Saudi Arabian Oil : Q1 results webcast presentation

Q1 2023 Results

May 9, 2023

Cautionary notes

This presentation may contain certain forward-looking statements with respect to The Saudi Arabian Oil Company's ("Aramco" or the "Company" or "we") financial position, results of operations and business and certain of its 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.

You 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); risks related to our ability to successfully meet our ESG goals; 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; and the risks identified in our latest annual report and interim reports available on our website and filed with the Saudi Exchange. In light of these risks, uncertainties and assumptions, the forward-looking events described in this presentation may not occur.

Our forward-looking statements speak only as of the date of this presentation or as of the date they are made. 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-q1-2023-interim-report-english.pdf

Our non‐IFRS financial measures may not be comparable to similarly titled measures presented by other companies.

Saudi Aramco Q1 2023 Results | 2

Amin Nasser

President & CEO

Strong Q1 2023 performance

Continued high reliability, focus on costs and ability to react to market conditions

Strong earnings, cash flows and balance sheet

Confident in mid to long‐term oil demand; continuing to see industry under-investment in supply

Strategy on track; good progress achieving oil and gas expansion and liquids-to-chemicals growth

Saudi Aramco Q1 2023 Results | 4

Ziad Al-Murshed

Executive Vice President & CFO