Saudi Arabian Oil : Q1 interim report

Aramco announces first quarter 2024 results

Q1 net income remains robust as Company progresses its growth strategy

• Net income: $27.3 billion (Q1 2023: $31.9 billion)
• Cash flow from operating activities: $33.6 billion (Q1 2023: $39.6 billion)
• Free cash flow1: $22.8 billion (Q1 2023: $30.9 billion)
• Gearing ratio1: -3.8% as at March 31, 2024, compared to -6.3% at end of 2023
• Q1 2024 base dividend of $20.3 billion and the fourth performance-linked dividend distribution of $10.8 billion to be paid in the second quarter
• Company expects total dividends of $124.3 billion2 to be declared in 2024, including base dividend of $81.2 billion2 and performance- linked dividend of $43.1 billion2
• $7.7 billion of engineering, procurement, and construction contracts awarded for Fadhili Gas Plant expansion, which is expected to add 1.5 bscfd of processing capacity
• Company announced addition of 15 tscf to proven gas reserves and two billion stock tank barrels of condensate at Jafurah unconventional field
• Aramco completed its acquisition of a 100% equity stake in Chilean retailer Esmax, supporting the Company's downstream expansion
• Overall venture capital funding to more than double to $7.5 billion, expanding the Company's ability to finance disruptive new technologies in a variety of sectors, including the digital and sustainability fields

"Our first quarter performance reflects the resilience and strength of Aramco, reinforcing our position as a leading supplier of energy to economies, to industries and to people worldwide.

"We also continue to execute our long-term strategy, and in the first quarter made significant progress on expanding our gas business and growing our globally-integrated downstream value chain, while maintaining our focus on consistently delivering value for our shareholders.

"Looking ahead, I expect our portfolio to continue to evolve as we aim to contribute to an energy transition that offers solutions to climate challenges, but at the same time recognizes the need for affordable, reliable, and flexible energy supplies."

Amin H. Nasser

President and CEO

Key financial results

		First quarter ended March 31
	SAR			USD*
All amounts in millions unless otherwise stated	2024	2023		2024	2023
Net income	102,271	119,542		27,272	31,878
EBIT1	201,384	221,548		53,702	59,079
Capital expenditures	40,621	32,797		10,832	8,746
Free cash flow1	85,348	115,850		22,760	30,894
Dividends paid	116,503	73,150		31,067	19,507
ROACE1,3	21.7%	29.3%		21.7%	29.3%
Average realized crude oil price ($/barrel)	n/a	n/a		83.0	81.0

• Supplementary information is converted at a fixed rate of U.S. dollar 1.00 = SAR 3.75 for convenience only.

1. Non-IFRSmeasure: refer to Non-IFRS measures reconciliations and definitions section for further details.
2. Includes dividends already declared in Q1 2024 and Q2 2024. Exact amounts and eligibility dates for the remaining dividends to be declared in 2024 will be announced, if and when declared at the Board's sole discretion, after considering the Company's financial position and ability to fund commitments including growth capital plans, in accordance with the Company's dividend distribution policy.
3. Calculated on a 12-month rolling basis.

Saudi Aramco

First quarter interim report 2024

First quarter highlights

Global market conditions in the first quarter of 2024 improved compared to the previous quarter, driven by increased crude oil prices as a result of lower global oil inventories and higher forecasted demand. Through its low-cost upstream operations and strategically integrated Downstream business, Aramco captured value from these market conditions and delivered robust earnings and free cash flow. In line with its aim to maximize value for shareholders, the Board declared a base dividend of SAR 76.1 billion ($20.3 billion) and the fourth distribution of the performance-linked dividends of SAR 40.4 billion ($10.8 billion), bringing the total declared dividends for the first quarter to SAR 116.5 billion ($31.1 billion).

Aramco believes it is well positioned to help meet the world's growing need for affordable and reliable energy, and that oil and gas will continue to be an important part of the global energy mix. The Company continues to implement its capital program, with the growth in capital spending directed mainly towards upstream liquids and gas, downstream liquids to chemicals, and new energies such as renewables, lower-carbon fuels, and blue ammonia and hydrogen. Capital expenditures in the first quarter were SAR 40.6 billion ($10.8 billion), reflecting the Company's intention to increase investment to capture unique growth opportunities and create long- term value for shareholders.

