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KAUST drives Vision 2030 with groundbreaking sustainability efforts

Special KAUST is spearheading innovations in agriculture, energy, and water management, sectors vital to Ƶ’s future.
KAUST is spearheading innovations in agriculture, energy, and water management, sectors vital to Ƶ’s future.
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Updated 09 December 2024

KAUST drives Vision 2030 with groundbreaking sustainability efforts

KAUST drives Vision 2030 with groundbreaking sustainability efforts
  • KAUST’s Accelerating Impact Strategy focuses on translating research into practical innovations, directly aligning with Vision 2030
  • KAUST is spearheading innovations in agriculture, energy, and water management, sectors vital to the Kingdom’s future

RIYADH: With a vision that merges innovative research and practical solutions, King Abdullah University of Science and Technology is shaping the future of Ƶ by tackling sustainability challenges and driving economic innovation.

Speaking to Arab News on the sidelines of the UN Convention to Combat Desertification COP16 in Riyadh, Sir Edward Byrne, the president of KAUST,emphasized the university’s critical role in achieving the Kingdom’s ambitious goals.

“KAUST has two major contributions to make: brilliant science to validate the principles and the direction forward, and technology implementation to enable the journey,” he said.

KAUST’s Accelerating Impact Strategy focuses on translating research into practical innovations, directly aligning with Vision 2030.

The university’s initiatives are addressing pressing environmental challenges, fostering economic development, and positioning KAUST as a global research leader.

“We have several hundred projects currently geared to the environmental needs of the Kingdom,” Byrne said.




Sir Edward Byrne, President of KAUST.

Turning vision into reality

KAUST is spearheading innovations in agriculture, energy, and water management, sectors vital to Ƶ’s future.

The university’s Center for Sustainable Food Production is developing salt-resistant crops and advanced soil technologies to enhance dryland farming.

“Our researchers are making better soil that holds water, enabling efficient farming with minimal resources,” Byrne said.

In energy, KAUST is pioneering clean energy generation and battery storage solutions.

“We’ve signed a memorandum on cryogenic carbon capture with the Ministry of Energy, showing how we can safely store carbon while transitioning to a diverse energy mix,” Byrne said.

These innovations are not years away but are being developed and implemented now, benefiting both the Kingdom and the global community.

Water sustainability is another priority. KAUST is exploring methods to reduce the energy cost of desalination by up to 90 percent. “Generating water is incredibly energy-intensive,” Byrne said.

He added: “We’re looking at ways to make it far more efficient, which is crucial for the Kingdom’s sustainability goals.”

KAUST’s contributions extend beyond the lab and into real-world applications, as Byrne highlighted partnerships with key entities such as SABIC, Saudi Aramco, and the Saudi Electricity Co., which are leveraging KAUST’s expertise to scale transformative technologies.

Research backed by collaboration

Prof. Sami Al-Ghamdi, a leading expert in environmental impact research at KAUST, highlighted the importance of collaboration.

“Addressing sustainability and environmental issues requires partnerships,” Al-Ghamdi said.

He added: “We work with ministries, companies like NEOM, and stakeholders to ensure our research translates into actionable solutions.”

Al-Ghamdi stressed KAUST’s role in bridging the gap between science and implementation stating: “We don’t just create academic papers. We develop solutions that can be applied locally, nationally, and internationally.”

For example, KAUST is advancing the Red Sea research agenda, previously underexplored, to tackle global challenges related to energy, water, and food security.

Through startups and innovations, the university is driving real-world applications of its research.

“We’re transforming lab research into market-ready solutions, addressing issues like climate and environmental sustainability,” Al-Ghamdi said.

He pointed out that KAUST is also playing a significant role in promoting green jobs, aligning with global trends in sustainability-focused employment.

Monitoring sustainability

Prof. Matthew McCabe is at the forefront of KAUST’s Earth Observation Dashboard, a tool that monitors land degradation and restoration in real time.




Prof. Matthew McCabe.

“We are looking for planetary variables that we can turn data into actionable intelligence. And that’s going to be of use for things like the Saudi Green Initiative and the African Forest Restoration Project,” McCabe said.

The dashboard provides independent verification of restoration efforts, a critical need as global agreements like the Kunming-Montreal Protocol call for restoring 30 percent of land by 2030.

