Saudi Arabian Oil Co. · TADAWUL:2222
Saudi Arabian Oil — Q1 2026 Earnings Presentation
15 slides from Saudi Arabian Oil's earnings presentation, May 11, 2026
Slide 1: Q1 2026 Results
Q1 2026 Results May 11, 2026 2026 Saudi Aramco | Company General Use where energy is opportunity tm Saudi Aramco: Company General Use Saudi Aramco Q1 2026 Results | 1
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 2026 Saudi Aramco | Company General Use
Slide 4: Delivering on exceptional flexibility and resilience to optimize supply
Delivering on exceptional flexibility and resilience to optimize supply Long-term strategic planning and short-term agility East-West pipeline > Multi-decade, forward-thinking investments in flexible infrastructure ~7mmbpd crude capacity Via SUMED pipeline1 / Suez Canal including ~2mmbpd to refineri
Slide 5: Healthy demand persists, underscoring need for inventories and supply restoration
Healthy demand persists, underscoring need for inventories and supply restoration World GDP growth YoY1 Cumulative liquids supply losses mmbbl3 Jet fuel on water mmbbl4 Refining margins $/bbl5 (excluding Arabian Gulf) Actual Pre-SoH2 closure Post-SoH2 closure Pre-SoH closure Post-SoH closure 40 3.0%
Slide 6: Aramco in action: using our unique advantaged position to deliver value
Aramco in action: using our unique advantaged position to deliver value > Strong Q1 2026 adjusted net income, robust cash flow $33.6bn $18.6bn 20.7% generation and industry-leading returns Adjusted net income1 Free cash flow1 ROACE1 > Upstream production growth can deliver higher cash 12.6mmboed $3.
Slide 7: Ziad Al-Murshed, Executive Vice President & CFO
Ziad Al-Murshed Executive Vice President & CFO 2026 Saudi Aramco | Company General Use
Slide 8: Unrivalled financial strength to match flexibility of operations
Unrivalled financial strength to match flexibility of operations Strongest balance sheet in the sector > Exceptionally strong cash position1 of $75.2bn > Gearing2 of 4.8%; lowest versus IOCs3 > Strong cash flow generation capability with free cash flow of $18.6bn > Capex as a percentage of OCF is lo
Slide 9: Q1 2026 operational and financial performance
Q1 2026 operational and financial performance Q1 2026 Q1 2025 Q4 2025 Key quarterly highlights Operational highlights > Q1 2026 vs Q1 2025 Average realized crude oil prices ($/bbl) 76.9 76.3 64.1 Total hydrocarbon production (mmboed) 12.6 12.3 13.2 − Upstream EBIT5 up $2.8bn from higher volumes and
Slide 10: Industry-leading financial performance and reserves position
Industry-leading financial performance and reserves position > Unmatched cash flow generation capability across cycles > Competitively advantaged and substantial reserve base vs peers > Industry-leading capital program, c.2x more than nearest peer > Aramco’s reserves base is unmatched at c.5x ˃ IOC
Slide 11: Questions & Answers
Questions & Answers 2026 Saudi Aramco | Company General Use
Slide 12: Appendix
Appendix 2026 Saudi Aramco | Company General Use
Slide 13: Aramco's attractive and visible dividend distributions
Aramco’s attractive and visible dividend distributions Sustainable and Progressive Base Dividend $bn 2022 2023 2024 2025 2026 Base dividend1 75.0 78.0 81.2 84.6 87.62 Y/Y change % 4.0% 4.0% 4.2% 3.5% Performance-Linked Dividend to share upside $bn FY 2022 FY 2023 Combined $bn FY 2024 Operating cash
Slide 14: Glossary and upcoming reporting dates
Glossary and upcoming reporting dates Glossary Reporting dates1 Adjusted EBIT Aramco defines adjusted EBIT as net income plus finance costs and income taxes and zakat, less ROACE ROACE is adjusted net income before finance costs, net of finance income, adjusted for replacement cost, and identified i
Slide 15: Saudi Aramco: Company General Use Saudi Aramco Q1 2026 Results | 15
Saudi Aramco: Company General Use Saudi Aramco Q1 2026 Results | 15
Saudi Arabian Oil Company (Aramco) — Q1 2026 Earnings Presentation on 6ix