During the quarter, the Company announced the expansion of its venture capital funding available to Aramco Ventures by SAR 15.0 billion ($4.0 billion). Half of the new funding will be directed toward disruptive technologies outside the energy sector, with the remaining portion earmarked for late-stage,larger-ticket ventures in the sustainability and digital domains. The increased funding will bring the total investment funds in Aramco's venture capital programs to SAR 28.1 billion ($7.5 billion), including Wa'ed Ventures.

In March 2024, the Government announced it had transferred 8.0% of

the Company's issued shares to PIF's wholly-owned companies. This private transfer did not affect the Company's total number of issued shares and has no impact on the Company's operations, strategy, dividend distribution policy, or governance framework. The Government remains Aramco's largest shareholder, retaining an 82.19% direct shareholding.

In April 2024, Aramco announced a four-year global partnership to become FIFA's Major Worldwide Partner with rights across multiple events, including the FIFA World Cup 26™ and FIFA Women's World Cup 2027™. The partnership, which runs until the end of 2027, builds on a shared commitment to innovation and development,

and will combine football's unique global reach with Aramco's history of championing innovation and community engagement. Through the partnership, Aramco aims to create impactful social initiatives and enable vibrant communities.

Upstream

Aramco achieved total hydrocarbon production of 12.4 mmboed in the first quarter, reflecting its safe, reliable operations and unique operational flexibility.

In January 2024, the Government directed Aramco to maintain MSC at 12.0 mmbpd. This directive will have no impact on announced, near- term projects including the Dammam development and the Marjan, Berri, and Zuluf crude oil increments. Production from these projects will be used to maintain MSC at 12.0 mmbpd, which provides operational flexibility to increase production and supports Aramco's unique ability to rapidly respond to changing market conditions. Key developments during the quarter for these projects include the following:

• Construction activities continued for the Dammam development project, which is expected to add crude oil production of 25 mbpd in 2024 and 50 mbpd in 2027;

• Construction and procurement activities continued on the Marjan and Berri crude oil increments, which are expected to be onstream by 2025 and add crude oil production capacity of 300 mbpd and 250 mbpd, respectively; and,
• Construction and engineering work progressed at the Zuluf crude oil increment, which is expected to process 600 mbpd of crude oil from the Zuluf field through a central facility by 2026.

Consistent with the Company's strategy to increase gas production by more than 60% over 2021 production levels by 2030, subject to domestic demand, and to develop an integrated global LNG business, Aramco delivered a number of key developments in the quarter:

• Announced the addition of 15 tscf of raw gas and two billion stock tank barrels of condensate as proven reserves at the Jafurah unconventional field.
• Progressed design, procurement, and construction activities at the Jafurah Gas Plant, part of the Jafurah unconventional gas field development that is expected to commence production in 2025 and gradually increase natural gas deliveries to reach a sustainable rate of 2.0 bscfd by 2030;
• Continued construction and procurement activities at the Tanajib Gas Plant, part of the Marjan development program. The Plant is expected to be onstream by 2025, adding 2.6 bscfd of additional processing capacity from the Marjan and Zuluf fields;
• Awarded SAR 28.9 billion ($7.7 billion) of engineering, procurement, and construction contracts for the expansion of the Fadhili Gas Plant, which is expected to add additional processing capacity of 1.5 bscfd by 2027; and,
• Completed the acquisition of a minority stake in MidOcean, which subsequently acquired interests in a portfolio of integrated Australian LNG projects.

2

Downstream

Aramco continued to enhance its global Downstream business during the quarter by expanding its presence in key high-growth geographies, positioning itself to meet anticipated demand for petrochemical products, and growing its global brand presence.

The Company again demonstrated its excellent track record of dependable operations, achieving 99.7% supply reliability. In the first quarter of the year, the crude oil utilized by Aramco's downstream operations accounted for 51% of the Aramco's crude oil production.