“You will be aware that in COP there’s a number of targets and policies that have been signed by representative countries. The Kunming-Montreal Protocol, for instance, calls for the restoration of 30 percent of land by 2030,” McCabe said.

He continued: “Their targets and signatures on pages. What we actually need is independent verification that these activities and actions are actually happening. The beauty of having a platform in space is that it can see everything. It sees everywhere. There’s no country that it’s not passing over at some point in time.”

McCabe underscored the economic benefits of restoring ecosystems noting: “I think having a healthy environment is the centerpiece of a prosperous economy. Full stop, so certainly there's going to be a huge explosion in green jobs.”

The platform’s capabilities extend beyond Ƶ. “We’re using lessons learned here to support large-scale projects like Africa’s AFA100, which aims to restore 100 million hectares,” McCabe stated.

He added: “We have shown we can get these actionable insights, turning data into knowledge. We’ve shown that we can do that here in the Kingdom. What we want to do is translate and scale that to everywhere, and we’re working with partners around the world.”

This scalability ensures that innovations developed at KAUST can benefit global environmental restoration initiatives.

Addressing land degradation

In another interview with Arab News, Prof. Fernando Maestre at KAUST stressed that land is fundamental for achieving sustainability.

“Our projects improve restoration activities and monitor biodiversity and carbon sequestration across Saudi ecosystems,” Maestre said.

One critical gap Maestre’s team is addressing is the lack of data on soil organic carbon in arid regions.

“There is a lack of data from Ƶ, for instance, and for many other arid and hyperactive regions. One of the key objectives of our research program is to contribute to fill this gap, providing reliable data obtaining and standardize manner across major Saudi ecosystems on soil carbon,” he said.

Maestre added: “Another key component for research is to provide the ground data that are needed to validate remote sensing approaches that are currently being used to monitor biodiversity and to characterize vegetation productivity, to achieving land degradation neutrality.”

By combining advanced satellite technology with ground data, Maestre’s research supports both local and global sustainability efforts.

However, Maestre emphasized the importance of local engagement. “Satellites won’t plant trees or move camels,” he said,

He added: “We listen to local stakeholders and integrate their knowledge with cutting-edge science to create effective solutions.”

Maestre’s approach involves building partnerships with local and international collaborators.

“Collaboration is key to addressing global challenges. By working with over 200 scientists from 25 countries, we bring a global perspective to local issues,” he added.

His team’s efforts are helping bridge the gap between research and real-world application, ensuring that science informs policy and practice effectively.

A bright future ahead

Since its founding 15 years ago, KAUST has established itself as a global research powerhouse.

“KAUST is only 15 years old in an incredibly short period of time, it’s recognized globally as one of the world’s truly great research universities that draws incredible engineering and scientific talent into the kingdom, and that’s happening in an ongoing way,” Byrne said.

KAUST’s groundbreaking contributions are already transforming Ƶ’s view on global science.

Byrne emphasized the university’s role as a beacon for attracting scientific talent to the Kingdom. “KAUST’s success shows that Ƶ can develop a world-class research university from the ground up, inspiring other initiatives like NEOM,” he said.

Looking ahead, KAUST’s commitment to sustainability and innovation will continue to drive progress.

By addressing challenges in energy, water, food, and land management, the university is ensuring that Ƶ not only meets its Vision 2030 goals but sets an example for the world.

“KAUST is the third great university I've led, and it is by far the most aligned with the world's needs. The work going on there at the moment to help develop a sustainable future for the planet is in my mind just incredible,” Byrne concluded.

As the Kingdom advances its Vision 2030 goals, KAUST’s role in sustainability, economic development, and innovation is more vital than ever.

With its unique combination of cutting-edge research, strategic partnerships, and actionable solutions, KAUST is not just shaping the future of Ƶ but also setting a global benchmark for scientific excellence and sustainability.


Saudi Aramco could tap debt markets again after $5bn bond sale

Saudi Aramco could tap debt markets again after $5bn bond sale
Updated 30 May 2025

Saudi Aramco could tap debt markets again after $5bn bond sale

Saudi Aramco could tap debt markets again after $5bn bond sale

DUBAI: Saudi Aramco has published a new prospectus for its issuance program of Islamic bonds or sukuk, signalling the state oil major may soon tap the debt markets again after it raised $5 billion from a three-part bond sale this week.

