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1、Aramco announces first quarter 2024 resultsQ1 net income remains robust as Company progresses its growth strategy Key financial resultsFirst quarter ended March 31SARUSD*All amounts in millions unless otherwise stated2024202320242023Net income 102,271119,54227,27231,878EBIT1201,384221,54853,70259,07

2、9Capital expenditures40,62132,79710,8328,746Free cash flow185,348115,85022,76030,894Dividends paid116,50373,15031,06719,507ROACE1,321.7%29.3%21.7%29.3%Average realized crude oil price($/barrel)n/an/a83.081.0*Supplementary information is converted at a fixed rate of U.S.dollar 1.00=SAR 3.75 for conve

3、nience only.1.Non-IFRS measure:refer to Non-IFRS measures reconciliations and definitions section for further details.2.Includes dividends already declared in Q1 2024 and Q2 2024.Exact amounts and eligibility dates for the remaining dividends to be declared in 2024 will be announced,if and when decl

4、ared at the Boards sole discretion,after considering the Companys financial position and ability to fund commitments including growth capital plans,in accordance with the Companys dividend distribution policy.3.Calculated on a 12-month rolling basis.“Our first quarter performance reflects the resili

5、ence and strength of Aramco,reinforcing our position as a leading supplier of energy to economies,to industries and to people worldwide.“We also continue to execute our long-term strategy,and in the first quarter made significant progress on expanding our gas business and growing our globally-integr

6、ated downstream value chain,while maintaining our focus on consistently delivering value for our shareholders.“Looking ahead,I expect our portfolio to continue to evolve as we aim to contribute to an energy transition that offers solutions to climate challenges,but at the same time recognizes the ne

7、ed for affordable,reliable,and flexible energy supplies.”Amin H.NasserPresident and CEO Net income:$27.3 billion(Q1 2023:$31.9 billion)Cash flow from operating activities:$33.6 billion(Q1 2023:$39.6 billion)Free cash flow1:$22.8 billion(Q1 2023:$30.9 billion)Gearing ratio1:-3.8%as at March 31,2024,c

8、ompared to-6.3%at end of 2023 Q1 2024 base dividend of$20.3 billion and the fourth performance-linked dividend distribution of$10.8 billion to be paid in the second quarter Company expects total dividends of$124.3 billion2 to be declared in 2024,including base dividend of$81.2 billion2 and performan

9、ce-linked dividend of$43.1 billion2$7.7 billion of engineering,procurement,and construction contracts awarded for Fadhili Gas Plant expansion,which is expected to add 1.5 bscfd of processing capacity Company announced addition of 15 tscf to proven gas reserves and two billion stock tank barrels of c

10、ondensate at Jafurah unconventional field Aramco completed its acquisition of a 100%equity stake in Chilean retailer Esmax,supporting the Companys downstream expansion Overall venture capital funding to more than double to$7.5 billion,expanding the Companys ability to finance disruptive new technolo

11、gies in a variety of sectors,including the digital and sustainability fields2Saudi AramcoFirst quarter interim report 2024First quarter highlightsGlobal market conditions in the first quarter of 2024 improved compared to the previous quarter,driven by increased crude oil prices as a result of lower

12、global oil inventories and higher forecasted demand.Through its low-cost upstream operations and strategically integrated Downstream business,Aramco captured value from these market conditions and delivered robust earnings and free cash flow.In line with its aim to maximize value for shareholders,th

13、e Board declared a base dividend of SAR 76.1 billion($20.3 billion)and the fourth distribution of the performance-linked dividends of SAR 40.4 billion($10.8 billion),bringing the total declared dividends for the first quarter to SAR 116.5 billion($31.1 billion).Aramco believes it is well positioned

14、to help meet the worlds growing need for affordable and reliable energy,and that oil and gas will continue to be an important part of the global energy mix.The Company continues to implement its capital program,with the growth in capital spending directed mainly towards upstream liquids and gas,down

15、stream liquids to chemicals,and new energies such as renewables,lower-carbon fuels,and blue ammonia and hydrogen.Capital expenditures in the first quarter were SAR 40.6 billion($10.8 billion),reflecting the Companys intention to increase investment to capture unique growth opportunities and create l

16、ong-term value for shareholders.During the quarter,the Company announced the expansion of its venture capital funding available to Aramco Ventures by SAR 15.0 billion($4.0 billion).Half of the new funding will be directed toward disruptive technologies outside the energy sector,with the remaining po

17、rtion earmarked for late-stage,larger-ticket ventures in the sustainability and digital domains.The increased funding will bring the total investment funds in Aramcos venture capital programs to SAR 28.1 billion($7.5 billion),including Waed Ventures.In March 2024,the Government announced it had tran

18、sferred 8.0%of the Companys issued shares to PIFs wholly-owned companies.This private transfer did not affect the Companys total number of issued shares and has no impact on the Companys operations,strategy,dividend distribution policy,or governance framework.The Government remains Aramcos largest s

19、hareholder,retaining an 82.19%direct shareholding.In April 2024,Aramco announced a four-year global partnership to become FIFAs Major Worldwide Partner with rights across multiple events,including the FIFA World Cup 26 and FIFA Womens World Cup 2027.The partnership,which runs until the end of 2027,b

20、uilds on a shared commitment to innovation and development,and will combine footballs unique global reach with Aramcos history of championing innovation and community engagement.Through the partnership,Aramco aims to create impactful social initiatives and enable vibrant communities.UpstreamAramco a

21、chieved total hydrocarbon production of 12.4 mmboed in the first quarter,reflecting its safe,reliable operations and unique operational flexibility.In January 2024,the Government directed Aramco to maintain MSC at 12.0 mmbpd.This directive will have no impact on announced,near-term projects includin

22、g the Dammam development and the Marjan,Berri,and Zuluf crude oil increments.Production from these projects will be used to maintain MSC at 12.0 mmbpd,which provides operational flexibility to increase production and supports Aramcos unique ability to rapidly respond to changing market conditions.Ke

23、y developments during the quarter for these projects include the following:Construction activities continued for the Dammam development project,which is expected to add crude oil production of 25 mbpd in 2024 and 50 mbpd in 2027;Construction and procurement activities continued on the Marjan and Ber

24、ri crude oil increments,which are expected to be onstream by 2025 and add crude oil production capacity of 300 mbpd and 250 mbpd,respectively;and,Construction and engineering work progressed at the Zuluf crude oil increment,which is expected to process 600 mbpd of crude oil from the Zuluf field thro

25、ugh a central facility by 2026.Consistent with the Companys strategy to increase gas production by more than 60%over 2021 production levels by 2030,subject to domestic demand,and to develop an integrated global LNG business,Aramco delivered a number of key developments in the quarter:Announced the a

26、ddition of 15 tscf of raw gas and two billion stock tank barrels of condensate as proven reserves at the Jafurah unconventional field.Progressed design,procurement,and construction activities at the Jafurah Gas Plant,part of the Jafurah unconventional gas field development that is expected to commen

27、ce production in 2025 and gradually increase natural gas deliveries to reach a sustainable rate of 2.0 bscfd by 2030;Continued construction and procurement activities at the Tanajib Gas Plant,part of the Marjan development program.The Plant is expected to be onstream by 2025,adding 2.6 bscfd of addi

28、tional processing capacity from the Marjan and Zuluf fields;Awarded SAR 28.9 billion($7.7 billion)of engineering,procurement,and construction contracts for the expansion of the Fadhili Gas Plant,which is expected to add additional processing capacity of 1.5 bscfd by 2027;and,Completed the acquisitio

29、n of a minority stake in MidOcean,which subsequently acquired interests in a portfolio of integrated Australian LNG projects.3Saudi AramcoFirst quarter interim report 2024DownstreamAramco continued to enhance its global Downstream business during the quarter by expanding its presence in key high-gro

30、wth geographies,positioning itself to meet anticipated demand for petrochemical products,and growing its global brand presence.The Company again demonstrated its excellent track record of dependable operations,achieving 99.7%supply reliability.In the first quarter of the year,the crude oil utilized

31、by Aramcos downstream operations accounted for 51%of the Aramcos crude oil production.Key Downstream developments include the following:A groundbreaking ceremony was held by SABIC and Fujian Energy and Petrochemical Group Co.Ltd.to mark the start of construction at the SABIC Fujian Petrochemical Com

32、plex in Chinas Fujian province.With an estimated total investment of SAR 24.0 billion($6.4 billion),the complex will consist of a mixed-feed steam cracker and world-class downstream facilities,with an expected annual ethylene capacity of up to 1.8 million tons.The project aims to support SABICs goal

33、 to diversify its feedstock sources and expand its manufacturing presence in Asia as a key market for a wide range of products.The project is expected to be completed in 2027;and,Aramco completed its acquisition of a 100%equity stake in Esmax,a leading diversified downstream fuels and lubricants ret

34、ailer in Chile with retail fuel stations,airport operations,fuel distribution terminals,and a lubricant blending plant,for a purchase consideration of SAR 1.4 billion($0.37 billion),subject to customary adjustments.The transaction represents Aramcos first downstream retail investment in South Americ

35、a and is expected to secure outlets for its refined products,including fuel placement from Motiva.The acquisition is also expected to create a platform to launch the Aramco brand in South America while strengthening the Companys downstream value chain and unlocking new market opportunities for its V

