Aramco’s strong financials reflect resilience, ability to adapt to market cycles: CEO

Aramco President & CEO Amin Nasser

Saudi Arabian Oil Co.’s (Saudi Aramco) strong results in Q2 2023 reflect its resilience and ability to adapt through market cycles, said President and CEO Amin H. Nasser. 

Commenting on the financial results, Nasser added that Aramco continues to demonstrate its long-term ability to meet customers’ needs around the world with high levels of reliability.

“Our mid to long-term view remains unchanged. With a recovery anticipated in the broader global economy, along with increased activity in the aviation sector, ongoing investments in energy projects will be necessary to safeguard energy security,” he added.

Aramco maintains the largest capital spending program in its history, with the aim of boosting its oil and gas output capacity and maximizing its downstream business.

This will be done through petrochemicals projects, such as the expansion of the SATORP refinery with TotalEnergies valued at SAR 41.3 billion ($11 billion), which is essential to meet future demand.

“At the same time, we remain optimistic about the potential for new technologies to reduce our operational emissions, and our recent blue ammonia shipments to Asia highlight the growing market interest in the potential of alternative, lower-carbon energy solutions,” Nasser said.

According to data compiled by Argaam, Saudi Aramco reported a net profit of SAR 227.5 billion after minority interest in H1 2023, a drop of 28% from SAR 315.8 billion a year earlier. In Q2 2023, net profit declined 37% to SAR 110 billion from SAR 173.79 billion in the year-earlier period.