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Aramco

Aramco annual report 2024

Investing in growth
Innovating for sustainability

We are Aramco, one of the world’s largest integrated energy and chemicals companies
Investors

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.

  • “With the world’s demand for energy continuing to grow, one of the defining challenges of our time will be meeting this rising need while also lowering overall emissions to address climate challenges. Against this backdrop, Aramco is purposely investing today with the long-term in mind.”

    His Excellency Yasir O. Al-Rumayyan, Chairman of the Board of Directors

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Chairman's message

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  • “The global energy transition requires a multi-source, multi-speed, and multi-dimensional approach to properly address the energy security, affordability, and sustainability priorities of individual countries. We remain confident in Aramco’s ability to thrive in an increasingly carbon-conscious world.”

    Amin H. Nasser, President & CEO

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CEO video remarks: Full-year 2024 results

2024 highlights

Recapping a year of success and milestones

Results and performance

Delivering shareholder value through resilient performance.

Explore Results and 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)

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    $106

    2024$1062023$121

  • EBIT* ﷼ (billions)

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    $206

    2024$2062023$231

  • Free cash flow* ﷼ (billions)

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    $85

    2024$852023$101

Operational highlights

  • Total hydrocarbon production** (mmboed)

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    .

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    202412.4202312.8

  • Total gas production** (bscfd)

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    .

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    202410.8202310.7

  • Upstream carbon intensity*** (kg CO2e/boe)

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    .

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    20249.720239.6

Business Model

Capturing value across the hydrobarbon chain

* Refer to Annual Report Section 2: Results and Performance – “Non-IFRS measures reconciliations and definitions.”
** 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

    What the colors mean

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    Report sections

    Overview and strategy

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    Reporting archive

    External file

    Highlights