Saudi Aramco After IPO – Company Overview and Development Outlook

Saudi Aramco offered 1.5% of its company (equivalent to 3 billion shares out of total 200 billion share) to investors on December 10, 2019 at SAR32 (US$8.53) per share. The share price increased in the following week. Closed price on Saudi Arabia's Tadawul exchange was SAR38.00 (US$10.13) per share on December 16, 2019, resulting in market value slightly above US$2 trillion and making Aramco as the world’s most valuable company.

Saudi Aramco outperforms all other major integrated oil and gas companies on key performance indicators of production, reserves, lifting costs and net income owing to its abundant hydrocarbon reserves with majority of them laying in operationally favourable onshore and shallow water offshore locations. In 2018 the upstream segment contributed over 99% of Earnings Before Interest and Taxes (EBIT). The Company has planned major expansions of the country’s main offshore fields that forecast to comprise about 60% of the upstream capital expenditure from 2019-22. The Company is more globally diversified in its downstream sector, investing in existing and upcoming refinery and petrochemical projects in Asia and the US in addition to expansion of its domestic capacities.

Scope

Saudi Aramco company overview, IPO details and SWOT analysis

Upstream optional benchmarking, comparing key performance indicators with other major integrated oil and gas companies

Company’s production and capex outlook as well as upstream portfolio valuation and cash flow analysis

Latest project updates and details of Company’s key planned crude and natural gas projects

Downstream overview and key upcoming projects outlook

Saudi Basic Industries Corp (SABIC) company overview and details on acquisition deal by Aramco

Reasons to buy

Understand details on Saudi Aramco’s market value and its position after IPO

Develop business strategies with the help of specific insights on the Company’s production and capex outlook

Keep abreast of key planned production projects in Saudi Arabia oil and gas sector

Facilitate decision making on the basis of operational benchmarking details and key performance indicators of the world’s major IOCs

Assess the Company’s downstream sector and details on upcoming projects

Table of Contents

1. Table of Contents 1

1.1. List of Tables 3

1.2. List of Figures 4

2. Saudi Arabian Oil Co – Overview 5

3. Operational Benchmarking 7

3.1. Operational Benchmarks – Total Oil & Gas Reserves 7

3.2. Operational Benchmarks – Total Oil and Gas Production 8

3.3. Operational Benchmarks – Exploration & Development Costs 9

3.4. Operational Benchmarks – Lifting Cost 10

3.5. Operational Benchmarks – Net Upstream Operations Income (Post-tax) 11

4. Upstream Overview 12

4.1. Saudi Arabian Oil Co – Gross Oil Production 12

4.2. Saudi Arabian Oil Co – Upstream Annual Capital Expenditure 13

4.3. Saudi Arabian Oil Co – Upstream Portfolio Valuation 14

4.4. Saudi Arabian Oil Co – Upstream Post-tax Cash Flow Analysis 15

5. Key Upstream Development Projects 16

5.1. Saudi Arabian Oil Co – Main Upcoming Upstream Projects 16

5.2. Saudi Arabian Oil Co – Main Upcoming Gas Processing Plants Projects 17

5.3. Upcoming Upstream Expansion Projects 18

5.3.1. Marjan Complex 18

5.3.2. Berri 20

5.3.3. Safaniyah 22

5.3.4. Zuluf 24

5.3.5. Fadhili Gas Plant (Hasbah Gas Increment) 26

5.4. Upcoming Upstream New Projects 28

5.4.1. Dammam Redevelopment 28

5.4.2. Midyan 29

6. Downstream Overview and Key Projects 30

6.1. Saudi Arabian Oil Co – Refinery Capacity 30

6.2. Upcoming Downstream New Build Project 31

6.2.1. Jizan Refinery 31

6.3. Upcoming Downstream Expansion Project 32

6.3.1. Ras Tanura Refinery 32

6.4. Saudi Arabian Oil Co – Petrochemicals Capacity 33

6.5. Upcoming Petrochemical Project 34

6.5.1. Saudi Aramco Total Refining and Petrochemical Company Al-Jubail Complex 34

6.5.2. SABIC Saudi Aramco JV Yanbu Complex 35

7. Saudi Basic Industries Corp (SABIC) Overview 36

7.1. SABIC Acquisition by Saudi Aramco – Deal Overview 36

7.2. SABIC – Petrochemicals Capacity 37

8. Appendix 38

8.1. Contact Us 38

8.2. Disclaimer 38

List of Tables

Table 1: Major Upcoming Upstream Projects of Saudi Arabian Oil Co 16

Table 2: Major Upcoming Gas Processing Plants Projects by Saudi Arabian Oil Co 17

Table 3: Key Valuation Metrics (Remaining) – Marjan Complex 18

Table 4: Key Valuation Metrics (Remaining) – Berri 20

Table 5: Key Valuation Metrics (Remaining) – Safaniyah 22

Table 6: Key Valuation Metrics (Remaining) – Zuluf 24

Table 7: Key Valuation Metrics (Remaining) – Fadhili Gas Plant 26

Table 8: Key Valuation Metrics (Remaining) – Dammam Redevelopment 28

Table 9: Key Valuation Metrics (Remaining) – Midyan 29

Table 10: Jizan Refinery Project Details 31

Table 11: Ras Tanura Refinery Project Details 32

Table 12: Saudi Aramco Total Refining and Petrochemical Company Al-Jubail Complex Project Details 34

Table 13: SABIC Saudi Aramco JV Yanbu Complex Project Details 35

List of Figures

Figure 1: Saudi Arabian Oil Co – Upstream SWOT Analysis 6

Figure 2: Total Oil & Gas Reserves, End of Period 7

Figure 3: Total Oil and Gas Production 8

Figure 4: Exploration & Development Costs 9

Figure 5: Lifting Cost per boe 10

Figure 6: Net Post-tax Upstream Income per boe 11

Figure 7: Saudi Aramco Oil and Condensate Production Forecast 12

Figure 8: Saudi Aramco Upstream Annual Capital Expenditure 13

Figure 9: Saudi Aramco Upstream Portfolio Valuation* 14

Figure 10: Price Sensitivity Analysis on Saudi Aramco’s Upstream Post-tax Cash Flow* 15

Figure 11: Field Oil & Gas Production 2010–2025 (Marjan Complex) 18

Figure 12: Remaining Cash Flow Analysis – Marjan Complex 19

Figure 13: Field Oil & Gas Production 2010–2025 (Berri) 20

Figure 14: Remaining Cash Flow Analysis – Berri 21

Figure 15: Field Oil & Gas Production 2010–2025 (Safaniyah) 22

Figure 16: Remaining Cash Flow Analysis – Safaniyah 23

Figure 17: Field Oil & Gas Production 2010–2025 (Zuluf) 24

Figure 18: Remaining Cash Flow Analysis – Zuluf 25

Figure 19: Field Oil & Gas Production 2010–2025 (Fadhili Gas Plant) 26

Figure 20: Remaining Cash Flow Analysis – Fadhili Gas Plant 27

Figure 21: Field Oil Production (Dammam Redevelopment) 28

Figure 22: Field Gas & Condensate Production (Midyan) 29

Figure 23: Saudi Aramco Refinery Capacity 30

Figure 24: Saudi Aramco’s Net Petrochemical Capacity* 33

Figure 25: SABIC’s Net Petrochemical Capacity* 37

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