change liveses change organizations change organization change the world it's a truly a pleasure to be here of course being a good businessman I uh tried to size up the competition and checked on who's been here thank you uh three meetings ago you had the CEO of City
group one of those institutions that are too big to fail but keep failing and you had a partner from McKenzie and last week as you mentioned Dean you had the president of Turkey so a banker a consultant and a politician and you're rounding up that list of most popular institution with big oil
so but uh seriously it's uh indeed nice to be here I I of course love the Bay Area I uh had the fortune that aramu sent me here on a develop on a working assignment in San Francisco uh back early in my career in the very early 80s and like all of you you're I'm sure this is an area that one
can't resist uh and then of course our company uh extends back in history Our Roots are actually in the Bay Area uh aramco Saudi aramco is the Saudi Arabian oil company today uh but we started with a concession to Standard Oil of California and the first name of
the company that ran that con concession was called California Arabian Standard Oil company so California was ahead of Arabian in in the roots of Saudi aramco and of course to top it off just a couple of weeks ago my youngest son has announced that he's joining Stanford in September so this is just to
round so you may be seeing more of me in the future but it's uh it's truly uh a pleasure to be here here uh this is uh the finest School uh in my opinion uh on many fronts and certainly the business school uh ranks as as one of the best and in fact I have some of my colleagues
who are products of your Executive Education uh program and also the school of Earth Sciences those historic links uh with with the institution are reflected in many ways today uh I mentioned uh colleagues we have 40 Stanford graduates the highest of which is actually the
chairman of Saudi aramco and our uh minister of petroleum who is also a graduate of the school of Earth Sciences in geology and we have 13 students who uh are enrolled here I I hope some of them are here okay good I I saw 13 hands if not you are going to hear from me but we also had 30 mbas I understand
earlier this year I tried to meet them when they were here are any of the mbas who came to Saudi Arabia in in the crowd today and visited the company I see a few hands I hope you enjoyed your trip and it was uh instructive and useful for you and certainly we hope that more of
these exchanges between our employees and the students of Stanford will be continuing in the future later on tonight I will be having the pleasure of joining with your Provost H shendi Dr H shendi and some of the leadership of the school of Earth Sciences to celebrate an endowment that
Saudi aramco is putting in place to endow a chair in the name of Max steiny that the dean has talked about our first Chief theologist and a Pioneer in every uh meaning of the word if I can elaborate in what he said this man who came from very humble beginnings had his
education here at Stanford went and tried finding oil in Indonesia and Alaska and elsewhere and just thought that the frontier place to go to was the Kingdom of Saudi Arabia so he called Chevron said you just signed a concession with the kingdom and I want to be part of it and he was sent to a
country with no roads no airports no air conditioning no electricity for that matter literally uh a country that was hundreds of years uh behind at that time in terms of infrastructure and amenities to support life and he mapped the whole Kingdom there were no maps and uh
started drilling after 5 years of frustration the headquarters office in San Francisco up the road sent a cable to uh to the people in the field and ordered them to stop working well Max didn't want to hear of this so he HIIT the instruction from his team and they were drilling at that time
the seventh well and ordered them to drill a little deeper after receiving that instruction well the rest is history because drilling a little deeper they discovered our first gusher our first commercial oil Discovery and theom number seven which became lucky number seven and later on was named by the king
of the Kingdom as the prosperity will will since then more oil has been produced by our company than any other company in the world so it's in the inspired by this instruction and the spirit of Stein of drilling a little deeper that I would like to talk talk to you today I'd like
to drill a little bit deeper about Saudi aramco and I think the dean did a good job of giving you some of the top line numbers and our position in the market but for you to really make sense of My Views uh from the top as the lecture series is called you really need to understand what is
happening at the bottom sort to speak and a a cross-section of functions and levels uh of the company so I will try to drill a little bit deeper about what aramco is what it is context and how it runs its business nationally globally and in the very important energy uh markets now one thing I want to be
careful because I know this lecture is taped and I I don't want later on to be used as evidence I'm not encouraging any of you to uh refuse the instructions of your bosses when they ask you to do something so although we're we're we're very happy with the fact that Stein
continued Drilling and discovered oil the intent uh always we encourage our people to do listen to instructions uh from their management let me uh start by giving you that uh in-depth uh presentation about what the company uh does and and where we are as I mentioned we produce more oil than
any other company the de mentioned that we're producing 10% actually the numbers has gone up you can count today that we produce one out of every seven barrels of oil produced around the world that is 10 million out of about 72 barrels 72 million barrels of oil that are produced
