#1Saudi Aramco Corporate Overview September 2019 أرامكو السعودية saudi aramco where energy is opportunity#2Cautionary Notes - 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, financial results, dividends, 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, including dividends 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. 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. 2 أرامكو السعودية saudi aramco#385 Years of Leadership Technical Expertise STANDARD Chevron ExxonMobil 仝 STANDARD Commercial Focus First oil produced Safaniyah, world's largest conventional offshore oil field, is discovered² Ghawar, world's largest conventional onshore oil field, is discovered² 1930s Original oil concession agreement signed¹ 1940-1950s Operations start at Ras Tanura refinery أرامكو السعودية saudi aramco Company becomes world's leading oil producer³ 100% KSA ownership 1960-1970s 1. Revised concession agreement signed on 24th December 2017 2. Based on company belief 3. In terms of volume produced in a single year 3 Financial Discipline Accountability Karan gas project Shaybah expansion Manifa increment Accelerated Transformation Plan East-West pipeline completed Production raised by 3 mmbbl/d within 6 months in light of Gulf War 1980-1990s Acquired 35% stake in S-Oil 2000-2009 Acquisition of an in- Kingdom refining network from Samarec Full Motiva ownership 2010-Present Khurais increment (facility capacity of 1.5 mmbbl/d) Sadara JV formed Proposed acquisition of 70% stake in SABIC Petro Rabigh begins production أرامكو السعودية saudi aramco#4Strategy: Sustainable Energy Leadership Mission Resilient Value Creation Through Crude Oil Cycles Vision Capturing Value Across Hydrocarbon Chain Profitable Portfolio Growth To Be The World's Pre-eminent Integrated Energy and Chemicals Company, Operating In A Safe, Sustainable and Reliable Manner Focus Areas Pre-eminent Upstream Position Value Chain Integration Differentiated Growth Technology 4 أرامكو السعودية saudi aramco#5History of Aramco Operating Independently Defined Shareholder Relationship Rule-Based Relationship with the Government _ • Clear alignment and governance • Only four KSA - Aramco touchpoints in codified relationship: MSC | Production | Royalties | Taxes Structured Regulatory Environment • Codified hydrocarbon law • Revised concession agreement with the Government Codified Fiscal Terms • Company bylaws •Aligned with peers • Market based domestic pricing framework • Progressive royalty scheme, with marginal rate amended to 15% for Brent price up to $70/bbl, 45% for Brent price between $70/bbl and $100/bbl, and 80% for Brent price above $100/bbl We Operate Under a Robust Governance Framework and Aligned Interests with the Government 1. Effective from 1 January 2020 5 أرامكو السعودية saudi aramco#6Reliability and HSE Operations LTI Rate 3 Safety per 200,000 work hours Environment >Intensity and Flaring Scale Reliability > Operations Reliability 2 % 2017 2018 100.0 0.12 99.7 99.8 99.9 Crude Production 10.1 10.3 (mmbbl/d) 80.0 60.0 Natural Gas Production 8.7 8.9 (bscf/d) Refined Product Volumes 1 (mmbbl/d) 40.0 20.0 3.0 3.2 0.0 '17 0.09 0.06 0.03 0.00 '18 H1 19 2015 2016 2017 2018 Reliable and Safe Operations at the Heart of Saudi Aramco Upstream Carbon Intensity of 10.2 kg CO2/boe 4 Methane Intensity of 0.06% 5 Gas Flaring of <1% 6 1. Represents production levels 2. Reliability measures the ability to deliver crude, gas and oil products not later than 24 hours of scheduled time 3. Lost time injury rate 4. Kilograms of carbon dioxide (CO2) equivalent per barrel of oil equivalent during 2018 5. Per ton of marketed sales gas 6. As of H1 2019 6 أرامكو السعودية saudi aramco#7Robust Financial Framework ש Capital Structure • Prudent capital structure • Aaa standalone metrics through the cycle 1 Target gearing 5-15% across the cycle 2 Capital Investment Rigorous capital allocation processes and investment thresholds • Low sustaining capex . High ROACE (41% in 2018) Shareholder Returns • Base dividend of $75 Bn in 2020 3 • Progressive growing dividend on sustainable basis at Board discretion 5-15% Across the Cycle 41% ROACE in 2018 1. Indicative ratings from Moody's based on the ratings methodology grid 7 Prudent Approach to Public Capital Markets In-Line with Financial Policy 2. Gearing calculated as net debt to net debt plus book equity 3. Current intent to pay, at the Board's discretion Commitment to Value Creation أرامكو السعودية saudi aramco#8Non-Government Shareholders: Dividend Prioritisation 8 Dividend Prioritisation Mechanism • The Board has sole discretion to declare dividends, based on the dividend policy, financial performance and balance sheet targets • The Board will declare an intention to distribute an annual base dividend of $75 Bn for 2020 • For the years 2020 to 2024, if annual dividends declared would have been less than $75 Bn, dividends to non-Government shareholders are intended to be prioritised so that they receive their pro-rata share of a $75 Bn equivalent dividend In such case, the Government will receive the remaining amount of dividend • Any differential in the dividend received by the Government due to prioritisation will not accrue or result in a liability to the Government For avoidance of doubt, when dividends to shareholders are above $75 Bn, non-Government shareholders will receive their pro-rata share of dividends أرامكو السعودية saudi aramco#9أرامكو السعودية saudi aramco