Key Downstream developments include the following:

• A groundbreaking ceremony was held by SABIC and Fujian Energy and Petrochemical Group Co. Ltd. to mark the start of construction at the SABIC Fujian Petrochemical Complex in China's Fujian province. With an estimated total investment of SAR 24.0 billion ($6.4 billion), the complex will consist of a mixed-feed steam cracker and world-class downstream facilities, with an expected annual ethylene capacity of up to 1.8 million tons. The project aims to support SABIC's goal to diversify its feedstock sources and expand its manufacturing presence in Asia as a key market for a wide range of products. The project is expected to be completed in 2027; and,
• Aramco completed its acquisition of a 100% equity stake in Esmax, a leading diversified downstream fuels and lubricants retailer in Chile with retail fuel stations, airport operations, fuel distribution terminals, and a lubricant blending plant, for a purchase consideration of SAR 1.4 billion ($0.37 billion), subject to customary adjustments. The transaction represents Aramco's first downstream retail investment in South America and is expected to secure outlets for its refined products, including fuel placement from Motiva. The acquisition is also expected to create a platform to launch the Aramco brand in

South America while strengthening the Company's downstream value chain and unlocking new market opportunities for its Valvoline-

branded lubricants.

Sustainability

Aramco's response to climate change is embedded in its business strategy, supported by its climate change and energy transition framework and five GHG mitigation levers: energy efficiency, flaring and methane reduction, carbon capture and storage, renewables, and natural climate solutions and offsets.

One of its five decarbonization levers is renewables, where Aramco aims to increase its use of renewable energy sources and invest in up to 12 GW of solar PV and wind projects by 2030.

In January 2024, the Sudair Solar PV Plant, one of the largest solar plants in the region with a capacity of 1.5 GW, reached full capacity operation. The project is jointly owned by Aramco (30%), PIF (35%), and ACWA Power Company (35%), and reflects Aramco's efforts to address climate change and the energy transition. In its full capacity, the Plant will support the Kingdom's ambition to generate part of the nation's power needs from renewable energy by 2030.

Aramco has played a central role in the localization of the supply chain and developing a Saudi-based energy ecosystem. In February 2024, Aramco signed 40 corporate procurement agreements worth SAR 22.5 billion ($6.0 billion) with suppliers in Saudi Arabia. The agreements are expected to strengthen Aramco's domestic supply chain ecosystem, enhancing the Company's resilience, reliability, and ability to meet the evolving needs of its customers, while boosting the Kingdom's economic development and providing suppliers with long- term visibility of expected future demand. Additionally, Aramco signed two Memoranda of Understanding with strategic partners to collaborate on localization and supply chain

Saudi Aramco

First quarter interim report 2024

development. These combined efforts support Aramco's iktva objective of having 70.0% of all procurement spend remain in-Kingdom by the end of 2025, and demonstrate its commitment toward growing societal value, a

key focus area under the Company's sustainability framework.

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Saudi Aramco

First quarter interim report 2024

All amounts in millions unless otherwise stated

Financial performance

Summary of financial performance

		First quarter
		SAR	USD*
All amounts in millions unless otherwise stated	2024	2023			2024		2023	% change
Income before income taxes and zakat	205,014	229,234			54,670		61,129	(10.6)%
Income taxes and zakat	(102,743)	(109,692)			(27,398)		(29,251)	(6.3)%
Net income	102,271	119,542			27,272		31,878	(14.4)%

• Supplementary information is converted at a fixed rate of U.S. dollar 1.00 = SAR 3.75 for convenience only.

Financial Results

Key factors affecting Aramco's financial results

• Aramco's results of operations and cash flows are primarily driven by market prices and volumes sold of hydrocarbons as well as refined and chemicals products.
• During the first quarter, the Company paid a 2023 fourth quarter base dividend of SAR 76.1 billion ($20.3 billion), an increase of 4.0% compared to the previous quarter.
  In addition, the Company paid the third performance-linked dividend distribution of SAR 40.4 billion ($10.8 billion), representing a 9.0% increase from the previous quarter. These dividends payments, totaling SAR 116.5 billion ($31.1 billion), resulted in a decrease in cash and cash equivalents and a corresponding reduction in shareholders' equity in the consolidated balance sheet and statement of changes in equity.
• In March 2024, Aramco completed the acquisition of a 100% equity stake in Esmax for a purchase consideration of SAR 1.4 billion ($0.37 billion), subject to customary adjustments. This resulted in a decrease in cash and cash equivalents and a corresponding increase in the net assets in the consolidated balance sheet as a result of the first time consolidation of the acquired entity.