36、alvoline-branded lubricants.Sustainability Aramcos response to climate change is embedded in its business strategy,supported by its climate change and energy transition framework and five GHG mitigation levers:energy efficiency,flaring and methane reduction,carbon capture and storage,renewables,and

37、natural climate solutions and offsets.One of its five decarbonization levers is renewables,where Aramco aims to increase its use of renewable energy sources and invest in up to 12 GW of solar PV and wind projects by 2030.In January 2024,the Sudair Solar PV Plant,one of the largest solar plants in th

38、e region with a capacity of 1.5 GW,reached full capacity operation.The project is jointly owned by Aramco(30%),PIF(35%),and ACWA Power Company(35%),and reflects Aramcos efforts to address climate change and the energy transition.In its full capacity,the Plant will support the Kingdoms ambition to ge

39、nerate part of the nations power needs from renewable energy by 2030.Aramco has played a central role in the localization of the supply chain and developing a Saudi-based energy ecosystem.In February 2024,Aramco signed 40 corporate procurement agreements worth SAR 22.5 billion($6.0 billion)with supp

40、liers in Saudi Arabia.The agreements are expected to strengthen Aramcos domestic supply chain ecosystem,enhancing the Companys resilience,reliability,and ability to meet the evolving needs of its customers,while boosting the Kingdoms economic development and providing suppliers with long-term visibi

41、lity of expected future demand.Additionally,Aramco signed two Memoranda of Understanding with strategic partners to collaborate on localization and supply chain development.These combined efforts support Aramcos iktva objective of having 70.0%of all procurement spend remain in-Kingdom by the end of

42、2025,and demonstrate its commitment toward growing societal value,a key focus area under the Companys sustainability framework.4Saudi AramcoFirst quarter interim report 2024All amounts in millions unless otherwise statedFinancial performance Summary of financial performanceFirst quarterSARUSD*All am

43、ounts in millions unless otherwise stated2024202320242023%changeIncome before income taxes and zakat205,014229,23454,67061,129(10.6)%Income taxes and zakat(102,743)(109,692)(27,398)(29,251)(6.3)%Net income102,271119,54227,27231,878(14.4)%*Supplementary information is converted at a fixed rate of U.S

44、.dollar 1.00=SAR 3.75 for convenience only.Financial ResultsKey factors affecting Aramcos financial results Aramcos results of operations and cash flows are primarily driven by market prices and volumes sold of hydrocarbons as well as refined and chemicals products.During the first quarter,the Compa

45、ny paid a 2023 fourth quarter base dividend of SAR 76.1 billion($20.3 billion),an increase of 4.0%compared to the previous quarter.In addition,the Company paid the third performance-linked dividend distribution of SAR 40.4 billion($10.8 billion),representing a 9.0%increase from the previous quarter.

46、These dividends payments,totaling SAR 116.5 billion($31.1 billion),resulted in a decrease in cash and cash equivalents and a corresponding reduction in shareholders equity in the consolidated balance sheet and statement of changes in equity.In March 2024,Aramco completed the acquisition of a 100%equ

47、ity stake in Esmax for a purchase consideration of SAR 1.4 billion($0.37 billion),subject to customary adjustments.This resulted in a decrease in cash and cash equivalents and a corresponding increase in the net assets in the consolidated balance sheet as a result of the first time consolidation of

48、the acquired entity.Income before income taxes and zakat for the first quarter of 2024 was SAR 205,014($54,670),compared to SAR 229,234($61,129)for the same quarter in 2023.The decrease was primarily a result of lower crude oil volumes sold,weakening refining and chemicals margins,and lower finance

49、and other income.This was partially offset by lower production royalties and an increase in crude oil prices compared to the same period last year.Income taxes and zakat for the first quarter of 2024 were SAR 102,743($27,398),compared to SAR 109,692($29,251)for the same quarter in 2023.The decrease

50、predominantly reflects the impact of lower earnings in the first quarter of 2024.For non-IFRS measures,refer to the Non-IFRS measures reconciliations and definitions section.5Saudi AramcoFirst quarter interim report 2024 All amounts in millions unless otherwise statedUpstream financial performanceFi

51、rst quarterSARUSD*All amounts in millions unless otherwise stated2024202320242023%changeEarnings before interest,income taxes and zakat205,342215,27854,75857,407(4.6)%Capital expenditures-cash basis33,11425,3328,8306,75530.7%*Supplementary information is converted at a fixed rate of U.S.dollar 1.00=

52、SAR 3.75 for convenience only.Earnings before interest,income taxes and zakat(EBIT)for the first quarter of 2024 totaled SAR 205,342($54,758),compared to SAR 215,278($57,407)for the same quarter in 2023.The decrease in EBIT is primarily related to lower crude oil volumes sold,partially offset by hig

53、her crude oil prices compared to the same period last year,and lower production royalties.Capital expenditures for the first quarter of 2024 were SAR 33,114($8,830),an increase of 30.7%compared to SAR 25,332($6,755)for the same period in 2023.This increase reflects progress associated with crude oil

54、 increments to maintain MSC at 12.0 mmbpd and increased development activity to support further expansion of the Companys gas business.Downstream financial performance First quarterSARUSD*All amounts in millions unless otherwise stated2024202320242023%changeEarnings before interest,income taxes and

55、zakat4,61512,8301,2313,421(64.0)%Capital expenditures-cash basis6,8827,1471,8351,906(3.7)%*Supplementary information is converted at a fixed rate of U.S.dollar 1.00=SAR 3.75 for convenience only.Earnings before interest,income taxes and zakat(EBIT)for the first quarter of 2024 was SAR 4,615($1,231),

56、compared to SAR 12,830($3,421)for the same quarter in 2023,a decrease of 64.0%.This decrease largely reflects weakening refining and chemicals margins,partially offset by inventory valuation movement.Capital expenditures for the first quarter of 2024 were SAR 6,882($1,835),mainly in line with expend

57、itures of SAR 7,147($1,906)for the same period in 2023.6Saudi AramcoFirst quarter interim report 2024All amounts in millions unless otherwise statedNon-IFRS measures reconciliations and definitionsThis Interim Report includes certain non-IFRS financial measures(ROACE,free cash flow,gearing,and EBIT)

58、,which Aramco uses to make informed decisions about its financial position and operating performance or liquidity.These non-IFRS financial measures have been included in this Interim Report to facilitate a better understanding of Aramcos historical trends of operation and financial position.Aramco u

59、ses non-IFRS financial measures as supplementary information to its IFRS-based operating performance and financial position.The non-IFRS financial measures are not defined by,or presented in accordance with,IFRS.The non-IFRS financial measures are not measurements of Aramcos operating performance or

60、 liquidity under IFRS and should not be used instead of,or considered as alternatives to,any measures of performance or liquidity under IFRS.The non-IFRS financial measures relate to the reporting periods described in this Interim Report and are not intended to be predictive of future results.In add

61、ition,other companies,including those in Aramcos industry,may calculate similarly titled non-IFRS financial measures differently from Aramco.Because companies do not necessarily calculate these non-IFRS financial measures in the same manner,Aramcos presentation of such non-IFRS financial measures ma

62、y not be comparable to other similarly titled non-IFRS financial measures used by other companies.Twelve months ended March 31SARUSD*All amounts in millions unless otherwise stated2024202320242023Net income437,493575,521116,665153,473Finance costs,net of income taxes and zakat4,0174,8631,0721,297Net

63、 income before finance costs,net of income taxes and zakat441,510580,384117,737154,770As at period start:Non-current borrowings268,544410,41271,612109,443Current borrowings76,92071,14120,51218,970Total equity1,706,8201,426,846455,152380,492Capital employed 2,052,2841,908,399547,276508,905As at perio

64、d end:Non-current borrowings240,310268,54464,08371,612Current borrowings51,52176,92013,73920,512Total equity1,722,3751,706,820459,300455,152Capital employed2,014,2062,052,284537,122547,276Average capital employed2,033,2451,980,342542,199528,091ROACE21.7%29.3%21.7%29.3%*Supplementary information is c

65、onverted at a fixed rate of U.S.dollar 1.00=SAR 3.75 for convenience only.ROACEROACE measures the efficiency of Aramcos utilization of capital.Aramco defines ROACE as net income before finance costs,net of income taxes and zakat,as a percentage of average capital employed,calculated on a 12-month ro

66、lling basis.Average capital employed is the average of total borrowings plus total equity at the beginning and end of the applicable period.Aramco utilizes ROACE to evaluate managements performance and demonstrate to its shareholders that capital has been used effectively.ROACE for the 12 months end

67、ed March 31,2024,was 21.7%compared to 29.3%for the same period in 2023.The decrease in ROACE,calculated on a 12-month rolling basis,was mainly attributable to lower earnings,primarily reflecting lower crude oil prices and volumes sold and weakening refining and chemical margins.7Saudi AramcoFirst qu

68、arter interim report 2024 All amounts in millions unless otherwise statedAramco uses free cash flow to evaluate its cash available for financing activities,including dividend payments.Aramco defines free cash flow as net cash provided by operating activities less capital expenditures.Free cash flow

