oil & gas to be key part of global energy mix for decades to come: Nasser

Saudi Arabian Oil Co. achieved its second-highest ever net income in 2023, despite a backdrop of economic headwinds, as the company witnessed healthy cash flows and high levels of profitability, President and CEO Amin Nasser said in a statement commenting on the financial results for 2023.

Capital expenditures increased in line with guidance as Aramco seeks to create and capture additional value from its operations, he added.

The company is positioned for a future in which it believes oil and gas will be a key part of the global energy mix for many decades to come, alongside new energy solutions, Nasser stated.