Income before income taxes and zakat for the first quarter of 2024 was SAR 205,014 ($54,670), compared to SAR 229,234 ($61,129) for the same quarter in 2023. The decrease was primarily a result of lower crude oil volumes sold, weakening refining and chemicals margins, and lower finance and other income. This was partially offset by lower production royalties and an increase in crude oil prices compared to the same period last year.

Income taxes and zakat for the first quarter of 2024 were SAR 102,743 ($27,398), compared to SAR 109,692 ($29,251) for the same quarter in 2023. The decrease predominantly reflects the impact of lower earnings in the first quarter of 2024.

For non-IFRS measures, refer to the Non-IFRSmeasures reconciliations and definitions section.

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Saudi Aramco

First quarter interim report 2024

All amounts in millions unless otherwise stated

Upstream financial performance

		First quarter
	SAR				USD*
All amounts in millions unless otherwise stated	2024	2023			2024	2023	% change
Earnings before interest, income taxes and zakat	205,342	215,278			54,758	57,407	(4.6)%
Capital expenditures - cash basis	33,114	25,332			8,830	6,755	30.7%

• Supplementary information is converted at a fixed rate of U.S. dollar 1.00 = SAR 3.75 for convenience only.

Earnings before interest, income taxes and zakat (EBIT) for the first quarter of 2024 totaled SAR 205,342 ($54,758), compared to SAR 215,278 ($57,407) for the same quarter in 2023. The decrease in EBIT is primarily related to lower crude oil volumes sold, partially offset by higher crude oil prices compared to the same period last year, and lower production royalties.

Capital expenditures for the first quarter of 2024 were SAR 33,114 ($8,830), an increase of 30.7% compared to SAR 25,332 ($6,755) for the same period in 2023. This increase reflects progress associated with crude oil increments

to maintain MSC at 12.0 mmbpd and increased development activity to support further expansion of the Company's gas business.

Downstream financial performance

		First quarter
	SAR				USD*
All amounts in millions unless otherwise stated	2024	2023			2024	2023	% change
Earnings before interest, income taxes and zakat	4,615	12,830			1,231	3,421	(64.0)%
Capital expenditures - cash basis	6,882	7,147			1,835	1,906	(3.7)%

• Supplementary information is converted at a fixed rate of U.S. dollar 1.00 = SAR 3.75 for convenience only.

Earnings before interest, income taxes and zakat (EBIT) for the first quarter of 2024 was SAR 4,615 ($1,231), compared to SAR 12,830 ($3,421) for the same quarter in 2023, a decrease of 64.0%. This decrease largely reflects weakening refining and chemicals margins, partially offset by inventory valuation movement.

Capital expenditures for the first quarter of 2024 were SAR 6,882 ($1,835), mainly in line with expenditures of SAR 7,147 ($1,906) for the same period in 2023.

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Saudi Aramco

First quarter interim report 2024

All amounts in millions unless otherwise stated

Non-IFRS measures reconciliations and definitions

This Interim Report includes certain non-IFRS financial measures (ROACE, free cash flow, gearing, and EBIT), which Aramco uses to make informed decisions about its financial position and operating performance or liquidity. These non-IFRS financial measures have been included in this Interim Report to facilitate a better understanding of Aramco's historical trends of operation and financial position.

Aramco uses non-IFRS financial measures as supplementary information

to its IFRS-based operating performance and financial position. The non-IFRS financial measures are not defined by, or presented in accordance with, IFRS. The non-IFRS financial measures are not measurements of Aramco's operating performance or liquidity under IFRS and should not be used instead of,

or considered as alternatives to, any measures of performance or liquidity under IFRS. The non-IFRS financial measures relate to the reporting periods described in this Interim Report and are not intended to be predictive of future

results. In addition, other companies, including those in Aramco's industry, may calculate similarly titled non-IFRS financial measures differently from Aramco. Because companies do not necessarily calculate these non-IFRS financial measures in the same manner, Aramco's presentation of such non- IFRS financial measures may not be comparable to other similarly titled non- IFRS financial measures used by other companies.