69、for the first quarter of 2024 was SAR 85,348($22,760),compared to SAR 115,850($30,894)for the same quarter in 2023,a decrease of SAR 30,502($8,134).This decrease largely reflects lower operating cash flows as a result of lower earnings and unfavorable movements in working capital,partially offset by

70、 a reduction in cash paid for the settlement of income,zakat and other taxes.Capital expenditures increased by SAR 7,824($2,086)in the first quarter of 2024 compared to the same period in 2023,mainly driven by progress associated with crude oil increments to maintain MSC at 12.0 mmbpd,and increased

71、development activity to support further expansion of the Companys gas business.Free cash flowFirst quarterSARUSD*All amounts in millions unless otherwise stated2024202320242023Net cash provided by operating activities125,969148,64733,59239,640Capital expenditures(40,621)(32,797)(10,832)(8,746)Free c

72、ash flow85,348115,85022,76030,894*Supplementary information is converted at a fixed rate of U.S.dollar 1.00=SAR 3.75 for convenience only.GearingGearing is a measure of the degree to which Aramcos operations are financed by debt and reflects available liquidity held in current and non-current invest

73、ments and cash management instruments.Aramco defines gearing as the ratio of net(cash)/debt(total borrowings less cash and cash equivalents,short-term investments,investments in debt securities(current and non-current),and non-current cash investments)to total equity and net(cash)/debt.Management be

74、lieves that gearing is widely used by analysts and investors in the oil and gas industry to indicate a companys financial health and flexibility.Aramcos gearing ratio as at March 31,2024,was(3.8)%,compared to(6.3)%as at December 31,2023.The increase in gearing is primarily driven by a lower net cash

75、 position largely due to lower short-term investments,partially offset by higher cash and cash equivalents.The higher cash and cash equivalents balance reflects operating cash inflows and reduction in short-term investments,partially offset by dividend payments and capital expenditures during the pe

76、riod.SARUSD*All amounts in millions unless otherwise statedMarch 31,2024December 31,2023March 31,2024December 31,2023Total borrowings(current and non-current)291,831290,14777,82277,373Cash and cash equivalents(243,972)(198,973)(65,059)(53,059)Short-term investments(100,758)(184,343)(26,869)(49,158)I

77、nvestments in debt securities(current and non-current)1(9,593)(9,584)(2,557)(2,556)Non-current cash investments-Net(cash)(62,492)(102,753)(16,663)(27,400)Total equity1,722,3751,737,092459,300463,225Total equity and net(cash)1,659,8831,634,339442,637435,825Gearing(3.8)%(6.3)%(3.8)%(6.3)%*Supplementar

78、y information is converted at a fixed rate of U.S.dollar 1.00=SAR 3.75 for convenience only.1.As at March 31,2024,investments in debt securities(current and non-current)are comprised of SAR 1,097($293)and SAR 8,496($2,264),which form part of other assets and receivables under current assets,and inve

79、stments in securities under non-current assets,respectively.As at December 31,2023,the investments in debt securities(current and non-current)are comprised of SAR 1,249($333)and SAR 8,335($2,223),which form part of other assets and receivables under current assets,and investments in securities under

80、 non-current assets,respectively.8Saudi AramcoFirst quarter interim report 2024All amounts in millions unless otherwise statedEarnings before interest,income taxes and zakat(EBIT)Aramco defines EBIT as net income plus finance costs and income taxes and zakat,less finance income.Aramco believes EBIT

81、provides useful information regarding its financial performance to analysts and investors.EBIT for the first quarter ended March 31,2024,was SAR 201,384($53,702),compared to SAR 221,548($59,079)for the same quarter in 2023.This decrease of SAR 20,164($5,377)mainly represents the impact of lower crud

82、e oil volume sold and weakening refining and chemicals margins.This was partially offset by lower production royalties and an increase in crude oil prices compared to the same period last year.First quarterSARUSD*All amounts in millions unless otherwise stated2024202320242023Net income 102,271119,54

83、227,27231,878Finance income(6,655)(10,863)(1,775)(2,897)Finance costs3,0253,177807847Income taxes and zakat102,743109,69227,39829,251Earnings before interest,income taxes and zakat201,384221,54853,70259,079*Supplementary information is converted at a fixed rate of U.S.dollar 1.00=SAR 3.75 for conven

84、ience only.9Saudi AramcoFirst quarter interim report 2024Terms and abbreviations Currencies SAR/Saudi RiyalSaudi Arabian Riyal,the lawful currency of the Kingdom$/USD/Dollar U.S.dollarUnits of measurement Barrel(bbl)Barrels of crude oil,condensate or refined products boe Barrels of oil equivalent bp

85、d Barrels per day bscf Billion standard cubic feet bscfd Billion standard cubic feet per day GWGigawatts mboed Thousand barrels of oil equivalent per day mbpd Thousand barrels per day mmbbl Million barrels mmboe Million barrels of oil equivalent mmboed Million barrels of oil equivalent per day mmbpd

86、 Million barrels per day mmBTU Million British thermal unitsmmscf Million standard cubic feet mmscfd Million standard cubic feet per daymmtpa Million metric tonnes per annumper day Volumes are converted into a daily basis using a calendar year(Gregorian)scf Standard cubic feettscf Trillion standard

87、cubic feetTechnical termsCO2Carbon dioxide.CondensateLight hydrocarbon substances produced with raw gas which condenses into liquid at normal temperatures and pressures associated with surface production equipment.HydrocarbonsCrude oil and other hydrogen and carbon compounds in liquid or gaseous sta

88、te.LiquidsCrude oil,condensate,and NGL.LNGLiquefied natural gas.MSC Maximum Sustainable Capacity the average maximum number of barrelsper day of crude oil that can be produced for one year during any future planning period,after taking into account all planned capital expenditures and maintenance,re

89、pair and operating costs,and after being given three months to make operational adjustments.The MSC excludes AGOCs crude oil production capacity.Natural gasMethane produced at Aramcos gas plants and sold within the Kingdom as sales gas.NGLNatural gas liquids,which are liquid orliquefied hydrocarbons

90、 produced in themanufacture,purification,andstabilization of natural gas.For thereporting of reserves,ethane is includedin NGL.For the reporting of production,NGL is included in total liquids,andethane is reported as a component oftotal gas.ReliabilityTotal products volume shipped/delivered within 2

91、4 hours of the scheduled time,divided by the total products volume committed.Any delays caused by factors that are under the Companys control(e.g.terminal,pipeline,stabilization,or production)negatively affect the score,whereas delays caused by conditions that are beyond the Companys control,such as

92、 adverse weather,are not considered.A score of less than 100 percent indicates there were issues that negatively impacted reliability.10Saudi AramcoFirst quarter interim report 2024GlossaryAffiliate Except with respect to financial information,the term affiliate means a person who controls another p

93、erson or is controlled by that other person,or who is under common control with that person by a third person.In any of the preceding,control could be direct or indirect.With respect to financial information,the term affiliate means the Companys subsidiaries,joint arrangements and associates,each as

94、 defined by IFRS.AGOCAramco Gulf Operations Company Ltd.AssociateWith respect to financial information,the term Associate,as defined by IFRS,means an entity over which the Company has significant influence but not control,generally reflected by a shareholding of between 20%and 50%of the voting right

95、s.Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.AuditorAn auditor is a person or entity authorized to review and verify the accuracy of financial records and ensure that compan

96、ies comply with tax laws.Aramco is audited by an independent external auditor,PricewaterhouseCoopers(PwC)Public Accountants,the independent external auditor of Aramco.BoardThe Board of Directors of the Company.CompanySaudi Arabian Oil Company(The Company).ControlExcept with respect to financial info

97、rmation,the term“Control”means the ability to influence the actions or decisions of another person through,whether directly or indirectly,alone or with a relative or affiliate(a)holding 30%or more of the voting rights in a company,or(b)having the right to appoint 30%or more of the Board of a company

98、;“controller”shall be construed accordingly.With respect to financial information,the term“Control”is defined by IFRS:The Company controls an entity when it is exposed to,or has rights to,variable returns from its involvement with the entity and has the ability to affect those returns through its po

99、wer over the entity.EBITEarnings(losses)before interest,income taxes and zakat.ESGEnvironmental,social,and governance.EsmaxEsmax Distribucin SpA.GovernmentThe Government of the Kingdom(and“Governmental”shall be interpreted accordingly).HHijri calendar.IAS International Accounting Standard(s).IFRS In

100、ternational Financial Reporting Standard(s)that are endorsed in the Kingdom and other standards and pronouncements endorsed by SOCPA.iktvaIn-Kingdom Total Value Add.Joint arrangement The term joint arrangement,as defined by IFRS,refers to either a joint operation or a joint venture.Joint operation T

101、he term joint operation,as defined by IFRS,means a type of joint arrangement whereby the parties that have joint control of the agreement have rights to the assets and obligations for the liabilities relating to the arrangement.Joint ventureThe term joint venture,as defined by IFRS,means a type of j

102、oint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement.KingdomKingdom of Saudi Arabia.MENAMiddle East and North Africa.MidOceanMidOcean Holdings II,L.P.MotivaMotiva Enterprises LLC.PIFPublic Investment Fund of Saudi Arab

