It was very intuitive that Saudi Aramco’s 2020 net income of SR184 billion ($49.07 billion) was lower than 2019’s net income of SR330.75 billion. Actually it was beyond expectations, in light of the low oil prices and steep fluctuations of 2020. The average Brent crude price during 2020 was $42, while it was $64 in 2019. The collapse of oil prices, petroleum refined products and petrochemicals had a devastating impact on the earnings of many international oil and gas companies during the first year of the coronavirus pandemic, severely denting the global economy. Despite all the challenges that the world faced during the pandemic, Saudi Aramco achieved an outstanding performance on all fronts. The Kingdom’s energy giant remains the most profitable among its peers, with many other companies in the sector having had a much tougher time adjusting to the new normal. Throughout 2020, international oil companies experienced steep losses. This does not bode well for future investment in key energy infrastructure, as they slash expenditure across operations and exploration. However, this was not the case for Saudi Aramco as it kept its major energy infrastructure going despite the low prices, which emphasizes its primary role as the only swing producer and the most reliable oil exporter. Weaker oil prices, which fell to historic lows in April last year, and similarly weak refining margins, have resulted in losses for many industry titans, but not, it is worth noting, for Saudi Aramco. In the quarterly financial results last year, Saudi Aramco still managed to achieve a net income that exceeded the profit of the five major international oil companies combined and will make good on its dividend commitment to shareholders, despite the extraordinary events of recent months. Weaker oil prices, which fell to historic lows in April last year, and similarly weak refining margins, have resulted in losses for many industry titans, but not, it is worth noting, for Saudi Aramco. Faisal Faeq With the Saudi Aramco 2020 cash dividends of SR281 billion, it maintains the highest net income, dividend, and total return to shareholders among the major oil companies. Although profits are low compared to 2019, they are considered among the highest - if not the highest - of all companies in the world, and we do not forget that we are still living with the repercussions of the pandemic, or that the global economy and the energy markets are still suffering from the effects of the largest shock to oil demand in history. Despite all this, the Saudi Aramco 2020 financial results were excellent. Unlike many of its peers, it is less exposed to the collapse of oil prices and reduced global demand because of its exceptional operational flexibility, low debt ratio, diversification of revenue streams and, most importantly, the fact that it has the lowest production costs in the world. This operational flexibility is indeed unique, allowing the world’s largest oil company to rapidly increase or decrease production as circumstances dictate. Saudi Aramco has successfully managed the largest production cut in history, as OPEC producers moved to contain the economic impacts of the pandemic. Still, its financial results were positive, and its global ranking remains very high. The fact that its results have remained optimistic, despite the continued irresponsible terrorist attacks on its oil and gas facilities, demonstrate Saudi Aramco’s great financial flexibility during one of the most difficult periods for the oil industry. This, again, illustrates that Saudi Aramco investors are in safe hands, even during a crisis. Saudi Aramco has demonstrated to its shareholders the same kind of resilience it displayed in the aftermath of the attack on its facilities in Abqaiq and Khurais in 2019, when production was quickly restored and shipping commitments maintained against all the odds. Faisal Faeq is an energy and oil marketing adviser. He was formerly with OPEC and Saudi Aramco. Twitter: @faisalfaeq Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News" point-of-view