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Saudi Aramco corporate report

Norman Valentine

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JUST RELEASED - Saudi Aramco financials report

The Saudi Arabian Oil Company stands on the brink of transformation. A longstanding leader in oil production, it now wants to become an undisputed global energy champion. Put simply, the goal is to become the world’s premier integrated oil and gas company. Saudi Aramco will need a huge expansion through the energy value chain. A mix of large-scale organic investment and M&A will bring step changes in Saudi Aramco's refining and marketing, trading, petrochemicals and global gas businesses. We look how the Saudi Arabian Oil Company could be transformed into the number one integrated energy player by 2030.

Saudi Aramco’s financials are enough to turn any CEO green with envy. We estimate upstream cash flow last year was over three times larger than Shell’s, the most cash-generative of the supermajors.

Simon Flowers, Chairman and Chief Analyst, on Forbes.com

Why buy this report on Saudi Aramco financials?

  • Gain an in-depth view of the company's financials as the world’s biggest oil producer opens its books for the first time

  • Understand how Saudi Aramco financial statements compare with the largest international oil companies

  • Access our assessment of the company's future financial prospects and strategy, and our comprehensive valuation based on future cash flows

What key questions does this report answer?

  • What’s driving Aramco’s ambition?

  • If the SABIC acquisition is the first step, what’s next?

  • What risk does a low oil price present to Saudi Aramco’s financial strength?

09 April 2019

Saudi Aramco corporate report

Report summary

Saudi Aramco stands on the brink of transformation. A longstanding leader in oil production, it now wants to become an undisputed global energy champion. Put simply, Aramco’s goal is to become the world’s premier integrated oil and gas company. This will need a huge expansion through the energy value chain. A mix of large-scale organic investment and M&A will bring step changes in Aramco’s refining and marketing, trading, petrochemicals and global gas businesses. We look how Aramco could be transformed into the number one integrated energy player by 2030.

Table of contents

  • Overview
    • Fiscal changes have increased Aramco’s financial flexibility and autonomy.
    • Huge cash generation in our base case
    • Maintaining oil production capacity
    • Brownfield offshore expansions will maintain capacity
    • Long-term potential from redevelopment of onshore giants and undeveloped smaller fields
    • Gas Ambitions
    • Domestic gas: shift to non-associated output will accelerate – higher cost are mostly sunk
    • New gas production will displace oil in the power sector and support development of industrial clusters
    • Integration in petrochemicals will see Aramco capture a bigger share of the gas value chain
    • Developing new domestic gas supply is a strategic priority
    • International gas aspirations
    • Refining
    • Refining – Existing Portfolio
    • Middle East
    • Asia Pacific
    • North America
    • Refining – Investment
    • Trading
    • Marketing
    • Domestic
    • International
    • Chemicals
    • Olefins
    • Aromatics
    • Saudi Aramco / SABIC tie-up
  • Wood Mackenzie base case valuation metrics
  • Wood Mackenzie base case upstream investment and cost metrics
  • Wood Mackenzie base case upstream production metrics
  • Wood Mackenzie base case upstream reserve and resource metrics

Tables and charts

This report includes 45 images and tables including:

  • Base case upstream NPV10*
  • Current upstream NPV10 vs. future NPV10*
  • Upstream NPV10*
  • Upstream portfolio sensitivities vs. Upstream EV*
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Liquids Production
  • Gas production
  • Total reserves: Wood Mackenzie commercial*
  • Total resources: Wood Mackenzie by region*
  • Total reserves: Wood Mackenzie oil and gas*
  • Reserve life: Wood Mackenzie oil and gas*
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions (nominal terms)
  • Low price assumptions (nominal terms)
  • Valuation assumptions
  • Foreign exchange rate assumptions
  • Post dividend cash flow outlook (including SABIC acquisition but excluding future M&A)*
  • Net debt outlook (including SABIC acquisition but excluding any future M&A)*
  • Saudi Aramco working interest liquids production
  • Production from Saudi Aramco's key oil fields
  • Saudi Aramco key oil fields
  • Saudi Aramco working interest oil production by location
  • Benchmarking: upstream capital investment (WM projections – commercial assets only)
  • Benchmarking: development spend per unit of production
  • Saudi Aramco key gas infrastructure
  • Benchmark: working interest gas resources*
  • Benchmark: 2019 gas production*
  • Saudi Aramco net WI sales gas production
  • Saudi Arabia gas supply demand balance
  • Saudi Arabia energy demand by fuel
  • Benchmark: refining capacity vs oil production
  • Benchmarking: Refining Net Cash Margin
  • Saudi Aramco refinery interests by region (Q1 2019)
  • Saudi Aramco: refining capacity by region
  • Benchmarking: Regional Net Cash Margin
  • Benchmark: Saudi Aramco ethylene cost of production
  • Benchmark: paraxylene production global margin curve 2019
  • Saudi Aramco principal petrochemical sites by region
  • SABIC principal petrochemical sites by region
  • Saudi Aramco and SABIC key petrochemical capacities

What's included

This report contains:

  • Document

    Saudi Aramco_Corporate_Report.xlsx

    XLSX 766.13 KB

  • Document

    Saudi Aramco corporate report

    PDF 3.14 MB

  • Document

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    ZIP 3.13 MB

Listen in as the authors of this report discuss the unrivaled financial strength of Saudi Aramco.

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