103、ia.ROACEReturn on average capital employed.SABICSaudi Basic Industries Corporation.Saudi Aramco/Aramco/GroupSaudi Arabian Oil Company,together with its consolidated subsidiaries,and where the context requires,its joint operations,joint ventures and associates.Any reference to“us”,“we”or“our”refers t

104、o Saudi Aramco/Aramco except where otherwise stated.Unless otherwise stated,the text does not distinguish between the activities and operations of the Company and those of its subsidiaries.ShareholderAny holder of shares.SOCPA Saudi Organization for Chartered and Professional Accountants.Subsidiarie

105、sExcept with respect to financial information,the term subsidiaries mean the companies that Aramco controls through its ability to influence the actions or decisions of another person through,whether directly or indirectly,alone or with a relative or affiliate(i)holding 30%or more of the voting righ

106、ts in a company or(ii)having the right to appoint 30%or more of the Board of a company.With respect to financial information,the term subsidiaries is defined by IFRS,meaning entities over which the Company has control.11Saudi AramcoFirst quarter interim report 2024Disclaimer This Interim Report may

107、contain certain forward-looking statements with respect to Aramcos financial position,results of operations and business and certain of Aramcos plans,intentions,expectations,assumptions,goals and beliefs regarding such items.These statements include all matters that are not historical fact and gener

108、ally,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.In

109、vestors and prospective investors should be aware that forward-looking statements are not guarantees of future performance and that Aramcos actual financial position,results of operations and business and the development of the industries in which it operates may differ significantly from those made

110、 in or suggested by these forward-looking statements.In addition,even if Aramcos 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 o

111、f results or developments in subsequent periods.Factors that could cause actual results to differ materially from Aramcos expectations are contained in cautionary statements in this Interim Report and include,among other things,the following:Global supply,demand and price fluctuations of oil,gas and

112、 petrochemicals;Global economic conditions;Competition in the industries in which Aramco operates;Climate change concerns,weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products,as well as risks related to Aramcos ESG goals and targets;Conditions a

113、ffecting 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;Political and social instability and unrest,and actual or potential armed conflicts in t

114、he MENA region and other areas;Natural disasters and public health pandemics or epidemics;The management of Aramcos growth;The management of the Companys subsidiaries,joint operations,joint ventures,associates and entities in which it holds a minority interest;Aramcos exposure to inflation,interest

115、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;Legal proceedings,international trade matters,and other disputes or agreements;and Risks related to the

116、 Kingdom.For a discussion of our risk factors,please see Aramcos Annual Report 2023,available through the investor relations section of Aramcos website at forward-looking statements speak as of the date of this report or the date they are made,and we undertake no obligation to update or revise any f

117、orward-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 our

118、 risk factors in our Annual Report and statements contained elsewhere in this Interim Report.Aramcos financial information herein has been extracted from Aramcos condensed consolidated interim financial report for the three-month period ended March 31,2024,which is prepared and presented in accordan

119、ce with IAS 34,that is endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Chartered and Professional Accountants(“SOCPA”).In addition,this document includes certain“non-IFRS financial measures”.These measures are not recognized measure

120、s under IFRS and do not have standardized meanings prescribed by IFRS.Rather,these measures are provided as additional information to complement IFRS measures by providing further understanding of Aramcos results of operations,cash flow and financial position from managements perspective.Accordingly

121、,they should not be considered in isolation or as a substitute for analysis of Aramcos financial information reported under IFRS.A reconciliation of non-IFRS measures is included in the Non-IFRS measures reconciliations and definitions section of this Interim Report.12Saudi AramcoFirst quarter inter

122、im report 2024Independent auditors review report.13Condensed consolidated statement of income.14Condensed consolidated statement of comprehensive income.15Condensed consolidated balance sheet.16Condensed consolidated statement of changes in equity.17Condensed consolidated statement of cash flows.18N

123、otes to the condensed consolidated interim financial report.19Condensed consolidated interim financial reportFor the three-month period ended March 31,2024(unaudited)12 PricewaterhouseCoopers,License No.25,Saudi Aramco,P.O.Box 1659,Dhahran 31311,Kingdom of Saudi Arabia T:+966(13)873-6800,F:+966(13)8

124、73-8883, Report on review of the condensed consolidated interim financial report To the shareholders of Saudi Arabian Oil Company Introduction We have reviewed the accompanying condensed consolidated balance sheet of Saudi Arabian Oil Company and its subsidiaries as at March 31,2024 and the related

125、condensed consolidated statements of income,comprehensive income,changes in equity and cash flows for the three-month period then ended and other explanatory notes(the“condensed consolidated interim financial report”).Management is responsible for the preparation and presentation of this condensed c

126、onsolidated interim financial report in accordance with International Accounting Standard 34,Interim Financial Reporting,that is endorsed in the Kingdom of Saudi Arabia.Our responsibility is to express a conclusion on this condensed consolidated interim financial report based on our review.Scope of

127、review We conducted our review in accordance with International Standard on Review Engagements 2410,Review of interim financial information performed by the independent auditor of the entity,that is endorsed in the Kingdom of Saudi Arabia.A review of interim financial information consists of making

128、inquiries,primarily of persons responsible for financial and accounting matters,and applying analytical and other review procedures.A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing,that are endorsed in the Kingdom of Saudi Arabia,

129、and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.Accordingly,we do not express an audit opinion.Conclusion Based on our review,nothing has come to our attention that causes us to believe that the accomp

130、anying condensed consolidated interim financial report is not prepared,in all material respects,in accordance with International Accounting Standard 34,Interim Financial Reporting,that is endorsed in the Kingdom of Saudi Arabia.PricewaterhouseCoopers Omar M.Al Sagga License No.369 May 6,2024 Saudi A

131、ramco First quarter interim report 2024 All amounts in millions of Saudi Riyals unless otherwise stated Amin H.Nasser Director,President&Chief Executive Officer Ziad T.Al Murshed Executive Vice President&Chief Financial Officer Bassam M.Asiri Senior Vice President&Controller 14 Condensed consolidate

132、d statement of income SAR USD*1st quarter 1st quarter 1st quarter 1st quarter Note 2024 2023 2024 2023 Revenue 10 402,037 417,460 107,210 111,323 Other income related to sales 35,810 42,373 9,549 11,299 Revenue and other income related to sales 437,847 459,833 116,759 122,622 Royalties and other tax

133、es(52,232)(68,242)(13,928)(18,198)Purchases(110,011)(106,369)(29,336)(28,365)Producing and manufacturing(24,271)(23,133)(6,473)(6,169)Selling,administrative and general(22,109)(15,247)(5,896)(4,066)Exploration(2,593)(1,752)(691)(467)Research and development(1,156)(931)(308)(248)Depreciation and amor

134、tization 5,6(23,427)(21,975)(6,247)(5,860)Operating costs(235,799)(237,649)(62,879)(63,373)Operating income 202,048 222,184 53,880 59,249 Share of results of joint ventures and associates(778)(741)(208)(198)Finance and other income 6,769 10,968 1,805 2,925 Finance costs(3,025)(3,177)(807)(847)Income

135、 before income taxes and zakat 205,014 229,234 54,670 61,129 Income taxes and zakat 7(102,743)(109,692)(27,398)(29,251)Net income 102,271 119,542 27,272 31,878 Net income(loss)attributable to Shareholders equity 103,356 117,471 27,562 31,326 Non-controlling interests(1,085)2,071(290)552 102,271 119,

136、542 27,272 31,878 Earnings per share(basic and diluted)0.43 0.49 0.11 0.13*This supplementary information is converted at a fixed rate of U.S.dollar 1.00=SAR 3.75 for convenience only,and is presented in millions of U.S.dollars.Saudi Aramco First quarter interim report 2024 All amounts in millions o

137、f Saudi Riyals unless otherwise stated Amin H.Nasser Director,President&Chief Executive Officer Ziad T.Al Murshed Executive Vice President&Chief Financial Officer Bassam M.Asiri Senior Vice President&Controller 15 Condensed consolidated statement of comprehensive income SAR USD*1st quarter 1st quart

138、er 1st quarter 1st quarter Note 2024 2023 2024 2023 Net income 102,271 119,542 27,272 31,878 Other comprehensive income(loss),net of tax 8 Items that will not be reclassified to net income Remeasurement of post-employment benefits 2,298(2,153)613(574)Share of post-employment benefits remeasurement f

139、rom joint ventures and associates(57)100(15)27 Changes in fair value of equity investments classified as fair value through other comprehensive income 1,110(247)296(66)Items that may be reclassified subsequently to net income Cash flow hedges and other 39(25)10(7)Changes in fair value of debt securi

140、ties classified as fair value through other comprehensive income 30 63 8 17 Share of other comprehensive income of joint ventures and associates(1,233)1,013(329)270 Currency translation differences(824)(935)(219)(249)1,363(2,184)364(582)Total comprehensive income 103,634 117,358 27,636 31,296 Total

141、comprehensive income(loss)attributable to Shareholders equity 105,296 115,577 28,079 30,821 Non-controlling interests(1,662)1,781(443)475 103,634 117,358 27,636 31,296*This supplementary information is converted at a fixed rate of U.S.dollar 1.00=SAR 3.75 for convenience only,and is presented in mil

