VIDEO: Amin Nasser discusses 2024 financial results

Amin Nasser,
President and CEO

Full-year financial
results 2024

In 2024, Aramco provided our shareholders with attractive returns as we once again generated industry-leading financial results.

The strength of this performance has enabled us to increase our base dividend. In fact, this is the third consecutive year in which Aramco has increased our sustainable and progressive base dividend.

And we remain committed to sharing further upside with our investors.

At the same time, we have maintained our reputation with our customers around the world as one of the most dependable suppliers of energy. 

And as part of our ongoing focus on generating shareholder value, we also made significant progress on a number of projects, reinforcing our upstream leadership, further integrating our downstream business, and developing our New Energies business.

In Upstream, we are investing in projects to maintain our maximum sustainable capacity and offset national reservoir declines and at the same time provide built-in spare capacity that can be quickly activated when needed.

We have also made further progress on our previously stated 2030 goal of increasing our sales gas production capacity by more than 60% from 2021 production levels.

In Downstream, we continue to expand our business, with construction ongoing at a number of projects. This includes integrated refineries and petrochemical projects in China and South Korea.  

We also continue to invest in finding technology solutions that could help further lower emissions, including moving forward with the development of a carbon capture and storage hub at Jubail.

And we are enhancing our New Energies portfolio through investments in several renewable projects within the Kingdom as well as evaluating other opportunities in this area.

We have also increased the deployment of AI in a number of areas of our operations to increase efficiency and help unlock the full value of every hydrocarbon molecule we produce.

Looking ahead, we remain confident in Aramco’s ability to grow. Our confidence is based on Aramco having a number of competitive advantages, including our unique scale, our low lifting costs, our lower upstream carbon intensity, and our exclusive access to Saudi Arabia’s vast reserves. 

However, our greatest advantage remains our people and their commitment to delivering the reliable energy the world needs both now and in the future.