#1INDUCTION أرامكو السعودية saudi aramco 2021 Results March 21, 2022#2Cautionary notes This presentation may contain certain forward-looking statements with respect to Aramco's financial position, results of operations and business and certain of Aramco's plans, intentions, expectations, assumptions, goals and beliefs regarding such items. These statements include all matters that are not historical fact and generally, but not always, may be identified by the use of words such as "believes", "expects", "are expected to", "anticipates", "intends", "estimates", "should", "will", "shall", "may", "is likely to", "plans", "outlook" or similar expressions, including variations and the negatives thereof or comparable terminology. Prospective investors should be aware that forward-looking statements are not guarantees of future performance and that Aramco's actual financial position, results of operations and business and the development of the industries in which it operates may differ significantly from those made in or suggested by these forward-looking statements. In addition, even if Aramco's financial position, results of operations and business and the development of the industries in which it operates are consistent with these forward-looking statements, those results or developments may not be indicative of results or developments in subsequent periods. Factors that could cause actual results to differ materially from Aramco's expectations are contained in cautionary statements in this presentation and include, among other things, the following: supply, demand and price fluctuations with respect to oil and gas, and Aramco's other products; global economic market conditions; natural disasters and public health pandemics or epidemics (such as COVID- 19), and weather conditions (including those associated with climate change); competition in the industries in which Aramco operates; climate change concerns and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; terrorism and armed conflict, political and social instability and unrest, and actual or potential armed conflicts in the MENA region and other areas; managing Aramco's growth and risks related to its strategic growth objectives; risks in connection with projects under development and recent and future acquisitions and joint ventures, including with respect to SABIC; Aramco's dependence on the reliability and security of its IT systems; managing Aramco's subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Aramco's exposure to interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Aramco operates; risks related to litigation, including international trade litigation, disputes or agreements; and risks related to the Kingdom. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see our latest periodic reports filed with the Saudi Exchange. In light of these risks, uncertainties and assumptions, the forward-looking events described in this presentation may not occur. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this presentation. In addition, this presentation includes certain "non-IFRS financial measures." These measures are not recognized measures under IFRS and do not have standard 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.aramco.com/-/media/publications/corporate-reports/saudi-aramco-fy-2021-non-ifrs-english.pdf Our non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies. Saudi Aramco FY 2021 Results | 2#3Amin Nasser President & CEO#4Volatile and uncertain market outlook Brent oil price ($/bbl) 140 Global oil demand¹ (mmbpd)² 120 100 80 60 40 20 0 H1 19 H2 19 H1 20 H2 20 H1 21 H2 21 H1 22 H2 22 Actual Forecast¹ 1. Source: IEA, IHS Markit, EIA 2. mmbpd million barrels per day AN R Saudi Aramco FY 2021 Results | 4#5Significant under investment in supply Oil supply outlook¹ mmbpd² 120 Global oil capital spending³ $Bn 700 100 88 80 60 60 40 40 20 20 0 2015 2020 106 600 New investment required Global supply with current 500 level of spending 400 300 Global supply at natural decline with no new investment 2025 200 2030 2010 2015 2021 Estimated capex required to meet forecast 2030 demand Average 2010-21 capex Estimated capex required to meet current demand 2030 To meet demand growth, substantial new investments are required to compensate for decline of existing fields Upstream investment has been in decline • Industry needs to increase investment significantly from current level 1. Source: IEA (2021) World Energy Outlook. All rights reserved. 2030 expected global oil demand based on IEA's Stated Policies Scenario 2. mmbpd million barrels per day 3. Historic capex sourced from Rystad Energy Ucube, March 2022. 