142、lions of U.S.dollars.Saudi Aramco First quarter interim report 2024 All amounts in millions of Saudi Riyals unless otherwise stated Amin H.Nasser Director,President&Chief Executive Officer Ziad T.Al Murshed Executive Vice President&Chief Financial Officer Bassam M.Asiri Senior Vice President&Control

143、ler 16 Condensed consolidated balance sheet SAR USD*At March 31,At December 31,At March 31,At December 31,Note 2024 2023 2024 2023 Assets Non-current assets Property,plant and equipment 5 1,411,857 1,384,717 376,495 369,258 Intangible assets 6 165,785 164,554 44,209 43,881 Investments in joint ventu

144、res and associates 68,405 69,474 18,241 18,526 Deferred income tax assets 21,532 20,560 5,742 5,483 Post-employment benefits 28,599 24,661 7,627 6,576 Other assets and receivables 51,377 48,265 13,701 12,871 Investments in securities 35,660 33,974 9,509 9,060 1,783,215 1,746,205 475,524 465,655 Curr

145、ent assets Inventories 94,203 85,951 25,121 22,920 Trade receivables 176,276 163,919 47,007 43,712 Due from the Government 38,474 49,378 10,260 13,168 Other assets and receivables 30,107 33,747 8,028 8,999 Short-term investments 100,758 184,343 26,869 49,158 Cash and cash equivalents 243,972 198,973

146、 65,059 53,059 683,790 716,311 182,344 191,016 Assets classified as held for sale 14,134 15,424 3,769 4,113 697,924 731,735 186,113 195,129 Total assets 2,481,139 2,477,940 661,637 660,784 Equity and liabilities Shareholders equity Share capital 90,000 90,000 24,000 24,000 Additional paid-in capital

147、 26,981 26,981 7,195 7,195 Treasury shares(1,009)(1,362)(269)(363)Retained earnings:Unappropriated 1,400,235 1,411,474 373,396 376,394 Appropriated 6,000 6,000 1,600 1,600 Other reserves 8 1,503 1,514 401 403 1,523,710 1,534,607 406,323 409,229 Non-controlling interests 198,665 202,485 52,977 53,996

148、 1,722,375 1,737,092 459,300 463,225 Non-current liabilities Borrowings 9 240,310 226,481 64,083 60,395 Deferred income tax liabilities 149,441 142,449 39,851 37,986 Post-employment benefits 26,249 26,147 7,000 6,973 Provisions and other liabilities 28,633 28,205 7,635 7,521 444,633 423,282 118,569

149、112,875 Current liabilities Trade payables and other liabilities 151,010 151,553 40,269 40,414 Obligations to the Government:Income taxes and zakat 7 86,531 82,539 23,075 22,010 Royalties 19,839 14,107 5,290 3,762 Borrowings 9 51,521 63,666 13,739 16,978 308,901 311,865 82,373 83,164 Liabilities dir

150、ectly associated with assets classified as held for sale 5,230 5,701 1,395 1,520 314,131 317,566 83,768 84,684 Total liabilities 758,764 740,848 202,337 197,559 Total equity and liabilities 2,481,139 2,477,940 661,637 660,784*This supplementary information is converted at a fixed rate of U.S.dollar

151、1.00=SAR 3.75 for convenience only,and is presented in millions of U.S.dollars.Saudi Aramco First quarter interim report 2024 All amounts in millions of Saudi Riyals unless otherwise stated Amin H.Nasser Director,President&Chief Executive Officer Ziad T.Al Murshed Executive Vice President&Chief Fina

152、ncial Officer Bassam M.Asiri Senior Vice President&Controller 17 Condensed consolidated statement of changes in equity SAR USD*Shareholders equity Retained earnings Share capital Additional paid-in capital Treasury shares Unappropriated Appropriated Other reserves(Note 8)Non-controlling interests To

153、tal Total Balance at January 1,2023 75,000 26,981(2,236)1,339,892 6,000 3,279 217,231 1,666,147 444,306 Net income(loss)117,471 2,071 119,542 31,878 Other comprehensive income(loss)(1,894)(290)(2,184)(582)Total comprehensive income(loss)117,471 (1,894)1,781 117,358 31,296 Transfer of post-employment

154、 benefits remeasurement (2,054)2,054 Transfer of share of post-employment benefits remeasurement from joint ventures and associates 100 (100)Treasury shares issued to employees 305(126)(20)159 43 Share-based compensation (1)108 107 28 Dividends(Note 17)(73,150)(73,150)(19,507)Dividends to non-contro

155、lling interests and other (3,801)(3,801)(1,014)Balance at March 31,2023 75,000 26,981(1,931)1,382,132 6,000 3,427 215,211 1,706,820 455,152 Balance at January 1,2024 90,000 26,981(1,362)1,411,474 6,000 1,514 202,485 1,737,092 463,225 Net income(loss)103,356 (1,085)102,271 27,272 Other comprehensive

156、income(loss)1,940(577)1,363 364 Total comprehensive income(loss)103,356 1,940(1,662)103,634 27,636 Transfer of post-employment benefits remeasurement(Note 8)2,124 (2,124)Transfer of share of post-employment benefits remeasurement from joint ventures and associates(Note 8)(57)57 Treasury shares issue

157、d to employees 353(158)(10)185 49 Share-based compensation (1)126 125 33 Dividends(Note 17)(116,503)(116,503)(31,067)Dividends to non-controlling interests and other (2,158)(2,158)(576)Balance at March 31,2024 90,000 26,981(1,009)1,400,235 6,000 1,503 198,665 1,722,375 459,300*This supplementary inf

158、ormation is converted at a fixed rate of U.S.dollar 1.00=SAR 3.75 for convenience only,and is presented in millions of U.S.dollars.Saudi Aramco First quarter interim report 2024 All amounts in millions of Saudi Riyals unless otherwise stated Amin H.Nasser Director,President&Chief Executive Officer Z

159、iad T.Al Murshed Executive Vice President&Chief Financial Officer Bassam M.Asiri Senior Vice President&Controller 18 Condensed consolidated statement of cash flows SAR USD*1st quarter 1st quarter 1st quarter 1st quarter Note 2024 2023 2024 2023 Income before income taxes and zakat 205,014 229,234 54

160、,670 61,129 Adjustments to reconcile income before income taxes and zakat to net cash provided by operating activities Depreciation and amortization 5,6 23,427 21,975 6,247 5,860 Exploration and evaluation costs written off 739 516 197 138 Loss on disposal of property,plant and equipment 364 620 97

161、166 Loss on fair value measurement of assets classified as held for sale 366 97 Inventory movement 565 936 151 250 Share of results of joint ventures and associates 778 741 208 198 Finance and other income(6,769)(10,968)(1,805)(2,925)Finance costs 3,025 3,177 807 847 Change in fair value of investme

162、nts through profit or loss(98)(93)(26)(25)Change in joint ventures and associates inventory profit elimination 590 8 157 2 Other 95 870 26 232 Change in working capital Inventories(8,472)13,893(2,260)3,705 Trade receivables(11,693)1,713(3,118)456 Due from the Government 10,904 9,885 2,908 2,636 Othe

163、r assets and receivables 3,151 1,929 841 514 Trade payables and other liabilities(3,736)(8,227)(996)(2,193)Royalties payable 5,732 1,241 1,528 331 Other changes Other assets and receivables(3,850)(4,348)(1,027)(1,159)Provisions and other liabilities(61)232(16)61 Post-employment benefits 29 305 7 82

164、Settlement of income,zakat and other taxes(94,131)(114,992)(25,101)(30,665)Net cash provided by operating activities 125,969 148,647 33,592 39,640 Capital expenditures 4(40,621)(32,797)(10,832)(8,746)Acquisition of affiliates,net of cash acquired 16(1,267)(9,886)(338)(2,636)Additional investments in

165、 joint ventures and associates(1,548)(104)(413)(28)Distributions from joint ventures and associates 1,009 1,322 269 352 Dividends from investments in securities 12 21 3 6 Interest received 7,216 6,813 1,925 1,816 Investments in securities-net(356)(656)(95)(175)Net maturities of short-term investment

166、s 83,585 125,611 22,289 33,497 Net cash provided by investing activities 48,030 90,324 12,808 24,086 Dividends paid to shareholders of the Company 17(116,503)(73,150)(31,067)(19,507)Dividends paid to non-controlling interests in subsidiaries(4,214)(1,856)(1,124)(495)Proceeds from issue of treasury s

167、hares 186 155 50 41 Proceeds from borrowings 2,788 15,708 743 4,188 Repayments of borrowings(4,838)(59,851)(1,290)(15,960)Principal portion of lease payments(3,641)(3,146)(971)(839)Interest paid(2,778)(2,204)(741)(587)Net cash used in financing activities(129,000)(124,344)(34,400)(33,159)Net increas

168、e in cash and cash equivalents 44,999 114,627 12,000 30,567 Cash and cash equivalents at beginning of the period 198,973 226,047 53,059 60,279 Cash and cash equivalents at end of the period 243,972 340,674 65,059 90,846*This supplementary information is converted at a fixed rate of U.S.dollar 1.00=S

169、AR 3.75 for convenience only,and is presented in millions of U.S.dollars.Saudi Aramco First quarter interim report 2024 All amounts in millions of Saudi Riyals unless otherwise stated 19 Notes to the condensed consolidated interim financial report 1.General information The Saudi Arabian Oil Company(

