Saudi Aramco

In April 2020, Saudi Aramco reached a record high of 12.1 million barrels per day in one day. In August, the company pumped 10.7 billion cubic feet of gas per day. At the same time, global regulations have forced Saudi Aramco to pump 6% fewer hydrocarbons than in 2019. In the same year, Saudi Aramco was listed on the Saudi Arabian Stock Exchange, but the company is still primarily owned by the Saudi Arabian government. This link has played a key role in helping Saudi Arabia curb oil production in 2020 when demand declines in partnership with other OPEC members and the Russian government. This has forced Saudi Aramco to limit its own production in mid-2020 with the goal of raising oil prices.

In 2020, Saudi Aramco's capital expenditures decreased by $6 billion. However, Aramco spent some money in June to acquire a controlling stake in chemical company Sabic. The company also invested in a joint materials company with oilfield services company Baker Hughes and agreed to build a chemical plant in eastern Saudi Arabia with TotalEnergies. Saudi Aramco achieved a pre-tax profit of $101 billion and a net income of $49 billion in 2020, which is about 60% of the previous year. The company made significant progress in 2021 and profits nearly tripled as oil prices recovered. Saudi Aramco also joined the Hydrogen Council, which aims to accelerate hydrogen development. In August, the company shipped a blue ammonia trial batch to Japan to test its hydrogen export infrastructure. However, in 2020, the company’s flaring intensity slightly rose.