The prospectus, submitted to the London Stock Exchange where the sukuk would be listed, is dated May 30. Aramco has a year to issue sukuk under its terms.

Aramco earlier this week raised $5 billion from a sale of conventional bonds. The borrowing comes after economic uncertainty and rising supply hit crude markets, denting the top oil exporter’s profits.

“Aramco is likely looking to take advantage of a window of relative market calm to issue debt again,” said Zeina Rizk, co-head of fixed income at Amwal Capital Partners.

Aramco in March said it expected to slash its dividend this year by nearly a third as profits and free cash flow decline.

Reuters reported last week that Aramco is exploring potential asset sales to free up funds as it pursues international expansion and weathers lower crude prices.

Citi, HSBC and JPMorgan are the arrangers of the sukuk program and are joined as dealers by First Abu Dhabi Bank, Goldman Sachs, Morgan Stanley, SNB Capital and Standard Chartered. 


​​Digital shift keeps Saudi credit card borrowing above $8bn and just 2% below record level

​​Digital shift keeps Saudi credit card borrowing above $8bn and just 2% below record level
Updated 30 May 2025

​​Digital shift keeps Saudi credit card borrowing above $8bn and just 2% below record level

​​Digital shift keeps Saudi credit card borrowing above $8bn and just 2% below record level

RIYADH: Credit card loans from Saudi banks posted their second-highest figure on record in the first quarter of 2025, after an annual rise of 12.53 percent.

According to the Saudi Central Bank, also known as SAMA, this borrowing of SR30.66 billion ($8.18 billion) is just 2 percent below the all-time peak recorded at the end of 2024.

SAMA figures also revealed that consumer loans reached SR479.78 billion in what was a 6.41 percent rise during the same period. 

The vast majority – over 90 percent – of consumer lending falls into a broad “other” category, which includes debt consolidation, personal family expenses, or any borrowing not classified under the specific purposes.

This indicates that many Saudis take personal loans for a range of needs, from home renovations to weddings, but each of those specific uses is a relatively small slice of the overall figures.

Multiple factors are supporting the rapid growth of the credit card segment. A central driver is the national push toward a cashless society under Vision 2030, which has seen SAMA implementing policies to promote electronic payments and reduce dependence on cash.

This includes expanding point-of-sale infrastructure, mandating that businesses accept electronic payments, and fostering fintech innovation. As a result, 79 percent of all retail transactions in 2024 were electronic, card or digital payments, up from 70 percent the year before, according to an April release by SAMA.

In parallel, banking penetration has expanded, with nearly all bank cards in the Kingdom now enabled for contactless payments. By 2023, 98 percent of in-person card transactions were contactless — up from just 4 percent in 2017— according to Visa executive Andrew Torre, speaking to Arab News in October.

There is a push toward a cashless society under Vision 2030. Shutterstock

The COVID-19 pandemic accelerated this shift to tapping cards and phones, ingraining cashless habits. With nearly 50 million payment cards in circulation and a decline in ATM usage, the ecosystem is primed for card spending over cash.

Another factor is consumer behavior and economic policy. Strong consumer spending in Ƶ — supported by economic growth and initiatives to boost household income — has encouraged more use of credit for purchases.

Rather than delaying purchases, many consumers are comfortable using credit cards to buy now and pay later, especially with the availability of installment plans.

Additionally, banks and payment networks are actively marketing credit cards with attractive promotions. Cashback deals, reward points, airline miles, and no-fee installment offers are abundant, which incentivizes consumers to use credit cards for both large and small purchases.

The entry of Shariah-compliant credit cards has also played a role. By addressing religious sensitivities, Islamic banks have made credit cards acceptable to a wider customer base that previously avoided interest-based products.

Furthermore, the growth of e-commerce and digital services in Ƶ has naturally increased credit card adoption. Online retailers, food delivery apps, ride-hailing, and travel platforms often work best with card payments, so as these services proliferate, so does card usage.

Consumer loan usage and slower growth trends

Credit cards and personal consumer loans differ fundamentally in structure, usage, and cost. Consumer loans in Ƶ are typically taken as a fixed amount to be repaid in installments over a set term, usually at relatively lower interest or profit rates.

