Oil, gas to remain part of energy mix for decades: Nasser

Amin Nasser, CEO of Saudi Arabian Oil Co.

Saudi Arabian Oil Co. achieved its all-time second-highest net income in 2023, despite economic headwinds, President and CEO Amin Nasser said in a statement. The company witnessed healthy cash flows and high levels of profitability.

Capital expenditures increased in line with guidance as Aramco seeks to create and capture additional value from its operations, he added.

The company is positioned for a future in which it believes oil and gas will be a key part of the global energy mix for many decades to come, alongside new energy solutions, Nasser stated.

“The recent directive from the government to maintain our maximum sustainable capacity at 12 million barrels per day provides increased flexibility, as well as an opportunity to focus on increasing gas production and growing our liquids-to-chemicals business,” he said.

At the same time, Aramco continues to make progress on several strategic crude oil increments, which will contribute to its reliability, operational flexibility and ability to seize market opportunities.

According to data compiled by Argaam, Saudi Aramco posted a 24% drop in its 2023 net profit, after minority interest, to SAR 452.5 billion, compared to SAR 597.2 billion a year earlier. Q4 2023 net profit stood at SAR 102.7 billion.