August 21, 2019 Vol. LXXIV, No. 32 a weekly Saudi Aramco publication for employees making history with our first earnings call see page 2 2019Saudi Arabian Oil Company half-year report for the six months ended June 30, 2019 www.saudiaramco.com ©2016,©2019, Saudi Aramco Excelling across all metrics itabi cale grati iabili inab afety rof lity S nte on Rel ty sta ilit S P I Su y (kg of (per CO2 equivalent 200,000 work $ (billion) (mmboed) (mmbpd) (%) per boe) hours) 46.9 13.2 4.6 99.9 10.2 0.009 Net Hydrocarbon Refining Reliability Upstream Lost time income production gross carbon injury rate throughput intensity (2018 full year) have an invention in mind? Saudi Aramco’s IT Future Center offers a platform for innovation see page 3 August 21, 2019 the arabian sun 2 company news CEO shares details of recent Board of Directors meeting Boston, Mass. — Saudi Aramco’s Boston Research Center ing June 30. tations, and briefings, and was very complimentary of the in Massachusetts was the focus of a special tour by the The Risk and HSE Committee also met and received company and its achievements,” said Nasser. company’s Board of Directors as part of a technical pro- “deep dive” presentations on Top Corporate Risks, cover- “The board was highly engaged with management and gram agenda during its recent three-day meeting. ing cybersecurity and major nonindustrial incidents. supportive of the company’s plans and programs designed The center supports both Saudi Aramco’s upstream and In addition, said Nasser, the committee reviewed Saudi to make us the world’s leading integrated energy and downstream business and is part of a global network es- Aramco’s HSE scorecard for the second quarter of 2019, chemicals company.” tablished by the company. containing performance indicators on specific health, safe- The center works collaboratively with the renowned Mas- ty, and environmental metrics and targets. unprecedented announcement sachusetts Institute of Technology, which is located in close Turning to the recent unprecedented announcement of proximity. updates Saudi Aramco’s half-year financial results, which were de- Its focus is on modeling, visualization, simulation, and On the second day of the Boston meeting, the Board had tailed in an earnings call webcast led by Khalid H. Al-Dab- advanced materials. another full agenda and received updates on a number of bagh, senior vice president of Finance, Strategy and De- transactions, initiatives, and projects. velopment, Nasser said the announcement has generated employees thanked Board members reviewed the company’s Mid-Year Ac- extensive domestic and global media coverage, including Saudi Aramco’s president and CEO Amin Nasser gave de- countability and Financial Condition Report, and endorsed social media posts. tails of the visit and the business discussed in Boston at updates to the company’s corporate strategy, investment Nasser said the “historic” announcement had boosted Sunday’s weekly conference call. plan and business plan targets. Saudi Aramco’s reputation for transparency. Nasser began by praising employees who worked over The Board additionally received an update on Saudi Ar- “This was a momentous occasion, and I would like to various fronts during the recent ‘Id al-Adha holiday. amco’s technology strategy. thank everyone, especially Khalid’s team, for their hard He revealed that the Board of Directors and its commit- The technical program also saw a presentation by Mas- work over many months, culminating during the ‘Id holi- tees had worked through a full agenda in Boston. sachusetts-based Desktop Metal on its latest 3-D printing day.” The Audit Committee, he said, had reviewed and en- technology, and a presentation by Boston Dynamics of its Nasser thanked employees who worked over the holiday, dorsed the company’s Consolidated Interim Financial Re- advanced robotics technology. and also those that helped to make the Hajj season a suc- port on Aug. 7 for the three- and six-month periods, end- “Overall, the board was pleased with the reports, presen- cess. Saudi Aramco reports first half net income of $. billion Dhahran — Earlier this month, Saudi issuance, marked a significant milestone companies by revenues. This is a major Aramco announced for the first time its in Saudi Aramco’s history. step in accelerating growth in down- half-year financial results. “We demonstrated our reliability with stream through refining and petrochem- The company’s net income was $46.9 near 100% delivery on our customers’ icals integration, maximizing the profit- billion for the first half of 2019, com- requirements for oil and refined prod- ability from every molecule we produce. pared to $53 billion for the same peri- ucts, maintaining our total hydrocarbon “We grew our trading business and od last year. Earnings before interest production of 13.2 million