170、the“Company”),with headquarters located in Dhahran,Kingdom of Saudi Arabia(the“Kingdom”),is engaged in prospecting,exploring,drilling and extracting hydrocarbon substances(“Upstream”)and processing,manufacturing,refining and marketing these hydrocarbon substances(“Downstream”).The Company was formed

171、 on November 13,1988 by Royal Decree No.M/8;however,its history dates back to May 29,1933 when the Saudi Arabian Government(the“Government”)granted a concession to the Companys predecessor for the right to,among other things,explore the Kingdom for hydrocarbons.Effective January 1,2018,Council of Mi

172、nisters Resolution No.180,dated 1/4/1439H(December 19,2017),converted the Company to a Saudi Joint Stock Company with new Bylaws.On December 11,2019,the Company completed its Initial Public Offering(“IPO”)and its ordinary shares were listed on the Saudi Exchange.In connection with the IPO,the Govern

173、ment,being the sole owner of the Companys shares at such time,sold an aggregate of 3.45 billion ordinary shares,or 1.73%of the Companys share capital.On February 13,2022,the Government transferred 4%of the Companys issued shares to the Public Investment Fund(PIF),the sovereign wealth fund of the Kin

174、gdom,followed by another transfer of 4%on April 16,2023 to Saudi Arabian Investment Company(Sanabil Investments),a wholly-owned company of PIF.Further,on March 7,2024,the Government announced the transfer of an additional 8%of the Companys issued shares to PIFs wholly-owned companies.Following the t

175、ransfers,the Government remains the Companys largest shareholder,retaining a 82.19%direct shareholding.The condensed consolidated interim financial report of the Company and its subsidiaries(together“Saudi Aramco”)was approved by the Board of Directors on May 6,2024.2.Basis of preparation and materi

176、al accounting policy information The condensed consolidated interim financial report has been prepared in accordance with International Accounting Standard 34(“IAS 34”),Interim Financial Reporting,that is endorsed in the Kingdom,and other standards and pronouncements issued by the Saudi Organization

177、 for Chartered and Professional Accountants(“SOCPA”).This condensed consolidated interim financial report is consistent with the accounting policies and methods of computation and presentation set out in Saudi Aramcos consolidated financial statements for the year ended December 31,2023.The results

178、for the interim periods are unaudited and include all adjustments necessary for a fair presentation of the results for the periods presented.This condensed consolidated interim financial report should be read in conjunction with the consolidated financial statements and related notes for the year en

179、ded December 31,2023,which have been prepared in accordance with International Financial Reporting Standards(“IFRS”)that are endorsed in the Kingdom,and other standards and pronouncements issued by SOCPA.The consolidated financial statements for the year ended December 31,2023 are also in compliance

180、 with IFRS as issued by the International Accounting Standards Board(“IASB”).Translations from SAR to USD presented as supplementary information in the condensed consolidated statement of income,condensed consolidated statement of comprehensive income,condensed consolidated balance sheet,condensed c

181、onsolidated statement of changes in equity,and condensed consolidated statement of cash flows at March 31,2024 and December 31,2023 and for the three-month periods ended March 31,2024 and 2023,are for convenience and were calculated at the rate of USD 1.00=SAR 3.75 representing the exchange rate at

182、the balance sheet dates.New or amended standards There are no amendments or interpretations that are effective for annual periods beginning on or after January 1,2024 that have a material impact on the condensed consolidated interim financial report.Saudi Aramco has not early adopted any new account

183、ing standards,interpretations or amendments that are issued but not yet effective.Saudi Aramco First quarter interim report 2024 All amounts in millions of Saudi Riyals unless otherwise stated 20 3.Fair value estimation Fair value is the price that would be received to sell an asset or paid to trans

184、fer a liability in an orderly transaction between market participants at the measurement date.The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or,in the absenc

185、e of a principal market,in the most advantageous market for the asset or liability.Management believes that the fair values of Saudi Aramcos financial assets and liabilities that are measured and recognized at amortized cost are not materially different from their carrying amounts at the end of the

186、reporting period.The following table presents Saudi Aramcos assets and liabilities measured and recognized at fair value at March 31,2024 and December 31,2023,based on the prescribed fair value measurement hierarchy on a recurring basis.Saudi Aramco did not measure any financial assets or financial

187、liabilities at fair value on a non-recurring basis at March 31,2024 and December 31,2023.There were no changes made to any of the valuation techniques and valuation processes applied as of December 31,2023 and changes in unobservable inputs are not expected to materially impact the fair values.Asset

188、s Level 1i Level 2ii Level 3iii Total At March 31,2024 Investments in securities:Equity securities at Fair Value Through Other Comprehensive Income(FVOCI)14,551 37 2,121 16,709 Debt securities at FVOCI 87 8,862 8,949 Equity securities at Fair Value Through Profit or Loss(FVPL)564 1,717 8,172 10,453

189、Debt securities at FVPL 188 188 15,202 10,804 10,293 36,299 Other assets and receivables:Interest rate swaps 842 842 Commodity derivative contracts 2,901 2,901 Currency forward contracts 41 41 Financial assets-option rights 4,059 4,059 3,784 4,059 7,843 Trade receivables related to contracts with pr

190、ovisional pricing arrangements 123,837 123,837 Total assets 15,202 14,588 138,189 167,979 At December 31,2023 Investments in securities:Equity securities at FVOCI 13,376 36 2,143 15,555 Debt securities at FVOCI 75 8,884 8,959 Equity securities at FVPL 548 1,628 7,908 10,084 Debt securities at FVPL 1

191、76 176 13,999 10,724 10,051 34,774 Other assets and receivables:Interest rate swaps 556 556 Commodity derivative contracts 3,651 486 4,137 Currency forward contracts 80 80 Financial assets-option rights 3,745 3,745 4,287 4,231 8,518 Trade receivables related to contracts with provisional pricing arr

192、angements 98,978 98,978 Total assets 13,999 15,011 113,260 142,270 Saudi Aramco First quarter interim report 2024 All amounts in millions of Saudi Riyals unless otherwise stated 21 3.Fair value estimation continued Liabilities Level 1i Level 2ii Level 3iii Total At March 31,2024 Trade payables and o

193、ther liabilities:Interest rate swaps 6 6 Commodity derivative contracts 3,488 3,488 Currency forward contracts 86 86 Trade payables related to contracts with provisional pricing arrangements 38,794 38,794 3,580 38,794 42,374 Provisions and other liabilities:Financial liabilities-options and forward

194、contracts 2,135 2,135 Total liabilities 3,580 40,929 44,509 At December 31,2023 Trade payables and other liabilities:Interest rate swaps 21 21 Commodity derivative contracts 225 2,776 126 3,127 Currency forward contracts 49 49 Trade payables related to contracts with provisional pricing arrangements

195、 35,598 35,598 225 2,846 35,724 38,795 Provisions and other liabilities:Financial liabilities-options and forward contracts 2,011 2,011 Total liabilities 225 2,846 37,735 40,806 i.Quoted prices(unadjusted)in active markets for identical assets or liabilities.ii.Valuation techniques for which the low

196、est level input that is significant to the fair value measurement is directly or indirectly observable.iii.Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.The changes in Level 3 investments in securities for the three-month peri

197、od ended March 31,2024 and the year ended December 31,2023 are as follows:March 31,December 31,2024 2023 Beginning 10,051 8,490 Net additions 247 1,633 Net unrealized fair value loss(9)(64)Realized gain(loss)4(8)Ending 10,293 10,051 The movement in trade receivables and trade payables related to con

198、tracts with provisional pricing arrangements mainly arises from sales and purchase transactions made during the period,net of settlements.Unrealized fair value movements on these trade receivables and trade payables are not significant.The change in the carrying amount of commodity derivative contra

199、cts primarily relates to purchase and sales of derivative contracts,including recognition of a gain or loss that results from adjusting a derivative to fair value.Fair value movements on commodity derivative contracts are not significant.The movements in financial assets option rights and financial

200、liabilities options and forward contracts,being put,call and forward contracts on equity instruments of certain non-wholly-owned subsidiaries,are mainly due to changes in the unrealized fair values of those contracts during the period.Saudi Aramco First quarter interim report 2024 All amounts in mil

201、lions of Saudi Riyals unless otherwise stated 22 4.Operating segments Saudi Aramco is engaged in prospecting,exploring,drilling,extracting,processing,manufacturing,refining and marketing hydrocarbon substances within the Kingdom and has interests in refining,petrochemical,distribution,marketing and

202、storage facilities outside the Kingdom.Saudi Aramcos operating segments are established on the basis of those components that are evaluated regularly by the President&CEO,considered to be the Chief Operating Decision Maker.The Chief Operating Decision Maker monitors the operating results of Saudi Ar

203、amcos operating segments separately for the purpose of making decisions about resource allocation and performance assessment.Segment performance is evaluated based on revenues,costs and a broad range of key performance indicators in addition to segment profitability.For management purposes,Saudi Ara

204、mco is organized into business units based on the main types of activities.At March 31,2024,Saudi Aramco had two reportable segments,Upstream and Downstream,with all other supporting functions aggregated into a Corporate segment.Upstream activities include crude oil,natural gas and natural gas liqui

