Saudi Aramco’s long-term strategy to optimize oil, gas portfolio ‘on track’: Nasser

Amin Nasser, President & CEO of Saudi Aramco

Saudi Aramco intensified its strong emphasis on capital and operational efficiencies due to the enormous impact of COVID-19 on the global economy. As a result, Saudi Aramco’s financial position remained robust and it declared a dividend of $75 billion for 2020, President & CEO Amin Nasser said.

“In one of the most challenging years in recent history, Aramco demonstrated its unique value proposition through its considerable financial and operational agility. Our exceptional performance during such testing times owed much to the unwavering spirit and resilience of our employees, who set operational records and continued to meet the world’s energy needs both safely and reliably,” Nasser added.

At the same time, the accelerated deployment of digital technologies across the company significantly enhanced its performance. It continued to make progress on breakthrough low-carbon solutions.

“Looking ahead, our long-term strategy to optimize our oil and gas portfolio is on track and, as the macro environment improves, we are seeing a pick-up in demand in Asia and also positive signs elsewhere. We remain confident that we will emerge on the other side of this pandemic in a position of strength,” Nasser affirmed.

The world’s largest oil producer reported a 44% fall in net profit after Zakat and tax to SAR 183.76 billion for 2020, compared to SAR 330.69 billion a year earlier, Argaam reported.

Saudi Aramco declared a cash dividend at SAR 0.35 per share, amounting to SAR 70.33 billion ($18.76 billion), for the fourth quarter of 2020.