CEO Opening Remarks from the 2025 Full Year Financial Results Media Call
Good morning, everyone.
Before I talk about our 2025 performance, first, let me speak about the current crisis in the region, which continues to evolve very rapidly.
I am concerned about the elevated risks that people are facing across the region. I care deeply about our employees who are working hard around the clock to get our energy and products to our customers. Their safety and that of our communities is our top priority.
That’s our focus right now and I thank Aramco employees for their dedication and their hard work. I am also grateful for the support from their families during this challenging time.
We also remain in close communication with our customers and our partners, in Saudi Arabia and around the world.
Aramco has contingency plans in place for various scenarios, crisis and challenges to ensure we continue to deliver to our customers.
We are working very closely with government organizations and agencies as part of our crisis management plans and actions.
At such times we are leveraging Aramco’s significant operational capabilities, and the flexibility of our advantaged infrastructure and network in Saudi Arabia and globally.
I know you are more interested in how we are dealing with this crisis but let me quickly cover our 2025 performance which reaffirms not just the scale, but also the quality of Aramco.
We delivered consistent operational performance in our major growth projects and industry-leading earnings, while increasing shareholder returns.
And we did all of this while decreasing capital investment and achieving our best safety performance since our IPO in December 2019.
Our strong cash flow generation supported our significant investments for growth, increasing our returns to shareholders and further strengthening our balance sheet.
We delivered 4 world-class upstream projects, namely Marjan and Berri crude oil increments, as well as Jafurah phase 1 and Tanajib gas plant.
In Downstream, we have made progress on our strategy with continued focus on capital discipline. Our record refining availability and throughput enabled us to capture higher margins.
In technology, we built on our track record of innovation to achieve another $5.3 billion in Technology Realized Value in 2025, with over half enabled by AI. In 2026, we expect an additional 3-5 billion dollars in TRV.
Turning to the oil markets, global demand remains robust after a record 2025.
With the current geopolitical crisis, global inventories, which are already at a five-year low, would see drawdowns at a faster rate. Global spare capacity is mostly concentrated in this region so it’s absolutely critical that shipping resumes in the Straits of Hormuz.
The disruption has caused a severe chain reaction in not only shipping and insurance but there’s also a drastic domino effect on aviation, agriculture, automotive and other industries.
There would be catastrophic consequences for the world’s oil markets the longer the disruption goes on, and the more drastic the consequences for the global economy.
While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced.
In the days to come, we remain focused on safety and are working hard to fulfil our commitments – thanks to our highly capable and resilient Aramco employees, as well as our partners, customers and the government.
Thank you.
Before I talk about our 2025 performance, first, let me speak about the current crisis in the region, which continues to evolve very rapidly.
I am concerned about the elevated risks that people are facing across the region. I care deeply about our employees who are working hard around the clock to get our energy and products to our customers. Their safety and that of our communities is our top priority.
That’s our focus right now and I thank Aramco employees for their dedication and their hard work. I am also grateful for the support from their families during this challenging time.
We also remain in close communication with our customers and our partners, in Saudi Arabia and around the world.
Aramco has contingency plans in place for various scenarios, crisis and challenges to ensure we continue to deliver to our customers.
We are working very closely with government organizations and agencies as part of our crisis management plans and actions.
At such times we are leveraging Aramco’s significant operational capabilities, and the flexibility of our advantaged infrastructure and network in Saudi Arabia and globally.
I know you are more interested in how we are dealing with this crisis but let me quickly cover our 2025 performance which reaffirms not just the scale, but also the quality of Aramco.
We delivered consistent operational performance in our major growth projects and industry-leading earnings, while increasing shareholder returns.
And we did all of this while decreasing capital investment and achieving our best safety performance since our IPO in December 2019.
Our strong cash flow generation supported our significant investments for growth, increasing our returns to shareholders and further strengthening our balance sheet.
We delivered 4 world-class upstream projects, namely Marjan and Berri crude oil increments, as well as Jafurah phase 1 and Tanajib gas plant.
In Downstream, we have made progress on our strategy with continued focus on capital discipline. Our record refining availability and throughput enabled us to capture higher margins.
In technology, we built on our track record of innovation to achieve another $5.3 billion in Technology Realized Value in 2025, with over half enabled by AI. In 2026, we expect an additional 3-5 billion dollars in TRV.
Turning to the oil markets, global demand remains robust after a record 2025.
With the current geopolitical crisis, global inventories, which are already at a five-year low, would see drawdowns at a faster rate. Global spare capacity is mostly concentrated in this region so it’s absolutely critical that shipping resumes in the Straits of Hormuz.
The disruption has caused a severe chain reaction in not only shipping and insurance but there’s also a drastic domino effect on aviation, agriculture, automotive and other industries.
There would be catastrophic consequences for the world’s oil markets the longer the disruption goes on, and the more drastic the consequences for the global economy.
While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced.
In the days to come, we remain focused on safety and are working hard to fulfil our commitments – thanks to our highly capable and resilient Aramco employees, as well as our partners, customers and the government.
Thank you.