205、ds exploration,field development and production.Downstream activities consist primarily of refining and petrochemical manufacturing,supply and trading,distribution and power generation,logistics,and marketing of crude oil and related services to international and domestic customers.Corporate activit

206、ies include primarily supporting services,including Human Resources,Finance and IT not allocated to Upstream and Downstream.Transfer prices between operating segments are on an arms length basis in a manner similar to transactions with third parties.There are no differences from the consolidated fin

207、ancial statements for the year ended December 31,2023 in the basis of segmentation or in the basis of measurement of segment earnings before interest,income taxes and zakat.Information by segments for the three-month period ended March 31,2024 is as follows:Upstream Downstream Corporate Eliminations

208、 Consolidated External revenue 186,415 214,888 734 402,037 Other income related to sales 10,422 25,388 35,810 Inter-segment revenue 94,683 9,088 77(103,848)Earnings(losses)before interest,income taxes and zakat 205,342 4,615(3,725)(4,848)201,384 Finance income 6,655 Finance costs (3,025)Income befor

209、e income taxes and zakat 205,014 Capital expenditures-cash basis 33,114 6,882 625-40,621 Information by segments for the three-month period ended March 31,2023 is as follows:Upstream Downstream Corporate Eliminations Consolidated External revenue 201,239 215,778 443 417,460 Other income related to s

210、ales 12,896 29,477 42,373 Inter-segment revenue 87,779 8,707 61(96,547)Earnings(losses)before interest,income taxes and zakat 215,278 12,830(2,849)(3,711)221,548 Finance income 10,863 Finance costs (3,177)Income before income taxes and zakat 229,234 Capital expenditures-cash basis 25,332 7,147 318-3

211、2,797 Saudi Aramco First quarter interim report 2024 All amounts in millions of Saudi Riyals unless otherwise stated 23 5.Property,plant and equipment Land and land improvements Buildings Oil and gas properties Plant,machinery and equipment Depots,storage tanks and pipelines Fixtures,IT and office e

212、quipment Construction-in-progress Total Cost January 1,2024 52,179 91,438 693,089 979,354 109,506 20,935 305,724 2,252,225 Additions1 310 609 13 6,936 523 57 43,319 51,767 Acquisition(Note 16(a)1,019 103 173 23 47 1,365 Construction completed 265 773 13,508 7,839 2,452 228(25,065)Currency translatio

213、n differences(285)(266)(2,324)(265)(51)(380)(3,571)Transfers and adjustments (356)(98)(263)7 54(101)(757)Transfer of exploration and evaluation assets 155 155 Retirements and sales(5)(92)(1,298)(77)(50)(28)(1,550)March 31,2024 53,483 92,209 706,512 990,417 112,146 21,196 323,671 2,299,634 Accumulate

214、d depreciation January 1,2024(21,148)(43,341)(266,274)(474,771)(48,597)(13,377)(867,508)Charge for the period(366)(824)(5,672)(14,842)(864)(384)(22,952)Currency translation differences 7 163 1,411 125 39 1,745 Transfers and adjustments(5)3(38)(149)(28)(31)(248)Retirements and sales 4 53 1,057 26 46

215、1,186 March 31,2024(21,508)(43,946)(271,984)(487,294)(49,338)(13,707)(887,777)Property,plant and equipment-net,March 31,2024 31,975 48,263 434,528 503,123 62,808 7,489 323,671 1,411,857 1.Additions include borrowing costs capitalized during the three-month period ended March 31,2024,amounting to SAR

216、 2,329,which were calculated using an average annualized capitalization rate of 5.51%.Additions to right-of-use assets during the three-month period ended March 31,2024 were SAR 7,819.Acquisition of right-of-use assets during the three-month period ended March 31,2024 were SAR 981.The following tabl

217、e presents depreciation charges and net carrying amounts of right-of-use assets by class of assets.Depreciation expense for the three-month period ended March 31,2024 Net carrying amount at March 31,2024 Land and land improvements 56 6,505 Buildings 120 3,643 Oil and gas properties 4 8 Plant,machine

218、ry and equipment 3,497 54,725 Depots,storage tanks and pipelines 124 2,524 Fixtures,IT and office equipment 31 238 3,832 67,643 Saudi Aramco First quarter interim report 2024 All amounts in millions of Saudi Riyals unless otherwise stated 24 6.Intangible assets Goodwill Exploration and evaluation Br

219、ands and trademarks Franchise/customer relationships Computer software Other1 Total Cost January 1,2024 101,010 20,013 24,982 21,701 4,233 3,876 175,815 Additions 1,977 16 24 2,017 Acquisition(Note 16(a)657 1 3 661 Currency translation differences(7)(88)(47)(10)(44)(196)Transfers and adjustments (44

220、)24 (20)Transfer of exploration and evaluation assets (155)(155)Retirements and write offs (739)(44)(783)March 31,2024 101,660 21,096 24,895 21,654 4,154 3,880 177,339 Accumulated amortization January 1,2024 (2,795)(4,465)(2,681)(1,320)(11,261)Charge for the period (46)(287)(72)(70)(475)Currency tra

221、nslation differences 56 44 9 34 143 Transfers and adjustments (5)(5)Retirements and write offs 44 44 March 31,2024 (2,785)(4,708)(2,700)(1,361)(11,554)Intangible assets-net,March 31,2024 101,660 21,096 22,110 16,946 1,454 2,519 165,785 1.Other intangible assets with a net book value of SAR 2,519 as

222、at March 31,2024 comprise of processing and offtake agreements,licenses,technology,usage rights,patents and intellectual property.7.Income taxes and zakat(a)Kingdom income tax rates The Company is subject to an income tax rate of 20%on its Downstream activities and on the activities of exploration a

223、nd production of non-associated natural gas,including gas condensates,as well as the collection,treatment,processing,fractionation and transportation of associated and non-associated natural gas and their liquids,gas condensates and other associated elements.All other activities are subject to an in

224、come tax rate of 50%,in accordance with the Saudi Arabian Income Tax Law of 2004 and its amendments(the“Tax Law”).The 20%income tax rate applicable to the Companys Downstream activities,which came into effect on January 1,2020,is conditional on the Company separating its Downstream activities under

225、the control of one or more separate wholly-owned subsidiaries before December 31,2024,otherwise the Companys Downstream activities will be retroactively taxed at 50%.The Company expects to transfer its Downstream activities in line with the applicable requirements.Additionally,according to the Tax L

226、aw,shares held directly or indirectly in listed companies on the Saudi Exchange by taxpayers engaged in oil and hydrocarbon activities are exempt from the application of corporate income tax.As a result,the Companys ownership interests in such companies are subject to zakat.The reconciliation of tax

227、 charge at the Kingdom statutory rates to consolidated tax and zakat expense is as follows:1st quarter 1st quarter 2024 2023 Income before income taxes and zakat 205,014 229,234 Less:Income subject to zakat (1,355)(2,941)Income subject to income tax 203,659 226,293 Income taxes at the Kingdoms statu

228、tory tax rates 99,323 112,099 Tax effect of:Loss(income)not subject to tax at statutory rates and other 3,045(2,933)Income tax expense 102,368 109,166 Zakat expense 375 526 Total income tax and zakat expense 102,743 109,692 Saudi Aramco First quarter interim report 2024 All amounts in millions of Sa

229、udi Riyals unless otherwise stated 25 7.Income taxes and zakat continued(b)Income tax and zakat expense 1st quarter 1st quarter 2024 2023 Current income tax-Kingdom 96,810 104,400 Current income tax-Foreign 1,300 1,837 Deferred income tax-Kingdom 4,668 3,071 Deferred income tax-Foreign(410)(142)Zaka

230、t-Kingdom 375 526 102,743 109,692 (c)Income tax and zakat obligation to the Government 2024 2023 January 1 82,539 104,978 Provided during the period 97,185 104,926 Payments during the period by the Company(Note 14)(38,575)(56,728)Payments during the period by subsidiaries and joint operations(1,435)

231、(560)Settlements of due from the Government(49,757)(53,709)Other settlements(3,426)(1,211)March 31 86,531 97,696 8.Other reserves Share of other comprehensive income(loss)of joint ventures and associates Currency translation differences Investments in securities at FVOCI Post-employment benefits Sha

232、re-based compensation reserve Cash flow hedges and other Foreign currency translation gains(losses)Cash flow hedges and other Total January 1,2024(3,840)3,979 331 25 1,172(153)1,514 Current period change(824)1,199 126 39(1,335)102 (693)Remeasurement gain(loss)1 3,893 (57)3,836 Transfer to retained e

233、arnings (2,124)(10)57 (2,077)Tax effect (59)(1,595)(1,654)Less:amounts related to non-controlling interests 344 2(174)5 400 577 March 31,2024(4,320)5,121 447 69 237(51)1,503 1.The remeasurement gain(loss)is primarily due to the net impact arising from changes in discount rates used to determine the

234、present value of the post-employment benefit obligations and changes in the fair value of post-employment benefit plan assets.9.Borrowings At March 31,2024 At December 31,2023 Non-current Current Total Non-current Current Total Conventional:Debentures 80,999 10,283 91,282 81,092 9,683 90,775 Bank bo

