UTES: Aramco and its Place in Saudi Arabia

Event Status

The UT Energy Symposium is pleased to welcome David Kultgen as the guest speaker for February 8. David Kultgen was General Counsel and Senior Vice President for the Arabian American Oil Company.

Speaker bio: David Kultgen began his career with the Arabian American Oil Company in New York in 1973, following graduation from the University of Texas School of Law. He transferred to the Company’s headquarters in DHAHRAN in 1974.  Mr. Kultgen spent 34 of his 43 year Aramco/Saudi Aramco career in Saudi Arabia and the balance in Houston. Among other positions, Mr. Kultgen served as Associate General Counsel and Deputy General Counsel. He was appointed General Counsel and Secretary by the Board of Directors effective January 1, 2010, serving in that position until May 1, 2016. He retired as Senior Vice President, Special Assignment on October 1, 2016. During his time as General Counsel and Senior Vice President Mr. Kultgen served on the Company’s Strategy Council, Management Committee and several other Corporate level committees.

Mr. Kultgen currently practices law in Austin, Texas.  

Abstract of the talk:  Since its creation as the California Arabian Standard Oil Company in 1933, Aramco (now Saudi Aramco) has been a central part of Saudi society and driver of the Kingdom’s economy, first as the holder of the most valuable oil concession in the world, today as the National Oil Company of Saudi Arabia and soon to be the most valuable publicly traded company in the world, with a market cap of $1.5 to 2 Trillion Dollars.

The presentation will briefly trace the history of Aramco, first as the Arabian American Oil Company (Aramco) and since 1988 as The Saudi Arabian Oil Company (Saudi Aramco), including its contributions to the development of today’s Saudi Arabia. It will then look at Saudi Aramco as it exists today, the largest and most profitable oil company in the world with ambitions and concrete plans to become the world’s preeminent Energy and Chemical Company by 2020.

Setting the stage for a discussion of the Saudi Aramco IPO planned for late this year, the presentation will outline a series of critical economic, social and demographic challenges facing Saudi Arabia, which if not addressed could lead to economic disaster and social upheaval.It will go on to touch briefly on the Kingdom’s ambitious Vision 2030 strategic initiative designed to meet these challenges, and discuss Saudi Aramco’s role in achieving many of the objectives of the Vision.

Finally, the presentation will outline the announced plans for the IPO, the objectives of the Government that are driving it, and provide the speaker’s opinions on its chances for success and what it is likely to mean for the management and day to day operations of the Company. 

The UT Energy Symposium meets every Thursday during the long semesters. Come early to attend a networking session before the talk: refreshments will be served at 4:45 p.m. in the POB Connector Lobby outside the auditorium.

Sessions are recorded and available here.

Date and Time
Feb. 8, 2018, 5:15 to 6:15 p.m.
Avaya Auditorium, POB 2.302 | 201 E 24th St, Austin TX, 78712
Event tags
UT Energy Symposium