#1Saudi Aramco First-Half 2019 Results August 12, 2019 أرامكو السعودية saudi aramco#2Cautionary notes أرامكو السعودية saudi aramco IMPORTANT: The following applies to this presentation and associated slides by Saudi Arabian Oil Company (the "Company") (collectively, the "Information"). The Information contains forward-looking statements. All statements other than statements of historical fact included in the Information are forward- looking statements. Forward-looking statements give the Company's current expectations and projections relating to our capital expenditures and investments, major projects, upstream performance, including relative to peers, and growth in downstream and chemicals. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target," "believe," "expect," "aim," "intend," "may," "anticipate," "estimate," "plan," "project," "will," "can have," "likely," "should," "would," "could" and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future. The Information will not be updated. The Information, including but not limited to forward-looking statements, applies only as of the date of this presentation and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. The Company's financial information herein has been extracted from the Company's condensed consolidated interim financial report, which is prepared and presented in accordance with IAS 34, that is endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants ("SOCPA"). In addition, this presentation includes certain "non-IFRS financial measures." These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation or as a substitute for analysis of the Company's financial information reported under IFRS. For a reconciliation to the nearest comparable IFRS measures, see: https://www.saudiaramco.com/-/media/publications/corporate-reports/non-ifrs-aug-12-2019-english.pdf 2#3H1 2019 أرامكو السعودية saudi aramco $46.9bn Net income 12% H1 2018: $53.0bn $38.0bn Free cash flow¹ 7% H1 2018: $35.6bn $92.5bn EBIT¹ 9% H1 2018: $101.3bn $14.5bn Capital expenditure 12% H1 2018: $16.5bn 13.2 mmboed² 10.0 mmbpd³ Hydrocarbon Production H1 2018: 13.2 10.2 0.009 kg CO2/BOE Upstream carbon intensity4 Lost time injury (LTI) rate5 Crude Production H1 2018: 10.0 Flaring 184 <1% of gas production6 Patents granted 1. Please refer to www.saudiaramco.com/investors for reconciliation of non-IFRS measures 2. mmboed = million barrels of oil equivalent per day 3. mmbpd=million barrels per day 4. Kilograms of carbon dioxide (CO2) equivalent per barrel of oil equivalent; 2018 full year 5. LTI per 200,000 work hours. Represents wholly owned in-Kingdom operated facilities 6. Based on average H1 2019 production 3#4Our strategy أرامكو السعودية saudi aramco Maintain position as a world-leading crude oil producer by production volume and the lowest cost producer, while providing reliable crude oil supply to customers Further diversify operations to capture value from strategic integration Expand gas activities to supply gas in the Kingdom and internationally Efficiently allocate capital and maintain a prudent and flexible balance sheet 4#5Progress against strategy أرامكو السعودية saudi aramco Upstream Development of Marjan and Berri increments Fadhili gas plant project on track for start up in 2019 Exploration: discoveries and extensions in both oil and gas Downstream • Agreement to acquire 70% of SABIC Agreements to acquire Shell's 50% in SASREF and 17% stake in Hyundai Oilbank In-Kingdom retail: Sahel network acquired • Increased global trading presence 621-T-0001 OILY WATER TANK Underpinned by: Efficient capital allocation Prudent and flexible balance sheet Strong corporate governance 5#6Environmental performance Leader in Upstream carbon intensity¹ 10.2 kg CO2/BOE Tree planting 1 million by 2025 Flaring <1% of gas production² 1. Kilograms of carbon dioxide (CO2) equivalent per barrel of oil equivalent; 2018 full year 2. Based on average H1 2019 production أرامكو السعودية saudi aramco#7Sources and uses of cash H1 2018 ($ billion) Net cash provided by operating activities H1 2019 ($ billion) أرامكو السعودية 14.5 Capex saudi aramco 16.5 Capex Special 20.0 Net cash Dividends Special 6.0 provided by 52.1 Dividends 52.5 operating activities Ordinary 26.0 Dividends Sources Uses Ordinary 26.4 Dividends Sources Uses 7#8Questions & Answers Khalid Al-Dabbagh CFO & Senior Vice President, Finance, Strategy & Development أرامكو السعودية saudi aramco 8