Investing for the FutureMr Abdulaziz M. Al-Judaimi, SVP Downstream, Saudi Aramco

©2018 Baker Hughes, a GE company, LLC (“BHGE”). All rights reserved.

The inspirational beauty of Florence

“The greater danger for most of us lies not in

setting our aim too high and falling short…

…but in setting our aim too low,

and achieving our mark”

Michelangelo

Saudi Aramco has come a long way…

Dammam #7Manifa

27 man-made islands

41 km of causeway

3,000 Barrels per day1938

+10,000,000 Barrels per day2018

Oil & Gas is no stranger to volatility and uncertainty

Brent Price Evolution

0

20

40

60

80

100

120

140

1930 1940 1950 1960 1970 1980 1990 2000 2010 2020

Real Prices (2017)

$USD / bbl

Saudi Aramco’s

First Well

Oil Crises

Source: Platts, 2017

Since the 2014 downturn, the industry has continued

to underinvest

Liquid Demand Global Investments

MMBD $Bn

Industry investments lagging by 1 Trillion USD

2010 2012 2014 2016 2018 2020 2022

800

600

400

1,000

678

511

-43%

Source: Rystad Energy

Includes all Upstream CAPEX (exploration and development for

O&G project

85

90

95

100

105

110

2010 2015 2020 2025

Source: IEA, 2017 New Policies Scenario

96.3

102.8

2016

We will continue to reinforce our preeminent position in oil and gas

Major Gas Projects

Marjan/Tanajib GP

2.6

BSCFD

Haradh GP

1.1

BSCFD

Fadhili GP

2.5

BSCFD

Marjan

300

MBD

Zuluf

600

MBD

Khurais

300

MBD

Major Oil Projects

Saudi Aramco has continued to make major investments

Source: Saudi Aramco Upstream

Image: DigitalGlobe

Saudi Aramco is investing across the value chain

to deliver yet more value from Downstream

Petro Rabigh Jazan RAPID

Investments in Refining and Chemicals

Sadara

Our ground-breaking Crude Oil to Chemicals program

Phase I: Integrated Crude to Chemicals Phase II: Direct Crude to Chemicals

HigherChemicals

yield

Maximizevalue of each

barrel of crude

400 MBDCrude

Processed

9 Million TonsAnnual

Chemical

Products

2025Target

Completion

Crude Oil ChemicalsRefineryChemical

PlantCrude Oil Chemicals

Petrochemical

Complex

Proprietary

TechnologyThermal Crude to

Chemicals (TC2C™)

Innovative and

Unprecedented

Configuration

Technology First -

Direct Conversion

Process

Leader in low GHG emissions

Source: World Bank – M3 per Barrel Oil Produced

2015 Flaring Intensity

Source: World Bank – M3 per Barrel Oil Produced

Member of

We are deploying a wide range of cutting edge

technologies to maintain our competitiveness

Environment

Productivity Reliability

powering innovation through

Digitalization

Reservoir

Management

Big dataCyber security

IoT Intelligent assets

Cloud computing Robotics

Our intent is to be the world’s leading integrated energy

and chemicals Company

Oil

Largest

producer10+

MMBD

Gas

Major Gas

Producer14+

BSCFD

Refining

Major

Refiner5+

MMBD

Chemical

Top Tier

Producer14+

MMT

Building our ecosystem through collaboration with service providers

A wide range of investments to improve our ecosystem

Infrastructure

Development

▪ Value Parks

▪ Maritime Complex

▪ Energy Park

Partnerships with

Service Industry

▪ Onshore drilling JV

▪ Offshore JV

▪ PMC

iktva

(Localization)

▪ Human Capital

▪ Local Capabilities

▪ Supply Chain

Development

We are building world-scale infrastructure to facilitate

local services and supply chains

27/10/2014

Copyright note text (8pt)

Ras Al Khair

Plaschem Park

SPARK

Jazan City

PlusTech

Value Parks King Salman International Complex

King Salman Energy Park

Specialized

Training

Logistics

Zone

Saudi

Aramco Hub

▪Warehouses facilities

▪ Redistribution centers

▪ 4 Training centers for

Upstream

▪Drilling & workover

HQ

In summary …

▪ As the industry recovers, it will need to maintain focus on productivity, cost

effectiveness, and environmental responsibility

▪ The best companies will deploy technology as a vital differentiator

▪ Saudi Aramco continues to invest to maintain our preeminence in oil and gas

Aiming high… and achieving the mark

Investing for

the Future

© Saudi Arabian Oil Company 2018

Florence, Italy

January 29, 2018