They are often used for significant expenses like buying a car, financing education, or other big-ticket needs, and come with a structured repayment plan that helps borrowers budget effectively.

By contrast, a credit card provides a revolving credit line up to a predefined limit, with no fixed repayment period as long as the borrower makes minimum payments.

Traditional consumer loans, which are often called personal loans, remain much larger in absolute terms than credit card debt in Ƶ, but their growth has been relatively sluggish in recent quarters.

These loans — which exclude mortgages — totaled SR471 billion by the end of 2024, and saw annual growth in the mid-single digits compared to double-digit growth for credit cards.

In early 2024, growth was even slower. In the first quarter, consumer lending was up less than 1 percent year-on-year, and in the second quarter around 2 percent, before accelerating later in the year according to SAMA data.

Saudi Central Bank. File

The uses of consumer loans are generally for big one-time expenditures or needs. The largest defined sub-category is financing for vehicles, which accounted for roughly 2.5 percent to 3 percent of total consumer loans in 2024. Other specific purposes include education loans and loans for furniture and durable goods, and vehicle and private transport means.

The recent slower growth of consumer loans compared to credit cards can be attributed to a number of factors.

High interest rates over 2022 to 2023, as global rates climbed, made borrowing via fixed loans less attractive, potentially dampening demand. By contrast, credit card lines were often already in place and could be tapped without a new loan application.

Another factor is the growing availability of credit card installment plans and Buy Now, Pay Later services, which are increasingly used to cover expenses that previously required personal loans. 

With zero-interest installment offers and flexible repayment options — particularly appealing to younger consumers — many now prefer to finance mid-sized purchases through these tools rather than committing to long-term bank loans.

All of this has led to personal loan growth being moderate. Nonetheless, consumer loans did rise in absolute terms, primarily driven by continued needs for cars, education, and other big expenses. 

The credit card segment’s growth outpaced consumer loans by a wide margin, highlighting a shift in how Saudis finance their spending toward more flexible, short-term credit and digital payment tools, and slightly away from traditional fixed personal borrowing.


UAE, China, India among top destinations for Ƶ’s non-oil goods: GASTAT

UAE, China, India among top destinations for Ƶ’s non-oil goods: GASTAT
Updated 30 May 2025

UAE, China, India among top destinations for Ƶ’s non-oil goods: GASTAT

UAE, China, India among top destinations for Ƶ’s non-oil goods: GASTAT

RIYADH: The UAE emerged as the leading destination for Ƶ’s non-oil exports during the first quarter of 2025, with shipments valued at SR21.32 billion ($5.68 billion), marking a 33.91 percent increase compared to the same period last year, according to the latest data from the General Authority for Statistics.

Machinery and mechanical appliances were the most exported items to the UAE, amounting to SR10.19 billion. This was followed by transport equipment worth SR5.16 billion and chemical products totaling SR1.11 billion.

Plastic goods were also significant, with exports to the UAE reaching SR942 million, while precious stones and base metals recorded SR860.8 million and SR848.4 million, respectively.

The increase in non-oil exports aligns with the objectives of the Kingdom’s Vision 2030, which seeks to diversify the economy and reduce dependency on oil revenues. Saudi Minister of Economy and Planning Faisal Alibrahim recently noted that non-oil activities now contribute 53.2 percent to the Kingdom’s gross domestic product.

GASTAT also reported a 9.27 percent rise in Ƶ’s non-oil exports to the UAE compared to the previous quarter, further emphasizing the Kingdom’s economic diversification momentum.

China ranked second among Ƶ’s non-oil export destinations in the first quarter, receiving goods valued at SR6.51 billion — an annual increase of 17.93 percent. Major exports to the Asian country included plastic products worth SR2.58 billion, chemical products totaling SR2.32 billion, and minerals valued at SR533.4 million.

India was another prominent trade partner, with non-oil exports reaching SR5.75 billion in the first quarter, up 14.08 percent from the same period in 2024.

Other key export destinations included Turkiye, which received goods worth SR2.96 billion; Egypt at SR2.56 billion; and the US at SR2.48 billion.

Singapore imported SR2.28 billion worth of goods from Ƶ, while Bahrain received SR2.21 billion, Belgium SR2.11 billion, and Kuwait SR1.97 billion.