globally Saudi aramco is also a significant ific gas gas producer uh we are one of the top gas producers in the world we have we are the only one that has any spare production capacity to speak of as a company we have more than half of the global spare oil production capacity so
our decisions on production our ability to respond uh or God forbid uh not not being able to respond could have consequences not only to the oil Market but to the global economy uh that are uh not equaled or not matched by any other company uh in the world this of course requires not just
reserves and resources which we have plenty of but it requires unique capabilities operational capabilities technical capabilities Financial capabilities management and Leadership capabilities and the ability to lead in a in a business that is the most politicized of any business the oil
Market is highly politicized as you all know in Downstream in addition to that dominant position in the Upstream we are uh also quite sizable we have joint ventures around the world and we have a sizable refining capacity uh in the kingdom and our operations range from here in the US all
the way extending in China and uh and Japan and Korea and and Asia in terms of our financial position we're probably one of the very few probably the only company I know of of our size and scale that have no debt on our balance sheet we are so strong financially that we have
been uh you know financially long in in our cash flow for as long as I can remember remember we pay taxes and royalty and we have an arms length relationship with with the shareholder uh which is uh the tax collector at the same time we fund our own uh capital and
operating expenditures and then we pay dividends afterwards but we've never been in a situation where we as Saudi aramco have to borrow money to fund uh our operations so we're fiscally responsible and capable as a company of course with this competence financial position and influence on global markets
uh energy and otherwise there comes a lot of responsibility there comes a lot of global responsibility because we always look at the influence that oil has on global economy and we have to manage that relationship very carefully but also being the national Oil Company of a developing country like Saudi
Arabia that is still relatively early in its development cycle we have a unque responsibility within the Kingdom of Saudi Arabia to leverage everything we have and enable the acceleration of the development of the Kingdom we are of course the predominant source of revenue
for the kingdom we are the only supplier of energy to businesses utilities and individuals within the kingdom but beyond that we are expected to do a lot more in addition to what you would expect an oil and gas company to have the drilling the subsurface reservoir uh management the vast uh operating plant
for Upstream Midstream uh and downstream given the concentration and complexity of our oil and gas Core Business uh and the scale of what we do we also run a lot of support businesses that are unique for any company of any kind we have uh a significant Fleet of aircraft both fixed
wing and helicopter to manage our operations we have uh hundreds of marine vessels that manage both our offshore production as well as our transportation of crude uh around uh the world we have housing compounds that houses tens of thousands of our employees and their
families we have remote area camps that support our plants uh in the desert we have a Health Care system that has hundreds of thousands of patients that we fully support on all of their uh medical care so the company in addition of being at scale to say the least in oil and gas we have all of these unique
and diverse support services that make Saudi aramco indeed uh one of a count one of a kind now because of the breadth and complexity of these various mandates that I talked about the international the national the business it is always a challenge to remind ourself to stay close to our
mission and let me just say for for your sake what the mission is Saudi aramco's Mission as an integrated international company is to engage in all activities related to the hydrocarbon industry on a commercial basis and for the purpose of profit this is a very focused and a very smartly
written uh mission statement to remind us that despite everything I said about the international the geopolitical the macroeconomic impact of the company that ultimately at our core just like any other multinational company any other private company we have to operate with
profitability and commerciality first and foremost uh on our mind that means a number of things we have to execute at best-in-class levels we never let the fact that we are a national Oil Company get in the way of being best-in class in all of the key core operations of the
company whether it's our rate of discovery of hydrocarbons how we recover them our cost of production and if we measure ourselves typically typically we are the lowest cost or the highest highest performance in every metric that uh we use in measuring ourselves against
our peers uh and and the competition we also have to constantly focus on building capacity and renewing ourselves uh our business is a long-term business and being in Saudi Arabia accessing Talent is not easy so we always have to build capacity from within especially training and developing our own people
and I talked about the various people we have sent to Stanford over the many decades and will continue to do that so building capacity for the company is something that we have done and we will continue uh continue to do managing execution means that we have to work on
day-to-day operations extremely closely we never get away and and you have seen in the headlines what oil companies get into if they ever miss a step so to speak so focusing on day-to-day operations ours is probably by far the most risky and dangerous business of any business uh out there and we focus on
safety environmental stewardship and operational reliability I talked earlier about the impact of Saudi Aram Co slipping on its commitments and uh we never take a chance in allowing that uh to happen we we also have to invest very very wisely every dollar we invest we ensure we'll have the highest possible
