UAE President, British Prime Minister Discuss Issues of Common Interest    KSrelief Distributes Over 14 Tons of Food Baskets in Taiz Governorate, Yemen    KSrelief Distributes 1,856 Food Baskets in Khyber Pakhtunkhwa Province, Pakistan    Ma'aden Delivers Record Q2 2022 Performance    Autohub celebrates 4 years of becoming a leading multi-brand auto care provider    KSrelief Team Delivers 500 Housing Units to Rohingya Refugees in Bangladesh    UN trade body calls for halting cryptocurrency rise in developing countries    Belarus denies reports of explosions at airbase    Decorated with More than "280" Kgs of Gold.. the Door of Holy Kaaba is a Witness to the Care of the Country's Rulers    Bahrain Two Main Indexes End Trading with Different Directions    Buraidah Dates Market Records High sales Figures    Saudi power company secures SR13.4bn financing facility to fund long-term growth    Australia military suicides 'a national tragedy'    3 killed, 39 homes damaged after house explosion in Indiana    Disney overtakes Netflix in battle for subscribers    South Korea's Heavy Rain Casualties Rise to 11 Deaths, 8 Missing    Pact inked for $49 million additional Saudi development loan for Albanian road project    MoE seeking public opinion on opening Saudi branches of foreign universities Academic excellence is on top among the criteria    Crown Prince to patronize second Saudi International Maritime Forum in November    Saudi Arabia Is Set to Host Arab Radio & TV Festival in November    Real Madrid Wins European Super Cup for 5th Time in History by Beating Frankfurt    KSrelief holds joint meeting with UNHCR and WHO in Poland    Saudi National Beach Soccer Team Arrives in Morocco to Participate in Casablanca Beach Soccer Cup 2022    Saudi Stock Exchange Main Index Ends Trading Higher at 12431 Points    How Aamir Khan adapted Forrest Gump to Bollywood Laal Singh Chaddha    WHO calls for optimizing brain health to benefit people and society    King, Crown Prince congratulate President of Chad on Independence Day    More breathing devices needed for premature babies born in Ukraine    'Rise of the Witches': Biggest series to be ever made in Saudi Arabia    Victory becomes the sweetest for Al-Marzouki with a warm touch of motherly affection    Korean girl group Blackpink to play in Riyadh during 2023 world tour    Manchester United must let Ronaldo leave, says Rooney    Saudi Arabia wins gold in Special Olympics Unified Cup in Detroit    Saudi team for Special Olympics Unified Football wins gold medal of World Cup    Evergrande gets $818m as football stadium land deal canceled    Egyptian U20 Football National Team Beats Algerian Counterpart to Qualify for 2022 U-20 Arab Cup Final Match    Saudi Arabia to Participate in the 5th Islamic Solidarity Games in Turkiye    Association of Culture and Arts in Dammam Announces Winners of "International Video Art Forum"    Slaughterhouses of MEWA received more than 600,000 sacrifices in 3 days of Eid    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    MoH Activates Sign Language to Communicate with Pilgrims with Deafness or Muteness During Hajj    Sheikh Al-Issa at Arafat sermon: Values of Islam foster harmony; eschew hatred and division    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Council of Scholars urges pilgrims to stay away from divisive acts    Red Sea Fund Opens Its Third Cycle for Production Funding    SFDA Warns Against Herbal Product "Montalin Jamu" Due to Containing Active Medicinal Ingredients    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Aramco Announces Full-Year 2020 Results
Published in Saudi Press Agency on 21 - 03 - 2021

The Saudi Arabian Oil Company (Aramco) today announced its full-year 2020 results, demonstrating exceptional resilience despite the macroeconomic impact of COVID-19 and delivering on its intended dividend payments to shareholders.
Aramco achieved a net income of $49 billion in 2020, one of the highest earnings of any public company globally. The Company displayed strong financial resilience in one of the most challenging periods for the industry, during which revenues were impacted by lower crude oil prices and volumes sold, and weakened refining and chemicals margins.
Aramco declared a dividend of $75 billion for the year, which reflects the outcome of the Company's strong performance. The Company continues to preserve a strong balance sheet and its gearing ratio at December 31, 2020, was among the lowest in its industry. Meanwhile, its ROACE of 13.2% was the highest in the industry.
Through its flexible capital program and prudent financial management, the Company was able to adjust spending and focus on high-return opportunities. Capital expenditure in 2020 was $27 billion due to the implementation of optimization and efficiency programs, representing a significant saving on capital expenditure of $33 billion in 2019.
The Company continues to assess its capital expenditure and efficiency programs, and expects capital expenditure for 2021 to be around $35 billion, significantly lower than the previous guidance of $40-$45 billion.
Aramco's international bond issuance in the fourth quarter achieved record demand for a 50-year tranche and was 10 times oversubscribed compared to its initial offering size. This global investor interest demonstrated market confidence in the Company's long-term strategy and performance outlook.
In 2020, Aramco's average hydrocarbon production was 12.4 million barrels per day of oil equivalent, including 9.2 million barrels per day (mmbpd) of crude oil.
Commenting on the results, Aramco President & CEO Amin H. 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.
"As the enormous impact of COVID-19 was felt throughout the global economy, we intensified our strong emphasis on capital and operational efficiencies. As a result, our financial position remained robust and we declared a dividend of $75 billion for 2020.
"At the same time, the accelerated deployment of digital technologies across the company significantly enhanced our performance and we 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."
In April, Aramco achieved the highest single day crude oil production in its history of 12.1 million barrels per day. The Company achieved another milestone in August, producing a single-day record of 10.7 billion standard cubic feet per day (bscfd) of natural gas from its conventional and unconventional fields. Both records were achieved despite lower capital expenditure in 2020.
Aramco continued its strong track record of supply reliability, despite disruptions caused by COVID-19, by delivering crude oil and other products with 99.9% reliability in 2020.
Aramco's ambition to further expand its downstream business took a significant step forward with the acquisition of a majority stake in SABIC in June, transforming the Company into a major global petrochemical player with operations in more than 50 countries. In 2020, Aramco also announced a Downstream reorganization intended to maximize value from its global network of assets.
Technology and innovation are key to delivering more energy with fewer emissions. Aramco continued to make advances in cutting-edge technology and received a company record of 683 U.S. patents in 2020 - among the highest in its industry.
Aramco maintained one of the lowest upstream carbon footprints in the industry, achieving an estimated upstream carbon intensity of 10.5 Kg of CO2 per barrel of oil equivalent in 2020. The Company's estimated upstream methane intensity was 0.06%. These accomplishments are the result of the Company's decades-long reservoir management and production approach, which includes leveraging advanced technologies and minimizing emissions and flaring.
The Company is well positioned to capitalize on developments in hydrogen, given the Company's scale, infrastructure, low costs and low upstream carbon intensity.
One promising area is the conversion of hydrocarbons to hydrogen and then to ammonia, while capturing the CO2 created during the process. In August, Aramco exported the world's first shipment of high-grade blue ammonia to Japan for use in zero-carbon power generation, a significant step towards sustainable hydrogen usage.
In January 2020, Aramco joined the Hydrogen Council as a steering member. The organization promotes collaboration between governments, industry and investors to provide guidance on accelerating the deployment of hydrogen solutions globally.
Throughout the COVID-19 pandemic, Aramco has remained committed to the safety of its people, establishing protocols to monitor and limit the spread of the virus. The Company has assisted its staff and communities around the world through measures such as employee resource programs, medical support services and monetary donations.
Beyond its own employees and operations, the Company has supported the healthcare sector, supplying ventilators, air purification devices and protective equipment for health practitioners and patients.
An employee donations campaign, "Stay Home, Stay Safe," directed help toward the most vulnerable, with employees' donations matched 100% by the Company. Aramco's regional affiliates donated cash and medical supplies to organizations in Asia, Europe and the United States.


Clic here to read the story from its source.