Aramco's Competitive Position Endures, Leverage Creeps Up as Dividends Outpace Cash Flow

Aramco’s size and cost position give the company a unique place among all other publicly listed oil companies as the world’s largest oil producer. Low operating and capital costs place its reserves at the bottom of the global cost curve and result in peer-leading returns on capital, leaving Aramco as the sole oil producer to earn a wide moat rating.