Q4 results and dividends were in line with our expectations. Free cash flow (FCF) generated also improved sequentially to $15 billion in Q4, compared to $12.4 billion in Q3 2020, aided by increased sales volume and recovery in oil prices. This helped the company to cover around 83 percent of its quarterly dividend payment, with the remaining portion likely funded through cash and cash equivalents, and borrowings. Oil continued to maintain its upward momentum, aided by improved demand outlook, amid distribution of COVID vaccines globally, coupled with a Saudi-led OPEC production cut. The Brent average is $61 per barrel in Q1 2021 so far compared to $45 per barrel in Q4 2020. We have assumed $60 per barrel and production of 8.85 million barrels per day (bpd) for 2021. This, with a likely recovery in refining and chemical margins on better product prices, would fully offset the 1 million bpd voluntary cut announced by Saudi Arabia from Feb-April 2021, ensuring a healthy growth in earnings and FCF in 2021. Accordingly, we expect the company to maintain its dividend distribution of $75 billion in 2021, in line with its annual dividend commitment until 2024. Overall we remain positive on Aramco, given its ability to maintain dividends backed by healthy FCF generation (as long as it remains over $1.3 billion, which is the payment to non-government shareholders based on 1.78 percent free float), optimization of its capex program, and healthy balance sheet. • Mazen Al-Sudairi is head of research at Riyadh-based financial services company Al-Rajhi Capital. Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News" point-of-view