Investing in growth
Innovating for sustainability
Aramco’s vision is to be the world’s preeminent integrated energy and chemicals company, operating in a safe, sustainable and reliable manner.
Aramco’s vision is to be the world’s preeminent integrated energy and chemicals company, operating in a safe, sustainable and reliable manner.
“Aramco delivered record financial performance in 2022, and we continued to focus on our long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability.”
Amin H. Nasser, President & CEO
The Board of Directors has declared a cash dividend of SAR 73.2 billion ($19.5 billion) for the fourth quarter of 2022, which raises the quarterly dividend by 4.0% compared to the previous quarter. This aligns with Aramco’s dividend policy aiming to deliver a sustainable and progressive dividend.
“The future will most certainly favor the lowest-cost, least carbon-intensive producers, and Aramco is exceptionally well-placed in this respect.”
H.E. Yasir O. Al-Rumayyan, Chairman of the Board of Directors
“We are strategically positioning Aramco to be a key player in a practical, stable and inclusive global energy transition.”
Amin H. Nasser, President and Chief Executive Officer
“Aramco’s unprecedented financial results for 2022 reinforce our ability to generate consistent value for our shareholders across price cycles, while also providing energy supply stability to our customers.”
Ziad T. Al Murshed, Executive Vice President & Chief Financial Officer
Aramco’s strategy is driven by its belief that reliable and affordable energy supplies, including oil and gas, will be required to meet the world’s growing energy demand, and that new lower-carbon energy supplies will gradually complement conventional sources.
Aramco continues to work to achieve further reductions in its carbon footprint, enabled by technology and greater efficiency of energy use by all stakeholders. The world’s demand for affordable, reliable and more sustainable energy will continue to grow, and we believe it can best be met by a broad mix of energy solutions.
Within this context, Aramco’s vision is to be the world’s preeminent integrated energy and chemicals company, operating in a safe, sustainable and reliable manner.
Aramco strives to provide reliable, affordable, and more sustainable energy to communities around the world, and to deliver value to its shareholders through business cycles by maintaining its preeminence in oil and gas production and its leading position in chemicals, aiming to capture value across the energy value chain and profitably growing its portfolio.
To achieve its mission, Aramco focuses on four strategic themes across its businesses:
“Upstream's steadfast commitment and outstanding performance has resulted in a record-breaking year. By prioritizing safety, maintaining reliability and committing to expansion, Upstream demonstrated Aramco's role in stabilizing markets while reinforcing our crucial, long-term role in the orderly transition to a net-zero future.”
Nasir K. Al-Naimi, Executive Vice President, Upstream
As the principal engine of value generation, the Company intends to maintain its position as the world’s largest crude oil company by production volume and one of the lowest-cost producers.
The Company’s vast reserves base, spare capacity, and unique operational flexibility allow it to effectively respond to changes in demand.
Key events in 2022
“Aramco’s unwavering focus on operational excellence, reliability and safety paved the way for record-breaking Downstream profitability in 2022, capturing improved refining margins. Delivering on our Downstream transformation program, and the successful execution of strategic acquisitions, has further enhanced Aramco’s position as a leader in the global downstream sector.”
Mohammed Y. Al Qahtani, Executive Vice President, Downstream
The Company has a dedicated system of domestic and internationally wholly-owned and affiliated refineries that are critical to monetizing its upstream production.
Through continued strategic integration, the Company captures additional value across the hydrocarbon chain.
Key events in 2022
The Company aims to lower the net carbon emissions of its operations and to support the global energy transition through development of lower-carbon products and solutions across the energy, chemicals, and materials sectors.
Aramco’s strategy for lower carbon intensity energy, which seeks to address climate-related risks and opportunities, aims to de-risk its businesses and maintain competitiveness and differentiation in carbon-constrained scenarios.
The strategy has two main dimensions: lower the net carbon emissions of the Company’s operations over time with the ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across wholly-owned operated assets by 2050; and develop lower-carbon products and solutions across the energy, chemicals and materials space.
Aramco aims to grow its business sustainably by leveraging technology and innovation to lower its climate impact. The Company intends to maintain its position amongst the leaders in upstream carbon intensity, with one of the lowest carbon footprints per unit of hydrocarbons produced.
The Company facilitates the development of a diverse, more sustainable and globally competitive in-Kingdom energy ecosystem to underpin the Company’s competitiveness and support the Kingdom’s economic development.
In addition to Aramco’s core businesses, the Company is seeking to foster new businesses that will increase the long-term reliability and competitiveness of the Company’s ecosystem, as well as contributing to the Kingdom’s economic development. This is key to ensuring Aramco’s long-term cost and productivity leadership, sustainability, and resilience.
The objectives are two-fold: to localize the Company’s supply chain and promote national champions.
Sustainability is embedded within the Aramco strategy. The long-term sustainability of the business will be driven by the Company’s ability to leverage its competitive position while reducing its emissions. Acting responsibly across all aspects of its business will enable Aramco to successfully navigate and benefit from a lower emissions future.
DOWNLOAD SECTION (PDF) DOWNLOAD SUSUTAINABILITY REPORT 2021 (PDF)
Four areas of focus
Aramco has identified the following four sustainability focus areas to oversee its sustainability performance: