The heads of Saudi Aramco and Exxon Mobil took to the stage at a major industry event Monday to voice support for the global transition to cleaner forms of energy, but one in which oil continues to play a major role for decades to come.
BlackRock has named Saudi Aramco Chief Executive Officer Amin Nasser to its board, underscoring the asset manager’s commitment to the oil industry in the middle of a highly politicized debate about its role in ESG investing.
Saudi Aramco unexpectedly increased its dividend and said it would hike spending as it looks to deploy an avalanche of cash generated by last year’s surge in oil and gas prices.
The lack of fungibility of the gas market is set to pose a major challenge for Europe in the near term, the heads of Saudi Aramco and Shell agreed today.
Saudi Aramco has posted its strongest quarterly results since going public, with net income of $39.5 billion and free cash flow of $30.6bn.
Saudi Aramco will increase spending and issue bonus shares as oil’s surge to more than $100 a barrel bolsters the company’s plan to boost production.
Saudi Aramco has taken a final investment decision (FID) on a major refinery and petrochemical project in China.
The world is on course for a “deeply flawed” and “ever more chaotic energy transition”, Saudi Aramco CEO Amin Nasser has said, in comments at the World Petroleum Congress.
French President Emmanuel Macron has overseen a number of commercial deals during his visit to the Middle East.
Saudi Aramco has handed out contracts to a number of service companies to develop Jafurah, the largest non-associated gas field in Saudi Arabia.
Saudi Arabia will push ahead with plans to increase oil production capacity to 13 million barrels per day by 2027.
Saudi Aramco followed its Big Oil competitors with bumper earnings, boosted by a recovery in oil and chemical prices.
Saudi Aramco sees a recovery for oil demand in the second half of 2021 and, in the longer term, hydrocarbons will continue to compete with energy transition options.
Saudi Aramco’s pre-tax income fell 44% in the third quarter, to $24.7 billion from $44.07bn.
Saudi Aramco is shelving multi-billion-dollar petrochemical and gas projects as the state oil giant’s determination to preserve its dividend despite a crash in energy prices forces it to cut back on major investments.
Oil price predictions always end in disaster but complacency in the market poses a number of risks, given global uncertainty.