Aramco 2021 results robust despite tough conditions, outlook for oil market ‘uncertain’: Nasser

Saudi Aramco President and CEO Amin Nasser

Saudi Arabian Oil Co. (Saudi Aramco) posted robust operating and financial results for 2021 despite the tough conditions and challenges caused by COVID-19, said President and CEO Amin Nasser.

“Our strong results are a testament to our financial discipline, flexibility through evolving market conditions and steadfast focus on our long-term growth strategy, which targets value growth for our shareholders,” Nasser said.

He added that such results confirm financial discipline and flexibility in dealing with the variable market conditions.

“The outlook remains uncertain due to various macro-economic and geopolitical factors, but our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy,” the CEO said.

This includes increasing the company's maximum sustainable crude oil production capacity, implementing its gas production expansion program, and expanding crude-to-chemicals (C2C) activities.

Aramco recognizes that energy security is paramount for billions of people around the world. Thus, it continues to make progress on increasing its crude oil production capacity, executing its gas expansion program and increasing liquids to chemicals capacity.

“We are also investing in CCS, renewables and low-carbon hydrogen production - supporting the global energy transition and advancing our net-zero ambition,” Nasser said.

The oil giant reported an over twofold rise in net profit after Zakat and tax to SAR 412.4 billion in 2021, compared to SAR 183.8 billion a year earlier.

In Q4 2021, net profit after Zakat and tax soared 131.5% to SAR 121.4 billion from SAR 52.45 billion a year earlier, according to data available with Argaam.