barrels of oil scaled up innovation efforts through pio- and tax* was $92.5 billion, compared equivalent per day, and an average dai- neering initiatives such as crude to chem- with $101.3 billion a year earlier. Free ly crude production of 10 million barrels icals, nonmetallic materials manufactur- cash flow* was $38 billion, compared per day. ing, and hydrogen fuels,” he continued. to $35.6 billion for the same period last “Leveraging our strength in Upstream, “Environmental and safety perfor- year. The capital expenditure was $14.5 we continued to deliver on our down- mance is at the forefront of the way we billion, compared to $16.5 billion for the stream growth strategy, including acqui- operate. We are particularly proud of the same period in 2018. sitions in both Saudi Arabia and key in- fact that, for the first time, we announce “Despite lower oil prices during the ternational markets,” said Nasser. “These our upstream carbon intensity, which is first half of 2019, we continued to de- acquisitions are expected to enhance among the lowest globally. liver solid earnings and strong free cash dedicated crude placement, increase re- “Looking ahead, we will maintain a flow underpinned by our consistent op- fining and chemicals capacity, capture prudent and flexible balance sheet. Our erational performance, cost management value from integration, and diversify our financials are strong and we will continue and fiscal discipline,” said president and operations. to invest for future growth.” CEO Amin Nasser. “Disclosing our finan- “We also signed an agreement to ac- cial results for the first time, as part of quire a 70% equity stake in SABIC, which our $12 billion debut international bond is among the world’s top petrochemicals * Non-IFRS number your voice coping with different approaches in the workplace I wonder why they say boxing is the enough because without urgency, de- Most often, those who work with ur- sweet science. I cannot see anything sire loses its value. But Dwight D. Ei- gency are also maximalists. Those who sweet in reconfiguring your opponent’s senhower had a strong case when he procrastinate are also minimalists. The face while also risking breaking your opined, “What is important is seldom moment they get working together own ribs in the brutal exchange. Any- urgent; what is urgent is seldom im- with such different approaches, it can how, there is a common adage in box- portant.” create difficulties. ing that says certain styles make classic Employee B has an entrenched habit Employee A wants to get things fights. to procrastinate. For him, if something done. Employee B finds the extra work Same is true in the workplace, albeit is really important, it’s still important to- too much and unnecessary. Employee A the differences are not classic but can morrow so why the rush? You only live thinks the extra details will add to qual- be problematic. once so take time to smell the flowers ity, while Employee B thinks those ex- In general, workers fall either un- by the wayside. English actor Christo- tras are uncalled for. Left to themselves, der one of two categories — urgency pher Parker was brilliant when he re- the situation can escalate. Each passing or procrastination. Let’s see how these torted, “Procrastination is like a credit moment can be precarious. by Jilbert Calpito two work styles collide, which surely card; it is fun until the bill comes.” So how can you manage these guys Ras Tanura creates differences of opinion among So imagine the situation among sub- so as to be on the same page? In cases [email protected] the actors. ordinates when the boss gave an as- such as this, patience really is a virtue. Employee A has a habit of working signment to the team. Employee A acts Ralph Waldo Emerson perhaps said with urgency. For him, time is of the es- with urgency — and expects everyone it best. “Success requires both urgency sence. to keep pace. Employee B feels pres- and patience. Be urgent about making Your Voice reflects the thoughts and opinions of the writer, and not necessarily those of the Once he receives an assignment, his sured. In contrast, Employee A thinks the effort, but be patient about seeing publication. adrenaline springs him into action. True the latter is lacking on the team effort. the results.” the arabian sun August 21, 2019 company news 3 have an invention in mind? Saudi Aramco’s IT Future Center offers a platform for innovation by Scott Baldauf IES members Dhahran — Members of the Innovation assemble the Ecosystem Society (IES) — a professional digits to the hand society for entrepreneurs and inventors of a 3-D printed robotic arm at the — are featuring some of their latest inven- IT Future Center. tions at a Fourth Industrial Revolution (IR Inspired by the 4.0) exhibition at the IT Future Center in technologies of the Dhahran.