uh rate of return the Upstream is always first but we are uh long on Capital so we look also at our Downstream which for those of you not familiar with the industry that means the refining the chemical the marketing and trading uh businesses just yesterday I was in Texas
for inaugurating a 10 billion doll Refinery at Port arter this is an expansion of a Refinery that was built initially in 1903 and we bought into in a joint venture with Texico which ultimately became with shell and this $10 billion will take probably a few decades for it
to pay off but that's the kind of business we're in investing for the longterm and our assets and facilities are designed for that purpose uh earlier in March I was in China and we signed a number of agreement joint venturing with a number of Chinese firms to invest both in China and various Downstream
facilities there as well as cementing an agreement already in place to build a Refinery on the west coast of uh Saudi Arabia so we're involved in the Western Hemisphere uh as well as an Emerging Markets uh in Asia and China is not the only one last month in Tokyo we had our board
meeting and one of the presentations in that board meeting was by our Upstream uh engineers and scientists who were presenting our long-term production profile showing where we would be producing literally in the next Century so we're looking a 100 years in advance
at how we will continue to Steward and produce the resources we've already identified and booked as well as to unlock additional resources through a commitment to science uh and exploration and investing in longterm program now these are programs that would keep any company extremely
uh busy and and and uh uh and challenged but I already alluded to a unique position that Saudi Arab go in which is which is being the engine of a whole nation of about 30 million that is relatively early in its development cycle so in addition to all of the financial uh contributions we make the whole nation
expects Saudi aramco to do a lot more and uh leveraging our capabilities enhancing human resource development within the kingdom partnering with educational institutions today one of the colleagues I have with me is the Executive Vice President of C which is the King Abdullah University of Science
and Technology this is a university that we built from scratch and we aim for it to be an equivalent of Stanford uh not too long into the future focusing on uh the specific disciplines that it's focused on which is uh Science and Technology also we are leveraging the V
various Downstream Investments I talked about to create value addition in manufacturing and attracting investment either of our own our partners or third parties to create value addition and jobs for a young uh population which is a demographic challenge that the kingdom
and many countries in the Middle East have fourth challenge uh that I would mention is the fact that oil uh is uh a political commodity it is quite intertwined with not only economy but also environmental issues uh geopolitical issues uh and uh that uh complexity creates a lot of pressure on the
industry there is a lot of debate uh they say that all of the debate you hear about energy and oil creates a lot of heat but unfortunately not much light and we try to do our bit to engage in that debate so you will find oil Executives uh in my company and myself
engaged in discussions ranging from the world economic Forum to uh G20 discussions to uh developing countries discussions like in China when I was there in March to try to Enlighten uh the public opinion about uh energy and the central role that fossil fuels will continue to play for decades
to come until we're able to transition in a more uh rational way to uh Renewables and other sources of energy so to recap on the little uh deep drilling that I was trying to do today on on the company we are the world's largest uh and I would argue the most successful uh unprofitable Energy
Enterprise but we do face tremendous challenges as an industry and in terms of development of our nation the Kingdom of Saudi Arabia as well as a host of other uh challenges we have but I think the important thing that we realize is we have great opportunities
ahead of us the challenges are manageable and we are dealing with them and what we are looking for at the are the opportunities we have when I took uh office in 2009 and I looked at the company and I just recited to myself some of the things I just mentioned to you you could
make an argument that the best thing we could do was continue to operate at Best in Class improve incrementally on the areas where improvements are required and basically protect the Great company we have however we viewed tremendous opportunities available to Saudi aramco opportunities available at the
international level opportunities available at the national level and a huge deal of untapped potential within the company leveraging the fiscal position we have the financial position leveraging the talent that many of our people want and the desire to do more and contribute more uh to to uh to the
company and to themselves and to their nation and to the world so we launched after much deliberation and consensus building within the company we launched a program that we termed The Accelerated transformation program maybe take this jacket at that time to build that consensus one
of uh the metaphors we used as we went around and and talked amongst ourselves as a leadership team and then with the rest of the company Saudi aramco was in an equal position to a racing car to a Formula 1 uh vehicle but it's a Formula 1 vehicle that is being driven within
the city and going through stop lights and intersection and therefore driving at a much slower speed than its full potential and the only way that Saudi aramco would be able to attain its full potential would be take take it out from the inner city put it on the Super Highway rev up the
