Saudi Arabian Oil Co. · TADAWUL:2222
Saudi Arabian Oil — Q3 2025 Earnings Presentation
18 slides from Saudi Arabian Oil's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Results
Q3 2025 Results November 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: Strong Q3 results, increased production and higher gas growth
Strong Q3 results, increased production and higher gas growth Delivering momentum for advantaged growth Strong Q3 results; adjusted net Upstream production growth Increased gas growth targets2 income up 14% q/q delivered higher FCF up 55% q/q to c.80%, up from >60% Operational momentum, earnings Tot
Slide 5: Gas: further volumes increase and value growth from captive market
Gas: further volumes increase and value growth from captive market Top 10 Gas consuming countries1 Unlocking greater value from gas program: up from prior target bscfd - 2024 USA 87 c.6mmboed5 from gas program by 2030 + >1mmbpd equivalent to c.50% of Aramco’s crude MSC, Russia 46 Incremental high-va
Slide 6: At forefront of world-class technology and AI innovation in the energy sector
At forefront of world-class technology and AI innovation in the energy sector Proven track record Measurable returns Capturing greater value World-class technology infrastructure AI-driven value generation Unique positioning at Energy-AI convergence – Vast, exclusive data from 90+ years operations –
Slide 7: Record 2025 oil demand expected; 2026 growth to remain robust
Record 2025 oil demand expected; 2026 growth to remain robust Key takeaways World GDP growth estimates for 20251 (%) Upward revisions on H2 vs H1 demand Healthy global economy despite trade tariff growth forecasts2 (mmbpd) uncertainty 2.80% +0.5 2.75% +0.2 2.0 Substantial upward revisions of h/h dem
Slide 8: Ziad Al-Murshed, Executive Vice President & CFO
Ziad Al-Murshed Executive Vice President & CFO Saudi Aramco: Company General Use
Slide 9: Strong execution and delivery across our integrated business portfolios
Strong execution and delivery across our integrated business portfolios Upstream Downstream Liquids increments projects progressing: Marjan and Berri on Capturing integration value: 54% of crude oil production track for completion by year-end, adding 550mbpd combined utilized by Downstream as of Q3
Slide 10: Operational and financial momentum reflected in results
Operational and financial momentum reflected in results Q3 2024 Q2 2025 Q3 2025 Key highlights Operational highlights Average realized crude oil prices ($/bbl) 79.3 66.7 70.1 Strong adjusted net income, up 14% q/q and 1% y/y Total hydrocarbon production (mmboed) 12.7 12.8 13.3 Upstream EBIT2 up 15%
Slide 11: Strong cash generation enables highly visible distributions
Strong cash generation enables highly visible distributions Advantaged growth programs driving incremental OCF Quarterly base dividends - sustainable and progressive +$11bn per 1mmbpd $bn Potential Crude production growth from readily available capacity3 21.1 +4.2% +$8-10bn 20.3 +4% +$12-15bn 19.5 U
Slide 12: Strong Q3 results, increased production and higher gas growth
Strong Q3 results, increased production and higher gas growth Delivering momentum for advantaged growth Strong Q3 results, adjusted net income up 14% q/q $28.0bn $23.6bn 18.4% Adjusted net income1 Free cash flow Industry-leading ROACE1,2 and FCF up 55% q/q +14% q/q; +1% y/y +55% q/q; +7% y/y 2X IOCs
Slide 13: Questions & Answers
Questions & Answers where energy is opportunity tm Saudi Aramco: Company General Use
Slide 14: Appendix
Appendix Saudi Aramco: Company General Use
Slide 15: Upstream growth plans on track supporting higher underlying cash flows
Upstream growth plans on track supporting higher underlying cash flows Liquids projects Gas projects Projects Capacity Progress Delivering the gas strategy Phase 1 bscfd Dammam 25mbpd Onstream c.80% growth1 ~1 Marjan 300mbpd Completion by year-end 2025 1.35 1.15 Berri 250mbpd Completion by year-end
Slide 16: Aramco's attractive and visible dividend distributions
Aramco’s attractive and visible dividend distributions Sustainable and Progressive Base Dividend $bn 2019 2020 2021 2022 2023 2024 2025 Base dividend1 75.0 75.0 75.0 75.0 78.0 81.2 84.6 Y/Y change % 4.0% 4.0% 4.2% Performance-Linked Dividend to share upside $bn FY 2022 FY 2023 Combined $bn FY 2024 O
Slide 17: Glossary and upcoming reporting dates
Glossary and upcoming reporting dates Glossary Reporting dates1 Aramco defines adjusted EBIT as net income plus finance costs and income taxes and zakat, less ROACE is net income before finance costs, net of income taxes Adjusted EBIT finance income, adjusted for replacement cost, and identified ite
Slide 18: Saudi Aramco: Company General Use
Saudi Aramco: Company General Use
Saudi Arabian Oil Company (Aramco) — Q3 2025 Earnings Presentation on 6ix