SAUDI ARAMCO NET INCOME $16.7 BLN

SAUDI ARAMCO - In 2019, Saudi Aramco produced 13.2 mmboed, including 9.9 mmbpd of crude oil (including blended condensate and excluding the Kingdom of Bahrain's share of volumes produced from Abu Sa'fah field). As at December 31, 2019, based on the initial 40-year period and 20-year extension of the concession, Saudi Aramco's reserves stood at 258.6 billion boe, including 201.9 billion barrels of crude oil and condensate, 25.7 billion barrels of NGLs and 190.6 tscf of natural gas. In addition, as at December 31, 2019, Saudi Aramco had a gross refining capacity of 6.4 mmbpd and net refining capacity of 3.6 mmbpd.

The Company is focused on maintaining its pre-eminent upstream position and continued strategic integration of its downstream operations to secure demand for its crude oil and to capture value across the hydrocarbon chain.

Saudi Aramco President & CEO Amin H. Nasser CEO’s statement

Not surprisingly, our financial performance in the first three months of 2020 was impacted by the ongoing effects of the COVID-19 global pandemic as well as lower oil prices. However, with net income of $16.7 billion, ROACE of 26.3%, free cash flow of $15.0 billion and a gearing ratio of -4.9%, our first quarter results were exceptionally strong due to our prudent balance sheet management and low-cost structure. Saudi Aramco declared a dividend of $18.75 billion for the first quarter. These unparalleled results demonstrate Saudi Aramco's agility, strength and resilience across economic cycles.

During the first quarter, we took steps to optimize our planned 2020 capital spending while working to identify opportunities to further improve operational productivity. Going forward, we retain significant flexibility to further adjust expenditures in response to the disruption caused by the coronavirus on both economic activity and energy demand.

The COVID-19 crisis is unlike any the world has experienced and we must all adapt to highly complex and rapidly changing developments. Our people remain our priority. It is after all, our employees – along with our partners and our contractors – whose work is essential to our core business of reliably and safely supplying energy to the world. Saudi Aramco is also assisting local communities in the fight against the coronavirus by providing support to healthcare and relief organizations, both in the Kingdom and in international locations.

In addition to seeking to minimize and mitigate the impact of the current economic situation, we are maintaining a firm focus on long-term growth and value creation as uncertain environments also present opportunities.

While COVID-19 has created unprecedented uncertainty, we have considerable experience in managing through times of adversity. This resilience will enable us to continue to deliver on our commitments to our shareholders.

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