ROACE

ROACE measures the efficiency of Aramco's utilization of capital. Aramco defines ROACE as net income before finance costs, net of income taxes and zakat, as a percentage of average capital employed, calculated on a 12-month rolling basis. Average capital employed is the average of total borrowings plus total

equity at the beginning and end of the applicable period. Aramco utilizes ROACE to evaluate management's performance and demonstrate to its shareholders that capital has been used effectively.

ROACE for the 12 months ended March 31, 2024, was 21.7% compared to 29.3%

for the same period in 2023. The decrease in ROACE, calculated on a 12-month rolling basis, was mainly attributable

to lower earnings, primarily reflecting lower crude oil prices and volumes sold and weakening refining and chemical margins.

		Twelve months ended March 31
		SAR		USD*
All amounts in millions unless otherwise stated	2024	2023		2024	2023
Net income	437,493	575,521	116,665	153,473
Finance costs, net of income taxes and zakat	4,017	4,863		1,072	1,297
Net income before finance costs, net of income taxes and zakat	441,510	580,384	117,737	154,770
As at period start:
Non-current borrowings	268,544	410,412	71,612	109,443
Current borrowings	76,920	71,141	20,512	18,970
Total equity	1,706,820	1,426,846		455,152	380,492
Capital employed	2,052,284	1,908,399	547,276	508,905
As at period end:
Non-current borrowings	240,310	268,544	64,083	71,612
Current borrowings	51,521	76,920	13,739	20,512
Total equity	1,722,375	1,706,820		459,300	455,152
Capital employed	2,014,206	2,052,284		537,122	547,276
Average capital employed	2,033,245	1,980,342		542,199	528,091
ROACE	21.7%	29.3%		21.7%	29.3%

• Supplementary information is converted at a fixed rate of U.S. dollar 1.00 = SAR 3.75 for convenience only.

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Saudi Aramco

First quarter interim report 2024

All amounts in millions unless otherwise stated

Free cash flow

Aramco uses free cash flow to evaluate its cash available for financing activities, including dividend payments. Aramco defines free cash flow as net cash provided by operating activities less capital expenditures.

Free cash flow for the first quarter of 2024 was SAR 85,348 ($22,760),

compared to SAR 115,850 ($30,894) for the same quarter in 2023, a decrease of SAR 30,502 ($8,134). This decrease largely reflects lower operating cash flows as a result of lower earnings and unfavorable movements in working capital, partially offset by a reduction in cash paid for the settlement of income, zakat and other taxes. Capital

expenditures increased by SAR 7,824 ($2,086) in the first quarter of 2024 compared to the same period in 2023, mainly driven by progress associated with crude oil increments to maintain MSC at 12.0 mmbpd, and increased development activity to support further expansion of the Company's gas business.

		First quarter
		SAR	USD*
All amounts in millions unless otherwise stated	2024	2023			2024	2023
Net cash provided by operating activities	125,969	148,647			33,592	39,640
Capital expenditures	(40,621)	(32,797)			(10,832)	(8,746)
Free cash flow	85,348	115,850			22,760	30,894

• Supplementary information is converted at a fixed rate of U.S. dollar 1.00 = SAR 3.75 for convenience only.

Gearing

Gearing is a measure of the degree to which Aramco's operations are financed by debt and reflects available liquidity held in current and non-current investments and cash management instruments. Aramco defines gearing as the ratio of net (cash) / debt

(total borrowings less cash and cash equivalents, short-term investments, investments in debt securities (current and non-current), and non-current cash

investments) to total equity and net (cash) / debt. Management believes that gearing is widely used by analysts and investors in the oil and gas industry to indicate a company's financial health and flexibility.

Aramco's gearing ratio as at March 31, 2024, was (3.8)%, compared to (6.3)% as at December 31, 2023. The increase in gearing is primarily driven by a lower

net cash position largely due to lower short-term investments, partially offset by higher cash and cash equivalents.

The higher cash and cash equivalents balance reflects operating cash inflows and reduction in short-term investments, partially offset by dividend payments and capital expenditures during the period.

