VIDEO: President and CEO reflects on 2023 results

The best way to sum up 2023 for Aramco is to say that we continued to deliver.

For our customers, we continued to reliably deliver the energy supply that they have come to expect from Aramco.

Meanwhile, we posted our second-highest net income as a listed company.

This performance enabled us to, once again, deliver further value to our shareholders through the distribution of both base dividends and performance-linked dividends.

Our performance also allowed us to retain our balance sheet strength, which will help us withstand any headwinds.

We also delivered on our strategy.

As global oil demand reached a record high in 2023, we continued to implement the largest capital program in our company’s history.

As part of this program, we made progress on a number of crude-oil increments.

Together, these projects will help us maintain our maximum sustainable capacity at 12 million barrels per day, as directed by the government, and they support our unique ability to rapidly respond to changes in the market.

We also announced our first international LNG investment as we anticipate strong, demand-led growth as the global energy transition plays out.

In parallel, we expanded our downstream business both in and outside the Kingdom. This included awarding contracts for a significant expansion at our jointly owned SATORP refinery in Jubail and breaking ground for two large integrated refinery and petrochemical projects in Asia.

We also signed agreements to acquire downstream retail stakes in Chile and Pakistan.

It is clear that the world has a growing need for affordable, reliable, and lower-carbon energy.

Our belief is not solely based on the quality of our assets and the scale of our ambitions; it is also based on the capabilities of our employees.

Indeed, the determination of the men and women of Aramco is why we believe that we will continue to deliver.