Aramco's 2023 Sustainability Report highlights the company's commitment to integrating sustainability into its core strategies and operations, addressing material sustainability issues impacting both the business and stakeholders. Key areas of focus include climate change and the energy transition, safe operations and people development, minimizing environmental impact, and growing societal value.
Business Performance Overview:
- Hydrocarbon Reserves: 251.2 billion barrels of oil equivalent.
- Maximum Sustainable Capacity: 12 million barrels per day.
- Chemicals Production: 59.6 million tons per annum.
- Refining Capacity: 4.1 million barrels per day.
- Capital Expenditure: $42 billion.
- Net Income: $121 billion.
- Human Capital: 73,311 employees from 94 nationalities.
Outcomes and Impacts:
- Operations Products: Produces a wide range of products including crude oil, gas, natural gas liquids, condensates, chemicals, refined products, base oils, lubricants, electricity, blue ammonia, and nonmetallics.
- Environmental Impact: Upstream carbon intensity is 9.6 kg CO2e/boe, while total emissions (scope 1 + 2) are 67.4 MtCO2e.
- Water Usage: Freshwater consumption is 89.9 million cubic meters.
- Reliability: 99.8% reliability rate.
- Safety: Lost time injuries/illnesses rate is 0.018 per 200,000 work hours, and total recordable case rate is 0.042 per 200,000 work hours.
Strategic Investments and Acquisitions:
- MidOcean Energy Acquisition: Entering the global LNG business.
- LNG and Plastic Waste Conversion: First successful conversion of oil from plastic waste into ISCC+ certified circular polymers in the region.
- Rongsheng Petrochemicals Investment: $3.4 billion deal in China.
- Siemens Direct Air Capture Partnership: Test unit development for potential large-scale air capture plants.
- Solar Projects: Development of two photovoltaic solar projects in Al Shuaibah, totaling 2.7 GW capacity.
Recognition and Certifications:
- World Economic Forum (WEF) Global Lighthouse: Yanbu Refinery received the WEF Global Lighthouse Network status, becoming the fourth Aramco facility to achieve this recognition.
Financial Highlights:
- Capital Expenditure: $42 billion.
- Net Cash: $27 billion.
- Free Cash Flow: $101 billion.
- Dividends Paid: $102 billion.
- Return on Average Capital Employed (ROACE): 22.5%.
Stakeholder Engagement:
- Engagement with a broad spectrum of stakeholders, including customers, suppliers, partners, governments, communities, and investors, to ensure alignment with global and local needs.
Governance and Reporting:
- Sustainability Reporting: Prepared in accordance with specific frameworks and standards, ensuring transparency and accountability.
- Assurance: External limited assurance provided for key performance metrics like GHG emissions, enhancing credibility and reliability of reported data.
This report underscores Aramco's commitment to sustainability, innovation, and responsible corporate citizenship, aligning its operations with global environmental and social goals.