	SAR			USD*
	March	December		March	December
All amounts in millions unless otherwise stated	31, 2024	31, 2023		31, 2024	31, 2023
Total borrowings (current and non-current)	291,831	290,147	77,822	77,373
Cash and cash equivalents	(243,972)	(198,973)	(65,059)	(53,059)
Short-term investments	(100,758)	(184,343)	(26,869)	(49,158)
Investments in debt securities (current and non-current)1	(9,593)	(9,584)	(2,557)	(2,556)
Non-current cash investments	-	-		-	-
Net (cash)	(62,492)	(102,753)	(16,663)	(27,400)
Total equity	1,722,375	1,737,092		459,300	463,225
Total equity and net (cash)	1,659,883	1,634,339	442,637	435,825
Gearing	(3.8)%	(6.3)%		(3.8)%	(6.3)%

• Supplementary information is converted at a fixed rate of U.S. dollar 1.00 = SAR 3.75 for convenience only.

1. As at March 31, 2024, investments in debt securities (current and non-current) are comprised of SAR 1,097 ($293) and SAR 8,496 ($2,264), which form part of other assets and receivables under current assets, and investments in securities under non-current assets, respectively. As at December 31, 2023, the investments in debt securities (current and non-current) are comprised of SAR 1,249 ($333) and SAR 8,335 ($2,223), which form part of other assets and receivables under current assets, and investments in securities under non-current assets, respectively.

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Saudi Aramco

First quarter interim report 2024

All amounts in millions unless otherwise stated

Earnings before interest, income taxes and zakat (EBIT)

Aramco defines EBIT as net income plus finance costs and income taxes and zakat, less finance income. Aramco believes EBIT provides useful information regarding its financial performance to analysts and investors.

EBIT for the first quarter ended March 31, 2024, was SAR 201,384 ($53,702), compared to SAR 221,548 ($59,079) for the same quarter in 2023. This decrease of SAR 20,164 ($5,377) mainly represents the impact of lower crude oil volume sold and weakening refining and chemicals

margins. This was partially offset by lower production royalties and an increase in crude oil prices compared to the same period last year.

		First quarter
		SAR	USD*
All amounts in millions unless otherwise stated	2024	2023			2024	2023
Net income	102,271	119,542			27,272	31,878
Finance income	(6,655)	(10,863)			(1,775)	(2,897)
Finance costs	3,025	3,177			807	847
Income taxes and zakat	102,743	109,692			27,398	29,251
Earnings before interest, income taxes and zakat	201,384	221,548			53,702	59,079

• Supplementary information is converted at a fixed rate of U.S. dollar 1.00 = SAR 3.75 for convenience only.

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Saudi Aramco

First quarter interim report 2024

Terms and abbreviations

Currencies

SAR/Saudi Riyal

Saudi Arabian Riyal, the lawful currency of the Kingdom

$/USD/Dollar

U.S. dollar

Units of measurement

Barrel (bbl)

Barrels of crude oil, condensate or refined products

boe

Barrels of oil equivalent

bpd

Barrels per day

bscf

Billion standard cubic feet

bscfd

Billion standard cubic feet per day

GW

Gigawatts

mboed

Thousand barrels of oil equivalent per day

mbpd

Thousand barrels per day

mmbbl Million barrels

mmboe

Million barrels of oil equivalent

mmboed

Million barrels of oil equivalent per day

mmbpd

Million barrels per day

mmBTU

Million British thermal units

mmscf

Million standard cubic feet

mmscfd

Million standard cubic feet per day

mmtpa

Million metric tonnes per annum

per day

Volumes are converted into a daily basis using a calendar year (Gregorian)

scf

Standard cubic feet

tscf

Trillion standard cubic feet

Technical terms

CO2

Carbon dioxide.

Condensate

Light hydrocarbon substances produced with raw gas which condenses into liquid at normal temperatures and pressures associated with surface production equipment.

Hydrocarbons

Crude oil and other hydrogen and carbon compounds in liquid or gaseous state.

Liquids

Crude oil, condensate, and NGL.

LNG

Liquefied natural gas.

MSC

Maximum Sustainable Capacity - the average maximum number of barrels per day of crude oil that can be produced for one year during any future planning period, after taking into account all planned capital expenditures and maintenance, repair and operating costs, and after being given three months to make operational adjustments. The MSC excludes AGOC's crude oil production capacity.