engine and get it to drive at its full potential and basically the limitation we figured at that time was us are we really allowing the company to get there or not so we launched this accelerated transformation program and I will just mention briefly what we ultimately came up with which is
the Strategic intent of the company and it's quite ambitious it says in 2020 Saudi aramco will be the world's leading integrated energy and chemicals company focusing on maximizing its income facilitating the sustainable and diversified expansion of the Kingdom's
economy and enabling a globally competitive and vibrant Saudi energy sector so in addition to Growing the company substantially in its portfolio we linked into our basically vision statement for 2020 an element of enabling a whole National economy to transform to
diversify and to uh get into a knowledge base less dependent on us as the soul source of uh Revenue those 39 words became basically the Mandate I give to to my management in every interactions I have with them now that's a very ambitious program we have but translating it down to execution was a
whole different matter so we cascaded it down into 14 different initiatives and those 14 initiatives were categor ized in four different pillars that are driving the Strategic transformation which is now one year in the making the first pillar is what you would call strategy 101 it's basically
reshaping the portfolio of Saudi aramu rebalancing the company from being predominantly Upstream oil and gas basically producing raw materials to one where we will have a strong position stronger than we already have in the downstream will be the world's largest
refiner we will be one of the largest Chemical Company we will have a huge position in power generation including you might be surprised to hear Renewables uh as we go forward the second pillar was about a focus program to leverage everything we do to help the national economy of Saudi Arabia not
just in our immediate businesses but extending Beyond so we have Partnerships with education we have research Partnerships uh in the Kingdom we have Manufacturing hubs that we're creating to support us but at the same time to create jobs these two pillars are challenging and huge for any other
organization but in my opinion and I think in the view of anybody who has tried to do change within an organization the the other two pillars are the most difficult ones those you can size up you can execute on you can measure money can buy them to a large degree the second and the the third and
the support are the ones that require true leadership one of them is capacity building so reinvigorating the leadership of the company we have a great leadership today and we have taken the company to where it is and and and there are no regrets but for the company
of the future we need a new style of leadership and we need new leadership capabilities and we're working on our human resources from the bottom up to create the next leaders of the company we have in in four years time 40% of the company Workforce will be below the age of 30 so dealing with the with the Y
Generation S to speak is is an opportunity as much as a challenge that we have to seize and uh deliver on the other part of capability building in addition to leadership and Human Resources is technology and building enough research and development with the company to keep us almost
self-sufficient we have a good deal of that going on now but we will multiply it by an order of magnitude in uh the year to come the fourth uh pillar is changing uh how we do business I think I've described to a large degree what we do and changing what we do but then CH changing how we
do things will be even more challenging and that is Reinventing uh all of our business business procedures and systems within the company and that is very tough because these systems and procedures have been good for us they've gotten to where we are to the leadership
position we enjoy today and to convince people that we will go through the change process which is not easy and throw away the systems and processes that have gotten us to where we are is uh there is a lot of selling and then there is a lot of pain and execution so we've already uh overhauled our planning
process strategy development uh as well as capital project execution in order to get to that next 5 10% of Excellence that we think we need to get to be the world's not only leading and largest and most profitable but also most admired company in our space of energy uh and oil and
gas now resistance to change will always be there to any firm even firms that are in trouble but it's particularly difficult for a firm that is successful where the stakeholders from the outside are constantly praising you on being the reliable supply of energy to all corners
of the world where the Kingdom looks and your nation looks at you as an example of success where your neighbors are always thankful for your attention to environment safety and their well-being so when you come to all of the stakeholders and say that's good and that's good but it's not good enough we
need to go to the next level of Excellence it takes some selling but when the opportunities are presented that are to be attained by going through this change I was surprised by how much consensus we were able to build around it and how much energy and enthusiasm
and I thought I will be pulling a lot and now I am being pushed from the back by the momentum that has been created uh around the ATP so I think I'm taking probably as much time as I should take in that uh deep drill that I wanted to give you on the company and our strategy and a little
bit of our history I will just end with a metaphor uh if I may on how we looked at uh our strategy and in this metaphor I will call on an athlete called the great one and you will be this is a for those of you who don't know this is wayang grety he's a hockey player and