Overall, Ƶ’s non-oil exports rose by 13.4 percent year on year in the first quarter, totaling SR80.72 billion.

Key ports played a vital role in this trade activity. King Fahad Industrial Sea Port in Jubail handled the highest volume of outbound non-oil goods, valued at SR9.93 billion. Jeddah Islamic Sea Port followed closely with SR9.76 billion, while Jubail Sea Port and King Abdulaziz Sea Port in Dammam facilitated exports worth SR7.17 billion and SR6.69 billion, respectively.

On land, Al-Batha Port processed SR5.53 billion in exports. Al-Hadithah and Al-Wadiah ports recorded export values of SR2.10 billion and SR1.43 billion, respectively.

Among airports, King Khalid International Airport in Riyadh led with SR8.52 billion worth of non-oil goods exported in the first quarter, an increase of 12.84 percent compared to the previous year.

King Abdulaziz International Airport followed with SR6.16 billion, while King Fahad International Airport in Dammam and Prince Mohammad bin Abdulaziz International Airport in Madinah recorded SR741.8 million and SR4.2 million, respectively.

King Khalid International Airport in Riyadh. Shutterstock

Merchandise exports 

Despite growth in the non-oil sector, overall merchandise exports declined by 3.2 percent year on year in the first quarter, falling to SR285.78 billion. GASTAT attributed this drop to an 8.4 percent decline in oil exports, which caused the share of oil in total exports to decrease from 75.9 percent in the first quarter of 2024 to 71.8 percent in the same period this year.

Asia remained the largest market for Saudi exports, accounting for SR213.14 billion. Europe followed at SR34.51 billion, with Africa and the Americas receiving SR23.19 billion and SR13.80 billion, respectively.

China was the top destination for overall merchandise exports, receiving SR44.91 billion worth of goods — an increase of 3.26 percent compared to the first quarter of 2024. India received SR28.04 billion in goods, followed by Japan with SR26.48 billion, South Korea at SR25.03 billion, and the UAE at SR24.85 billion.

Imports in Q1

Ƶ’s imports also grew during the first quarter, rising by 7.3 percent year on year to SR222.73 billion.

Machinery, mechanical and electrical equipment led imports, totaling SR57.40 billion, followed by transport parts at SR32.56 billion and base metals at SR21.30 billion. Chemical imports stood at SR19.60 billion, while minerals accounted for SR12.12 billion.

Goods imported from Asia were valued at SR128.50 billion, while imports from Europe and the Americas reached SR52.94 billion and SR27.01 billion, respectively. African nations contributed SR12.53 billion in imports, and goods from Oceania were valued at SR1.73 billion.

China remained Ƶ’s largest source of imports, sending goods worth SR59.33 billion.

These included mechanical appliances and electrical equipment valued at SR23.93 billion, transport parts worth SR9.50 billion, base metals at SR6.43 billion, and even works of art and antiques amounting to SR3.19 billion. The US followed with SR17.58 billion in exports to the Kingdom, while India’s exports totaled SR12.27 billion.

Sea routes were the dominant entry channels for imports, accounting for SR113.11 billion. Air and land ports handled SR61.63 billion and SR25.99 billion, respectively. King Abdulaziz Sea Port in Dammam was the leading sea entry point with SR59.97 billion in imports. Jeddah Islamic Sea Port and Ras Tanura port followed with SR47.78 billion and SR8.73 billion.

Over land, Al-Batha Port and Riyadh Dry Port managed goods worth SR10.78 billion and SR8.29 billion, respectively. By air, King Khalid International Airport in Riyadh received imports valued at SR29.96 billion in the first quarter. King Abdulaziz International Airport and King Fahad International Airport handled SR18.60 billion and SR12.39 billion, respectively.

Reflecting continued expansion of the non-oil economy, Ƶ recorded a Purchasing Managers’ Index of 55.6 in April, according to S&P Global and Riyad Bank. This score surpassed those of the UAE at 54 and Kuwait at 54.2, indicating robust growth in non-oil business activity. A PMI reading above 50 signals economic expansion, while a figure below 50 suggests contraction.


