Aramco annual report 2024
Investing in growth
Innovating for sustainability
Our vision:
Aramco’s vision is to be the world’s preeminent integrated energy and chemicals company, operating in a safe, sustainable and reliable manner.
Our mission:
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.
Our values:
By living our values and prioritizing sound business practices, we consistently achieve high levels of performance and efficiency – delivering value not only for our Company, but for our customers, partners, and the communities in which we operate.
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CEO video remarks: Full-year 2024 results
2024 highlights
Results and performance
Delivering shareholder value through resilient performance.
“In 2024 we maintained our exceptional financial strength, including world-leading profitability and cash flows. Our focus remains firmly on capturing growth opportunities and providing long-term value to shareholders with resilience through business cycles.”
Ziad T. Al Murshed
Executive Vice President & Chief Financial Officer
Financial highlights
Net income ﷼ (billions)
$1060123456789012345678901234567892024$1062023$121
EBIT* ﷼ (billions)
$2060123456789012345678901234567892024$2062023$231
Free cash flow* ﷼ (billions)
$850123456789012345678901234567892024$852023$101
Operational highlights
Total hydrocarbon production** (mmboed)
01234567890123456789.
0123456789202412.4202312.8
Total gas production** (bscfd)
01234567890123456789.
0123456789202410.8202310.7
Upstream carbon intensity*** (kg CO2e/boe)
0123456789.
012345678920249.720239.6
Business Model
Capturing value across the hydrocarbon chain
** Refer to Annual Report Section 2: Results and Performance – “Upstream.”
*** Refer to Annual Report Section 3: “Sustainability.”
**** Excludes SABIC Agri-Nutrients business and includes only ZPC’s net chemical production capacity through our investment in Rongsheng.
Our strategic themes
Strategy
Positioning Aramco for the future
Downstream integration
Aramco has a dedicated system of domestic and international wholly-owned and affiliated refineries that serve to monetize its upstream production. Through continued strategic integration, the Company captures additional value across the hydrocarbon value chain.
Upstream preeminence
As the principal engine of value generation, Aramco 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.
Localization and promotion of national champions
Aramco 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.
Lower-carbon initiatives
Aramco aims to lower the net carbon emissions of its operations and support the global energy transition through development of a New Energies business that includes renewable power generation and lower-carbon products and solutions across the energy, chemicals, and materials sectors.
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Global operations
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