2022-2030 capex based on IEA global oil and gas capex, estimated for oil only component Saudi Aramco FY 2021 Results | 5#6Our strategy The world's largest integrated energy and chemical company, operating in a safe, reliable and sustainable manner Profitability People Growth Technology O Upstream Pre-eminence • Capturing supply gap opportunity Downstream • De-risk upstream position • Integration • Low-carbon Solutions for the energy of the future Localization • Reliability • Cost competitiveness Sustainability Portfolio optimization Resilience Saudi Aramco FY 2021 Results | 6#7Upstream: Maximizing value Growing MSC¹ to 13mmbpd by 2027 mmbpd² 13 12 11 10 9 8 Crude oil production³ MSC¹ 7 2019 2020 2021 2022 2023 2024 2025 2026 2027+ 1. MSC Maximum Sustainable Capacity of 13 million barrels per day 2. mmbpd million barrels per day 3. Production data sourced from Joint Organizations Data Initiative 4. mbpd thousand barrels per day Crude oil increments -Zuluf- -Marjan- -Berri 600 mbpd4 by 2026 300 mbpd by 2025 250 mbpd by 2025 ·Dammam → 25 mbpd by 2024 50 mbpd by 2026 Saudi Aramco FY 2021 Results | 7#8Gas production Upstream: Maximizing value Potential to expand gas production by more than 50% by 2030 • Mix of conventional and unconventional (e.g. Jafurah) Expanding gas storage Significant quantities of high-value liquids • Domestic emissions reduction . Displacement of liquid burning & increase liquids available for export bscfd¹ 1. bscfd billion standard cubic feet per day 2020 222 24 26 28 2030 Saudi Aramco FY 2021 Results | 8#9Downstream: De-risking Upstream & capturing additional value Growing liquids to chemicals • De-risks Upstream position through alternative uses of oil . Long-term goal of up to 4mmbpd¹ • In-Kingdom and key export markets Reduces emissions Captures value from integration into chemicals Performance improvement SABIC synergies of $3-4bn by 2025 Initiatives ongoing across all assets Growth in trading Expand global brand value 1. mmbpd million barrels per day Saudi Aramco FY 2021 Results | | 9#10Strong position for a lower-carbon future . Ambition to achieve Net Zero by 2050¹ . . Upstream carbon intensity: one of the lowest in industry² Aiming for near zero Upstream methane emissions by 20303 Aiming to become global leader in CCS4 • Investing in renewables • Investing in nature-based solutions • Expanding non-combustion uses of oil via liquids to chemicals Developing significant hydrogen export capability 1. Net-zero Scope 1 and Scope 2 greenhouse gas emissions across our wholly-owned operated assets by 2050 2. Carbon intensity refers to Scope 1 and Scope 2 greenhouse gas emissions 3. From our wholly-owned and operated assets 4. CCS Carbon Capture and Storage EMISSION MONITORING SOLUTION ALIENWARE Saudi Aramco FY 2021 Results | 10#11Critical role for reliable, affordable energy with lower emissions Reliable, secure, lower carbon, and affordable energy • One of world's - Lowest carbon intensity hydrocarbons sources¹ Lowest cost major supplier² Reliability of 99.9%³ Environmental stewardship • Net-zero 2050 GHG ambition4 • Aim to be global leader in CCS5 Investing in nature-based solutions Increased investment to support energy transition Developing significant hydrogen export capability Expanding non-combustion uses of oil via liquids to chemicals Investing in renewables 1. Low carbon refers to emissions in connection with Upstream activities. Carbon intensity refers to Scope 1 and Scope 2 emissions 2. Low cost refers to lifting costs and upstream capex per barrel of oil equivalent (excluding exploration spend) 3. For Saudi Arabian Oil Company 4. Net-zero Scope 1 and Scope 2 greenhouse gas emissions across our wholly-owned operated assets by 2050 5. CCS Carbon Capture and Storage Saudi Aramco FY 2021 Results | 11#12Ziad Al-Murshed CFO#13A year of achievements aramco HAMM Upstream • Commenced development of vast Jafurah unconventional gas field Completed 'Ain Dar & Fazran crude oil increments • Inaugurated one of world's top super-computers, Dammam 7 aram Downstream • Started up Jazan refinery • Opened first branded in-Kingdom service station • Launched ORIZON® branded lubricants Corporate Completed two major portfolio optimization transactions • Investment in Sudair Project, Saudi Arabia's largest solar plant Inaugural USD Sukuk Saudi Aramco FY 2021 Results | 13#142021 operational and financial highlights Operational Hydrocarbon production mmboed¹ 12.3 FY 2020: 12.4 Financial Net income $Bn 110.0 FY 2020: 