Saudi Arabian Oil Co. · TADAWUL:2222
Saudi Arabian Oil — Saudi Aramco — FY2024 Earnings Presentation
21 slides from Saudi Arabian Oil's earnings presentation, Mar 4, 2025
Slide 1: FY 2024 Results
Saudi Aramco FY 2024 Results March 4, 2025 where energy is opportunity tm Saudi Aramco: Company General Use
Slide 2: Cautionary notes
Cautionary notes This presentation may contain certain forward-looking statements with respect to The Saudi Arabian Oil Company’s ("Aramco" or the "Company" or "we") financial position, results of operations and business and certain of its plans, intentions, expectations, assumptions, goals and beli
Slide 3: Amin Nasser, President & CEO
Amin Nasser President & CEO Saudi Aramco: Company General Use
Slide 4: Delivering strong performance and creating value
Delivering strong performance and creating value Strong 2024 performance underpinned by execution excellence > World-leading net income of $106bn and free cash flow of $85bn > Projects on track with improved capital efficiencies > Superior returns: 20.2% ROACE1 versus 10.8% peer2 average > Strong ba
Slide 5: Robust oil demand growth with positive outlook
Robust oil demand growth with positive outlook Robust fundamentals Key takeaways 1 2 Record oil demand in 2024 (mmbpd) Global inventories (mmbbl) • 2024 record oil demand; +1.3mmbpd in 2025 China +1.3mmbpd • Asia driving oil demand (close to 60% of global Asia Pacific (ex-China) +0.5 Chemicals RoW +
Slide 6: Competitively advantaged and superior growth
Competitively advantaged and superior growth Growth drivers Incremental OCF / attractive upside Crude Current spare crude capacity • Readily available to capture demand • Can be activated at limited cost + $12bn/1mmbpd • High incremental ROACE Incremental OCF1 • Capturing higher in-Kingdom gas deman
Slide 7: Gas: high growth with captive demand and attractive returns
Gas: high growth with captive demand and attractive returns Strong execution and delivery Implementing the gas strategy (bscfd) • World-class project management expertise • Mitigated supply chain & financial markets risks with support to contractors Incremental OCF in 2030 + $9-10bn and supply chain
Slide 8: Liquids: projects on track for production and value growth
Liquids: projects on track for production and value growth On-going & future projects Strong execution and delivery Projects delivered 2021-2024 Projects Capacity Progress Onstream • Upgraded 11 oil facilities maintaining field production • Completed & installed 128 offshore jackets and 43 productio
Slide 9: Downstream: enhancing integration and products portfolio
Downstream: enhancing integration and products portfolio Progress in 2024 leveraging global assets for value generation Progressing value-accretive integration Incremental OCF in 2030 + $8-10bn Crude oil placed into Downstream LTC progress +6pp 53% Capturing greater integration value 44% 47% Target
Slide 10: Unlocking value from existing assets, leveraging competitive advantages
Unlocking value from existing assets, leveraging competitive advantages Transition minerals and base metals Vast acreage and exploration resources Cost advantages derived from Aramco’s 90+ years of expertise, infrastructure and geological data Expansion in adjacent business; leverages core strengths
Slide 11: Technology-driven competitive advantage for decades
Technology-driven competitive advantage for decades Lowest lifting cost and capital intensity Leveraging cutting-edge technology to maintain preeminence amongst peers1 > Sole operator of world’s most concentrated, prolific upstream portfolio, deploying technology at scale $11.8/boe 3.5 8.3 57% lower
Slide 12: Technology leadership and value
Technology leadership and value Extending digital technology leadership to advanced AI deployment Technology Realized Value (TRV)7 > Leveraging expertise to develop one of the largest industrial LLMs running on NVIDIA Superpods > TRV captured: $2bn in 2023; $4bn in 2024 $2-4bn > Leading digital scal
Slide 13: Ziad Al-Murshed, Executive Vice President & CFO
Ziad Al-Murshed Executive Vice President & CFO Saudi Aramco: Company General Use
Slide 14: 2024 operational and financial performance
2024 operational and financial performance 2023 2024 FY 2024 versus FY 2023 Operational highlights > Strong net income and free cash flows Realized oil prices ($/bbl) 83.6 80.2 Hydrocarbon production (mmboed) 12.8 12.4 Upstream EBIT reflects lower crude oil prices and volumes Liquids (mmbpd) 10.7
Slide 15: Q4 2024 operational and financial performance
Q4 2024 operational and financial performance Q4 20231 Q3 2024 Q4 20241 Key quarterly highlights Operational highlights > Q4 2024 vs Q4 2023 Realized oil prices ($/bbl) 85.9 79.3 73.1 Upstream EBIT down 10% despite 15% decline Hydrocarbon production (mmboed) 12.0 12.7 12.2 in oil prices, partially
Slide 16: A robust financial framework with world-class distributions
A robust financial framework with world-class distributions Disciplined capital investments Clear distribution framework Strong balance sheet > 2024 investments within guided range > Sustainable and progressive base dividends provide > Smoothened debt maturity profile: issued bonds and downside prot
Slide 17: Amin Nasser, President & CEO
Amin Nasser President & CEO Saudi Aramco: Company General Use
Slide 18: Aramco's attractive investor proposition delivers value through cycles
Aramco’s attractive investor proposition delivers value through cycles Sustainable competitive advantages Value-focused growth Unique scale, proximity and full control of upstream assets Capturing growth in value chain and new energies High flexibility and reliability; low cost1, low depletion and l
Slide 19: Questions & Answers
Questions & Answers where energy is opportunity tm Saudi Aramco: Company General Use
Slide 20: Glossary and upcoming reporting dates
Glossary and upcoming reporting dates Glossary Reporting dates1 bbl Barrels of crude oil, condensate or refined products MGS Master Gas System boe Barrels of oil equivalent MoU Memorandum of Understanding Sunday & Monday, May 11th & 12th, 2025 Capital expenditure and external investments including a
Slide 21: Saudi Aramco: Company General Use
Saudi Aramco: Company General Use