Natural gas

Methane produced at Aramco's gas plants and sold within the Kingdom as sales gas.

NGL

Natural gas liquids, which are liquid or liquefied hydrocarbons produced in the manufacture, purification, and stabilization of natural gas. For the reporting of reserves, ethane is included in NGL. For the reporting of production, NGL is included in total liquids, and ethane is reported as a component of total gas.

Reliability

Total products volume shipped/delivered within 24 hours of the scheduled time, divided by the total products volume committed. Any delays caused by factors that are under the Company's control (e.g. terminal, pipeline, stabilization, or production) negatively affect the score, whereas delays caused by conditions that are beyond the Company's control, such as adverse weather, are not considered. A score of less than 100 percent indicates there were issues that negatively impacted reliability.

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First quarter interim report 2024

Glossary

Affiliate

Except with respect to financial information, the term affiliate means a person who controls another person or is controlled by that other person, or who is under common control with that person by a third person. In any of the preceding, control could be direct or indirect.

With respect to financial information, the term affiliate means the Company's subsidiaries, joint arrangements and associates, each as defined by IFRS.

AGOC

Aramco Gulf Operations Company Ltd.

Associate

With respect to financial information, the term Associate, as defined by IFRS, means an entity over which the Company has significant influence but not control, generally reflected by a shareholding of between 20% and 50% of the voting rights. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

Auditor

An auditor is a person or entity authorized to review and verify the accuracy of financial records and ensure that companies comply with tax laws. Aramco is audited by an independent external auditor, PricewaterhouseCoopers (PwC) Public Accountants, the independent external auditor of Aramco.

Board

The Board of Directors of the Company.

Company

Saudi Arabian Oil Company (The Company).

Control

Except with respect to financial information, the term "Control" means the ability to influence the actions or decisions of another person through, whether directly or indirectly, alone or with a relative or affiliate (a) holding 30% or more of the voting rights in

a company, or (b) having the right to appoint 30% or more of the Board of a company; "controller" shall be construed accordingly.

With respect to financial information, the term "Control" is defined by IFRS: The Company controls an entity when it

is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

EBIT

Earnings (losses) before interest, income taxes and zakat.

ESG

Environmental, social, and governance.

Esmax

Esmax Distribución SpA.

Government

The Government of the Kingdom (and "Governmental" shall be interpreted accordingly).

H

Hijri calendar.

IAS

International Accounting Standard(s).

IFRS

International Financial Reporting Standard(s) that are endorsed in the Kingdom and other standards and pronouncements endorsed by SOCPA.

iktva

In-Kingdom Total Value Add.

Joint arrangement

The term joint arrangement, as defined by IFRS, refers to either a joint operation or a joint venture.

Joint operation

The term joint operation, as defined by IFRS, means a type of joint arrangement whereby the parties that have joint control of the agreement have rights to the assets and obligations for the liabilities relating to the arrangement.

Joint venture

The term joint venture, as defined by IFRS, means a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement.

Kingdom

Kingdom of Saudi Arabia.

MENA

Middle East and North Africa.

MidOcean

MidOcean Holdings II, L.P.

Motiva

Motiva Enterprises LLC.

PIF

Public Investment Fund of Saudi Arabia.

ROACE

Return on average capital employed.

SABIC

Saudi Basic Industries Corporation.

Saudi Aramco/Aramco/Group

Saudi Arabian Oil Company, together with its consolidated subsidiaries, and where the context requires, its joint operations, joint ventures and associates.

Any reference to "us", "we" or "our" refers to Saudi Aramco / Aramco except where otherwise stated.

Unless otherwise stated, the text does not distinguish between the activities and operations of the Company and those of its subsidiaries.

Shareholder

Any holder of shares.

SOCPA

Saudi Organization for Chartered and Professional Accountants.

Subsidiaries

Except with respect to financial information, the term subsidiaries mean the companies that Aramco controls through its ability to influence the actions or decisions of another person through, whether directly or indirectly, alone or with a relative or affiliate (i) holding 30% or more of the voting rights in a company or (ii) having the right to appoint 30% or more of the Board of a company.

With respect to financial information, the term subsidiaries is defined by IFRS, meaning entities over which the Company has control.

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