49.0 Capital expenditure $Bn 31.9 FY 2020: 26.9 Crude oil production mmbpd² 9.2 FY 2020: 9.2 Free cash flow³ $Bn 107.5 FY 2020: 49.1 Dividends paid $Bn 75.0 FY 2020: 69.6 Gearing³ 14% FY 2020: 23% 1. mmboed million barrels of oil equivalent per day 2. mmbpd million barrels per day 3. Please refer to www.saudiaramco.com/investors for reconciliation of non-IFRS measures Saudi Aramco FY 2021 Results | 14#15Financial results: 2021 versus 2020 Key drivers Higher crude oil prices Higher refining and chemicals margins • Full year of SABIC consolidation $Bn, unless otherwise indicated 2020 2021 Realized oil prices ($/bbl) 40.6 70.5 Hydrocarbon production (mmboed) 12.4 12.3 • Upstream EBIT 110.2 200.0 Downstream EBIT (5.4) 16.6 Group net income 49.0 110.0 Capex¹ 26.9 31.9 Free cash flow² 49.1 107.5 Net debt² 87.7 56.4 Gearing² 23% 14% 1. Capex refers to the capital expenditures line item in the Consolidated Statement of Cash Flows 2. Please refer to www.saudiaramco.com/investors for reconciliation of non-IFRS measures • Inventory valuation gains Saudi Aramco FY 2021 Results | 15#16Balanced value and growth Value demonstrated over decades in existing asset base • One of world's largest energy resources - 253.6 billion boe¹ of reserves • • Long-term focus - over decades not quarters Resilience across industry cycles - proven in 2020 Unprecedented opportunities to grow • Economically accretive - low cost Environmentally responsible - low carbon intensity 1. boe barrels of oil equivalent. Reserves under concession agreement H Saudi Aramco FY 2021 Results 16#17Investing for growth Capex¹ ($Bn) 31.9 0.6 26.9 7.7 0.3 7.0 19.6 2020 Upstream 23.7 2021 Downstream 1. Capex refers to the capital expenditures line item in the Consolidated Statement of Cash Flows 2. MSC Maximum Sustainable Capacity 3. mmbpd million barrels per day Around 40-50 Growing until middle of decade 2022 2023 + Corporate Guidance . • Increasing MSC² to 13mmbpd³ Increasing gas capacity Growing liquids to chemicals Carbon Capture and Storage (CCS) • Investment in hydrogen & renewables Saudi Aramco FY 2021 Results | 17#18Financial flexibility Significant capability 1 Strong balance sheet: maintain high investment grade credit rating across cycles 2. Portfolio optimization 3. Expanding access to diversified sources of capital 4. Flexible elements of capex 55-ICT-7721-900 J55-ICT- 300 5-ICT-7708-100 J55-ICT-7715-00 J55-L1065-9 1050-900 49-900 046 900 T-7721-900 J55-ICT-7703-900 J55-ICT-7708-900 J55-ICT-7715-90 Saudi Aramco FY 2021 Results | 18 55-LV-1065-900 J55-LV-1050-900 J55-LV-1049-00 J55-LV-1048-900 J5-LV-1045-900 וננו - UUE-SU ..#19Cash flow allocation priorities St Sustaining capex Sustainable dividend Growth capex Additional dividend and/or further debt reduction 16"-600S-0007-6 16-6CJ 05 Saudi Aramco FY 2021 Results | 19#20Robust dividend policy ...... Sustainable o000 Progressive SR In line with future prospects and sustainable underlying growth in free cash flow Saudi Aramco FY 2021 Results | 20#212021 shareholder distributions $75bn cash dividend Board recommended $4bn in retained earnings to be capitalized • Issuance of 1 bonus share for every 10 shares Signals Confidence in future growth • Financial prudence in uncertain environment 069 Saudi Aramco FY 2021 Results | 21 000#22Growing future returns: strategy drives cash flow growth orizon Crude oil Advantaged low-cost, low-carbon resource base • Continued volume growth, including expansion of MSC¹ to 13mmbpd2 Gas Growing domestic demand: >50% growth opportunity by 2030 ⚫ High-value liquids Feedstock for hydrogen plans Downstream • De-risk Upstream - Dedicated outlets - Liquids to chemicals Improving performance - SABIC integration - Asset transformation • Expanding trading Re-deploying capital towards higher-return projects • Low carbon CCS3 • Blue hydrogen • Renewables • Nature-based solutions 1. MSC 2. mmbpd 3. CCS Maximum Sustainable Capacity million barrels per day Carbon Capture and Storage Saudi Aramco FY 2021 Results | 22#23Questions & Answers 白#24Energy security for a sustainable world • One of world's largest energy resources Low cost¹, low upstream carbon intensity² • Investing for growth • Net-zero by 2050 ambition³ • Focus on technology & sustainability Enabled by human capital 1. Low cost refers to lifting costs and upstream capex per barrel of oil equivalent (excluding exploration spend) 2. Carbon intensity refers to Scope 1 and Scope 2 emissions 3. Net-zero Scope 1 and Scope 2 greenhouse gas emissions across our wholly-owned operated assets by 2050 D Saudi Aramco FY 2021 Results 24