Aramco annual report 2023
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.
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CEO video remarks: Full-year 2023 results
Highlights
Reflecting on another year of success and achievements in 2023
Acquired Valvoline Inc.’s global products business
Aramco completed its acquisition of Valvoline Inc.’s global products business for approximately SAR 10.34 billion ($2.76 billion), including customary adjustments.
Results and performance
Delivering shareholder value through resilient performance.
"We continued to demonstrate our financial flexibility as we scaled up the ongoing implementation of the largest capital program in our Company’s history."
Ziad T. Al Murshed
Executive Vice President & Chief Financial Officer
Financial highlights
Net income (billions)
$121012345678901234567890123456789SAR
2023$1212022$161
EBIT (billions)
$231012345678901234567890123456789SAR
2023$2312022$307
Free cash flow (billions)
$101012345678901234567890123456789SAR
2023$1012022$149
Operational highlights
MSC (mmbpd)
01234567890123456789202312202212
Total hydrocarbon production (mmbpd)
01234567890123456789.
0123456789202312.8202213.6
Upstream carbon intensity6 (kg CO2e/boe)
01234567890123456789.
0123456789202310.7202210.3
Business Model
Capturing value across the hydrobarbon chain
2. Capital expenditures do not include external investments.
3. For definition of net cash and average capital employed, refer to “Non-IFRS measures reconciliations and definitions”.
4. Refer to Section 3: Sustainability for further information.
5. Total liquids is comprised of crude oil, NGL, and condensate.
6. Excludes SABIC Agri-Nutrients and Metals (Hadeed) businesses.
7. Applies to Saudi Arabian Oil Company (the Company). 8. Includes income taxes, royalties, and dividends.
* Non-IFRS measure: refer to “Non-IFRS measures reconciliations and definitions” for further information.
Our strategic themes
Strategy
Positioning Aramco for the future
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Global operations
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