive economic growth and enable decarbonization through digital technologies.”
Industrial Security Operations (ISO) recently celebrated the graduation of 36 of their Security Leadership Development Program (SLDP) participants at the ISO Academy. At a recent ceremony, ISO saluted the newest graduates from the flagship SLDP, offered by the ISO Academy to the most promising candidates.
The objective of the program is to sharpen current and potential ISO talents’ leadership and management skills through hands-on experiential training, anchored in best practices and international standards.
The SLDP is an intensive seven-week out-of-Kingdom development program, followed up by in-Kingdom project preparation and a submission phase.
Nabeel A. Al-Jama’, our senior vice president of Human Resources and Corporate Services, thanked employees for completing the recent Employee Engagement Survey.
“Whatever your role, you’ve help us deliver on the many commitments we make. Our great work is fueled by each of you continuing to ask “How?” said Al-Jama’.