Saudi Aramco corporate report

Saudi Aramco's unmatched size, scale of advantaged resource and fortress balance sheet are unique differentiators. The world's largest oil producer continues to increase upstream spend while aligning with Saudi Arabia's Vision 2030 to diversify the Kingdom’s economy away from oil production. However, this step-change in investment, increased dividends of US$85 billion per year and the recent dip in oil prices has seen Aramco's balance sheet slip into a net debt position for the first time since 2022. Read on for our take, including: Maintaining government revenues: what oil price is required for Aramco to breakeven? Growing upstream: is its gas capacity target within reach? Building downstream: how does oil production compare with refining capacity? Moving into new energies: how do targets and progress to date rank alongside peers? Business development: why is Aramco increasing exposure to international gas?