Oil Updates — prices head for weekly drop as OPEC+ may discuss larger output hike for July

Oil Updates — prices head for weekly drop as OPEC+ may discuss larger output hike for July
Updated 30 May 2025

Oil Updates — prices head for weekly drop as OPEC+ may discuss larger output hike for July

Oil Updates — prices head for weekly drop as OPEC+ may discuss larger output hike for July

LONDON, May 30 : Oil prices were flat on Friday and heading for a second consecutive weekly loss, as investors weigh a potentially larger OPEC+ output hike for July, and uncertainty spreads around US tariff policy after the latest courtroom twist.

Brent crude futures fell by 9 cents, or 0.14 percent, to $64.06 a barrel by 3:01 p.m. Saudi time. US West Texas Intermediate crude fell by 15 cents, or 0.25 percent, to $60.79 a barrel.

The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 19 cents lower, or 0.3 percent, at $63.16 per barrel.

At these levels, the front-month benchmark contracts were headed for weekly losses of a little over 1 percent.

Price moves dipped into negative territory after Reuters reported that OPEC+ may discuss an increase in July output larger than the 411,000 barrels per day (bpd) that the group had made for May and June.

“The oil price would probably only come under greater pressure if the oil-producing countries were to increase their production even more than in previous months or give indications that there will be similarly high production increases in the following months,” Commerzbank analysts said earlier on Friday in a note, published before the news.

The potential hike comes as the global surplus has widened to 2.2 million bpd, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said

JPMorgan analysts in a note, adding they expect prices to remain within the current range before easing into the high $50s by year-end.

US President Donald Trump’s tariffs were expected to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court’s decision a day earlier to put an immediate block on the sweeping duties.

Oil prices were down more than 1 percent on Thursday.

The appeals court’s decision pushed Brent to the bottom of its recent tight range, Investec’s head of commodities Callum Macpherson said.

“The narrow $63-67 per barrel range that has confined Brent for much of this month might be hard to sustain given the uncertainties facing oil markets,” Macpherson said.

Oil prices have lost more than 10 percent since Trump announced his “Liberation Day” tariffs on April 2.


Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says

Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says
Updated 29 May 2025

Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says

Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says
  • Amin Nasser said the oil giant’s gearing ratio, a financial metric that compares a company’s debt to its equity, is currently around 5%
  • He reaffirmed the company’s commitment to maintaining high dividends

RIYADH: Saudi Aramco will continue tapping bond markets in the future despite maintaining one of the lowest gearing ratios in the energy industry, according to a top official. 

In an interview with Bloomberg, Aramco President and CEO Amin Nasser said the oil giant’s gearing ratio, a financial metric that compares a company’s debt to its equity, is currently around 5 percent. That’s significantly lower than the industry average, where many peers operate with levels between 15 and 20 percent.

“Our gearing today is around 5 percent — still one of the lowest gearing, you know. It’s almost half of the average compared to other energy industry players in the market, and we will continue to tap into that additional bond markets in the future,” Nasser said. 

He continued: “But we have a low gearing ratio, which still, as you consider it, is very low compared to any players in the markets.” 

The low gearing ratio, which reflects strong financial discipline and limited reliance on debt, is part of what enables Aramco to maintain stability amid market fluctuations. 

Gearing is commonly used by analysts and investors to assess a company’s financial leverage, with lower ratios often indicating a stronger balance sheet and reduced financial risk. 

In the interview, Nasser also reaffirmed the company’s commitment to maintaining high dividends. “We have a strong balance sheet, and our dividend is one of the highest, the highest globally. We’re expecting to pay dividends that go to the majority shareholder and other shareholders, which is the government, of $85.4 billion this year.” 

He said the company benefits from having spare capacity, which allows it to bring more barrels to the market. “For every million barrels, that will have a huge impact on our net income. I would say it will give you a $10 cushion for every million barrels that you put into the market.”   

Nasser added: “We have today close to 3 million barrels of spare capacity, so other companies do not have that to cushion any drop in prices. For us, we do have that spare capacity that is healthy, strong, and when you put it, it allows you to increase significantly your net income.” 

He emphasized the company’s ability to withstand lower oil prices due to its operational efficiency and robust infrastructure.

“We are the lowest cost producer. Our extraction cost is $3, and it still is $3. And with low extraction cost, healthy balance sheet, and our investment that is continuing to be capturing opportunities that we have,” Nasser said.