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Saudi Aramco corporate report

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Saudi Aramco's unmatched size, scale of advantaged resource and fortress balance sheet are unique differentiators. Having successfully negotiated the pandemic and subsequent oil price crash, the world's largest oil producer is increasing spend as it aligns with Saudi Arabia's Vision 2030 to diversify the Kingdom’s economy away from oil production. Read our updated corporate report for our take on its strategic priorities: Maintaining government revenues: what oil price is required for Aramco to breakeven? Growing upstream: are capacity targets within reach? Building downstream: how does oil production compare with refining capacity? Moving into new energies: how do targets and progress to date rank alongside peers? Business development: why is Aramco increasing exposure to international gas?

Table of contents

  • Downstream
    • Resilience
    • Strengths
    • Weaknesses
    • Outlook
    • Sustainability
    • Strengths
    • Weaknesses
    • Outlook
    • Unconventional gas development will drive gas growth to 2030
  • International M&A to kick start following MidOcean acquisition?

Tables and charts

This report includes 27 images and tables including:

  • Relative share price performance
  • Market premium/discount to WM base case NPV10*
  • Saudi Aramco downstream acquisitions since 2019
  • Benchmarking: refining net cash margin 2024
  • Benchmarking: capacity vs production 2024
  • Benchmark: upstream Scope 1 and 2 emissions (2024-2030)*
  • CCS unrisked net project capacity
  • Aramco's net CCUS capacity by project
  • Wind and solar: targeted operational capacity* (net or gross**)
  • Base price assumptions (nominal terms)
  • Valuation assumptions
  • Resilience ratings: 1) IOC benchmarking; 2) Aramco ratings weighted by Dimension
  • Sustainability ratings: 1) IOC benchmarking; 2) Aramco ratings weighted by Dimension
  • Post-dividend cash flow outlook*
  • Saudi Aramco breakeven breakdown*
  • Capital investment guidance
  • Saudi Aramco production outlook
  • Benchmark: production outlook
  • Benchmark: upstream capital investment
  • Benchmark: capex per unit of production
  • Saudi Aramco net liquids production by location
  • Liquids production from Aramco's key fields
  • Saudi Aramco key gas infrastructure
  • Saudi Aramco sales gas production

What's included

This report contains:

  • Document

    Saudi Aramco corporate report

    PDF 2.51 MB