you probably never thought that ath the oil man will be will be giving you a metaphor about a hockey player but uh way greski uh is reported to have said I don't skate to where the puck is I skate where to where the puck is going to be and that's exactly how we think at Saudi aramco uh we're not running after
what we're doing today we're running after where we want to be in 10 20 30 or even 50 years from now and we're trying to position the company to go from the greatness it has achieved over uh almost 80 years of History to Leading our uh business and sector for 80 years uh to come and of course I
would just caution that thinking big and thinking strategic you should never lose sight of managing execution managing dayto day and staying fit I'm sure W Gretzky had the smarts and had the sixth sense of knowing where to be but he also worked very hard of being as fit as the
other guy and working well with a team which is exactly what I try to do uh building a strong team within my company and a strong teaming relationship with the partners we have uh around the world so that's all I wanted to say in my opening remarks and I look forward to the Q&A [Applause]
this side either one thanks again uh for joining us here for from the top it's it's very fitting to have you as our last speaker for the series uh given the value of Saudi Remco um is greater than the combined value of all of our prior 12 CEOs that we've had um you talked a lot about education um
in the investment Sai Remco is making I had a question from a personal side um what role has education both uh your time here in the US and your graduate school played for you as a leader um and in shaping your thoughts about leadership well I I for me it works uh
in two ways uh I would say education has taken me from uh my humble beginnings where I I quite frankly didn't have a view of the world to where I am today and and for that I'm very thankful but the flip side of that I think an education is it taught me how much I don't know there are things I know and
there are things that I continuously learn which is something I learned in school of course I'm sure all of you have learned great things but you know rest assured in 10 years much much of it will be obsolete so the the beauty about a good education is it uh gets you
curiosity and a willingness and an ability to constantly renew your knowledge and learn new things but for me also importantly is uh it taught me how much I don't know how much out there that could be learned if not by me directly at least by my colleagues by my uh institution so it planted in me uh
a belief that without pursuing the highest degre Dee of Education as an individual as a family in in my own family as an institution in Saudi aramco and as a nation you not only stand still but you actually slip behind because the world is constantly advancing and uh we all need to keep
pace and for th those of us who aspire to lead you just need to lead through education and that's a belief that I uh try to as I mentioned plant it in the family in the company and in our interaction with the Kingdom of Saudi Arabia educational institutions it's
great to hear I know you've done tremendous things around education um in Saudi Arabia um the another question that I had was around um as a leader you inevitably must face setbacks um uh that come across um in decisions that you've made what have you done uh to kind of
face them and if you give us an example of a setback and the lessons you've drawn from there I'm not sure I should give examples but I'll talk genetically you know I I think uh in life in general whether it's in business or or in our private lives uh the road forward always has zigzag so uh if you
believe in yourself uh and if you believe in your values and of the objectives that you're working for you take those setbacks and stride and you know they will be a better day uh and of course one thing that I talk to my colleagues in the company especially in the reinvigorated Saudi aramco of the future
that we're trying to take is we have to take risks and risks means that many of the decisions we make we will try to mitigate the risks we'll calculate and we will develop what if scenarios and if it doesn't work what do we do but once we make the decision we accept that it
may fail and we move on we learned the lessons uh and move forward so that has been a motto for me all of my life rarely have I met all expectations that I set for myself and serus there is always uh every so many steps forward there is a step back and you just work
with it great well I'd love to open it up to questions from the audience at this point if there are any and thanks for coming uh you talked about uh the importance of planning long-term including 100 years ahead uh given the changes in the industry including uh the fluing and shield gas
extraction discovery of oil in UTA as well as nuclear explosion how do you see uh the changes in the industry and how are you going to respond to that change strategically well um we have been arguing for uh a long time way before the unconventional uh game-changing
developments here in the US became common knowledge that the hydrocarbon resource base in Earth are huge they are not what is booked today as uh conventional uh oil reserves there is a lot more that will be added to reserves as the technology develops and the performance of the industry improves in
terms of the rate of discovery and recovery of those reserves improves and the last 10 to 15 years have proven us uh correct uh we have in the US now added production and and the US has Reserve has reversed its production decline that has been taking place for uh for a number of decades and actually
now the US is increasing to us that's a good thing because it proves a point that peak oil as it was called a few years ago is not uh accurate at least in the terms of the timing of uh of when the decline will take place that we have many many years left in the resource
endowment of the earth to manage the transition uh of an economy and a global society that is dependent on hydrocarbons today to other renewable uh sources and other Alternatives that will be developed more economically and uh in a more rational fashion uh if we allowed the time to do
that so we don't have to respond our production will continue to be there Saudi arama will continue to be the lowest cost producer for as long as there is oil production in the world and the last oil produced I assure you will be produced by Saudi aramco in the Kingdom of Saudi Arabia so we have
nothing to worry about from the unconventionals we welcome them and I think we also as I mentioned earlier welcome the role of Renewables and we will be working ourselves with Renewables to provide a diverse uh Energy Mix to uh you know to a world uh population that needs it
um Saudi Arabia takes some criticism for internal energy consumption levels and do you as a leader of the domestic producer you know think about that or have influence on that we think about that and we have influence about that and we talked about that we in fact the first alarm bills uh
I ranked them a few years ago uh uh in a talk uh um and Riyad in the Kingdom of Saudi Arabia and since then the dialogue has continued and there is increased awareness I would just caution that some of the numbers that are published are exaggerated and they're all all assuming uh you know the the Asis
conditions continuing that there will be no introduction of efficiency measures that the kingdom will continue to be wasteful uh and and energy use in the future and that's not correct the government has taken on a number of serious measures including uh creating an agency that is
focused on bringing in Renewables and nuclear to complement oil and gas in the Energy Mix there is a center that has been set and Saudi Aram Cod participating in it to bring in efficiency and utilization of energy and of course we're uh busy uh exploring for and will be producing unconventional gas
we hope Shell gas in uh in the future that will uh displace some of the oil and oil products that are being consume domestically this be the last student question hello my name is Muhammad Sadi from Lebanon so it's an honor to have someone from our region representing uh
Saudi aramco um my question is Saudi Arabia and a lot of other countries in the Gulf have historically relied on Talent from outside the borders to build a lot uh a lot of their great companies and now there seems to be a push from governments whether in like the UAE or
Saudi Arabia to push for uh the local Workforce to to enter and take on more of these rools like the Emir emirati initiative in the UAE or sa and Saudi Arabia and my question is what are your thoughts on these initiatives how does it impact you uh as a business as well well I would I would go back to the
story I mentioned about uh the American oil companies you know uh that that own Saudi Arab rco we give them a lot of credit for investing in uh in saudization as you called it Muhammad and localization and you know some of the graduates I mentioned our chairman
who graduated 50 years ago actually out of Stanford were sent by the American company so it is in our heritage we are not getting directives to do it we've always been an inter today we have 80 nationalities by the way in our Workforce so we're quite a diverse company with uh both genders working
within Saudi aramco and 0 nationalities representing most countries uh in the world but the fact is most of our operations today are in Saudi Arabia and it makes sense to hire local whether you're a Saudi or not it's more cost effective more reliable less turnover uh and and it just makes good
business sense so we've done it all these decades on the basis of being a good business and we are a good citizen of course we our company is not going to solve uh the employment challenge in Saudi Arabia as the dean mentioned 55,000 56,000 employees today in in a a
country that needs millions of jobs but we try to create job opportunities in the business sector that we deal with our suppliers our customers our contractors we give them training we work with them hand inand to create job opportunities for the hundreds of thousands of of Saudi job
Seekers uh that that uh that are out there looking for jobs great and I'd like to ask one last question before we wrap up uh a question that all of us here at the GSB answer in our process to be admitted here is what matters most to you and why um people have answered from
a range of family to reading books um and would love to ask you that question how you would answer it as a leader of such an important company what one thing it's difficult you you know obviously the emotional side comes first and one has to say my family is first uh and that's uh that's a truth
but taking that for granted that all of us have their families as their first instinctive um thing or or issue they care for then what is the next thing and for me the next thing is making an impact uh that that uh will be remembered and will be important for all of the stakeholders
that I can impact the employees of the company the shareholder and the nation of Saudi Arabia and the global community that we serve as a company so running the company the best way we can to meet its objectives and the expectation the legitimate expectations of our
stakeholders to me is something that I think about constantly uh it is more more than having a good financial performance at the end of the quarter or at the end of the year it's more than finishing a set of projects on time on budget it is more than the short to intermediate uh metrics that we all
measure ourselves for it's something you know a higher purpose that I believe Saudi aramco and everybody that works in our company serves not only ourselves as employees of the company not only our as uh the major stakeholder in the company but in every meaning of the
world the global Community which the company serves by providing reliable supplies of energy and keeping the global markets stable for as long as we can great please thank me thank join me in thanking uh Mr F thank you change lives change lives change organizations change organization change the world