235、rrowings 23,589 4,530 28,119 22,853 3,630 26,483 Short-term borrowings 16,347 16,347 18,378 18,378 Revolving credit facilities 1,237 1,237 Export credit agencies 895 703 1,598 941 656 1,597 Public Investment Fund 416 404 820 455 365 820 Other financing arrangements 36,003 243 36,246 36,070 200 36,27

236、0 141,902 32,510 174,412 141,411 34,149 175,560 Sharia compliant:Sukuk(Note 9(a)29,944 3,750 33,694 18,689 15,000 33,689 Murabaha(Note 9(b)12,888 2,032 14,920 13,830 2,089 15,919 Saudi Industrial Development Fund 2,879 257 3,136 3,057 281 3,338 Ijarah/Procurement 3,517 13 3,530 3,499 13 3,512 Wakala

237、 771 27 798 771 27 798 49,999 6,079 56,078 39,846 17,410 57,256 Borrowings other than leases 191,901 38,589 230,490 181,257 51,559 232,816 Lease liabilities 48,409 12,932 61,341 45,224 12,107 57,331 Total borrowings 240,310 51,521 291,831 226,481 63,666 290,147 Saudi Aramco First quarter interim rep

238、ort 2024 All amounts in millions of Saudi Riyals unless otherwise stated 26 9.Borrowings continued(a)Sukuk On March 28,2024,the maturity date of the Sukuk issued on April 10,2017,with a par value of SAR 11,250,was extended by one year from its original maturity date of April 10,2024,subject to an ea

239、rly redemption option.(b)Murabaha Murabaha borrowings of a subsidiary amounting to SAR 938,repayable in semi-annual installments until 2029,were early settled by the subsidiary on March 28,2024.10.Revenue 1st quarter 1st quarter 2024 2023 Revenue from contracts with customers 397,281 415,937 Movemen

240、t between provisional and final prices 2,122(857)Other revenue 2,634 2,380 402,037 417,460 Disaggregation of revenue from contracts with customers Saudi Aramcos revenue from contracts with customers according to product type and source is as follows:1st quarter 2024 Upstream Downstream Corporate Tot

241、al Crude oil 173,780 26,054 199,834 Refined and chemical products 182,231 182,231 Natural gas and NGLs 10,523 1,405 11,928 Metal products 3,288 3,288 Revenue from contracts with customers 184,303 212,978 397,281 Movement between provisional and final prices 2,017 105 2,122 Other revenue 95 1,805 734

242、 2,634 External revenue 186,415 214,888 734 402,037 1st quarter 2023 Upstream Downstream Corporate Total Crude oil 191,828 21,338 213,166 Refined and chemical products 188,312 188,312 Natural gas and NGLs 10,063 1,135 11,198 Metal products 3,261 3,261 Revenue from contracts with customers 201,891 21

243、4,046 415,937 Movement between provisional and final prices(749)(108)(857)Other revenue 97 1,840 443 2,380 External revenue 201,239 215,778 443 417,460 11.Non-cash investing and financing activities Investing and financing activities for the three-month period ended March 31,2024 include additions t

244、o right-of-use assets of SAR 7,819(March 31,2023:SAR 3,309),asset retirement provisions of nil(March 31,2023:SAR 95)and equity awards issued to employees of SAR 167(March 31,2023:SAR 149).12.Commitments Capital commitments Capital expenditures contracted for but not yet incurred were SAR 216,885 and

245、 SAR 222,938 at March 31,2024 and December 31,2023,respectively.In addition,leases contracted for but not yet commenced were SAR 32,187 and SAR 26,369 at March 31,2024 and December 31,2023,respectively.Saudi Aramco First quarter interim report 2024 All amounts in millions of Saudi Riyals unless othe

246、rwise stated 27 13.Contingencies Saudi Aramco has contingent assets and liabilities with respect to certain disputed matters,including claims by and against contractors and lawsuits and arbitrations involving a variety of issues.These contingencies arise in the ordinary course of business.It is not

247、anticipated that any material adjustments will result from these contingencies.14.Payments to the Government by the Company 1st quarter 1st quarter 2024 2023 Income taxes(Note 7(c)38,575 56,728 Royalties 44,659 51,009 Dividends 95,766 68,918 15.Related party transactions and balances(a)Transactions

248、1st quarter 1st quarter 2024 2023 Joint ventures:Revenue from sales 5,805 5,569 Other revenue 30 4 Interest income 53 38 Purchases 7,526 6,510 Service expenses 26 4 Associates:Revenue from sales 19,740 18,675 Other revenue 64 68 Interest income 116 83 Purchases 11,250 14,993 Service expenses 64 26 G

249、overnment,semi-Government and other entities with Government ownership or control:Revenue from sales 6,611 5,486 Other income related to sales 35,810 42,373 Other revenue 184 210 Purchases 2,378 2,633 Service expenses 124 98 Lease expenses 319 244 (b)Balances At March 31,At December 31,2024 2023 Joi

250、nt ventures:Other assets and receivables 5,179 5,378 Trade receivables 5,704 4,976 Interest receivable 503 581 Trade payables and other liabilities 7,894 6,236 Associates:Other assets and receivables 5,524 4,882 Trade receivables 12,330 12,971 Trade payables and other liabilities 6,450 6,139 Governm

251、ent,semi-Government and other entities with Government ownership or control:Other assets and receivables 829 1,151 Trade receivables 3,480 2,606 Due from the Government 38,474 49,378 Trade payables and other liabilities 1,380 1,448 Borrowings 7,481 7,736 (c)Compensation of key management personnel C

252、ompensation policies for and composition of key management personnel remain consistent with 2023.Saudi Aramco First quarter interim report 2024 All amounts in millions of Saudi Riyals unless otherwise stated 28 16.Investments in affiliates(a)Esmax Distribucin SpA(“Esmax”)On March 1,2024,the Company

253、announced the completion of the acquisition of a 100%equity stake in Esmax Distribucin SpA(“Esmax”),through its wholly-owned subsidiary,Aramco Overseas Company B.V.(“AOC”),from Southern Cross Group,a Latin America-focused private equity company,for a purchase consideration of SAR 1,373,subject to cu

254、stomary adjustments.Esmax is one of the leading diversified downstream fuels and lubricants retailers in Chile,and its operations include retail fuel stations,airport operations,fuel distribution terminals and a lubricant blending plant.The transaction represents Saudi Aramcos first downstream retai

255、l investment in South America and enables it to secure outlets for its refined products,including fuel placement from Motiva.It also creates a platform to launch the Aramco brand in South America while strengthening its downstream value chain and unlocks new market opportunities for its Valvoline-br

256、anded lubricants.The transaction resulted in Saudi Aramco obtaining control of Esmax.Saudi Aramco accounts for acquisitions of subsidiaries using the acquisition method of accounting.This requires recognition of the assets acquired and liabilities assumed at fair value as of the acquisition date.The

257、 purchase price allocation,as performed by an independent valuer,has not been concluded.Based on the preliminary purchase price allocation,total identifiable net assets of SAR 716 and goodwill of SAR 657 have been recognized at the acquisition date.Post-acquisition,Esmax contributed revenues of SAR

258、829 and net income of SAR 26,which are included in the condensed consolidated statement of income.If the acquisition had occurred on January 1,2024,management estimates that consolidated revenue and net income for the three-month period ended March 31,2024 would have been higher by SAR 1,564 and SAR

259、 15,respectively.(b)MidOcean Holdings II,L.P.On September 27,2023,AOC,a wholly-owned subsidiary of the Company,entered into definitive agreements to acquire a strategic minority stake in MidOcean Holdings II,L.P.,which in turn owns MidOcean Energy,LLC(“MidOcean Energy”).MidOcean Energy is a Liquefie

260、d Natural Gas(“LNG”)company,formed and managed by EIG Global Energy Partners with the objective of building a high-quality,long term LNG portfolio,and has recently acquired interests in a portfolio of Australian LNG projects.This strategic partnership marks Saudi Aramcos first international investme

261、nt in LNG.The transaction closed on March 21,2024,with Saudi Aramco investing SAR 195,which has been accounted for as an investment in associate.As part of the transaction,Saudi Aramco has an option to increase its equity interest and associated rights in the future.17.Dividends Dividends declared a

262、nd paid on ordinary shares are as follows:SAR per share 1st quarter 1st quarter 1st quarter 1st quarter 2024 2023 2024 2023 Dividends declared and paid in the quarter:March 116,503 73,150 0.4815 0.3326 Total1 116,503 73,150 0.4815 0.3326 Dividends declared on May 6,2024 and May 8,20232 116,509 73,16

263、0 0.4815 0.3024 1.Includes SAR 40,407(SAR 0.1670 per share)of performance-linked dividend,which was first declared and paid in the third quarter of 2023.2.Dividend of SAR 116,509(SAR 0.4815 per share)represents a base dividend of SAR 76,100(SAR 0.3145 per share)and a performance-linked dividend of S

264、AR 40,409(SAR 0.1670 per share).These dividends are not reflected in the condensed consolidated interim financial report and will be deducted from unappropriated retained earnings in the second quarter of 2024.29Saudi AramcoFirst quarter interim report 2024Aramco,headquartered in the city of Dhahran,is one of the worlds largest integrated energy and chemicals companies;its Upstream operations are primarily based in the Kingdom of Saudi Arabia while the Downstream business is Investor overview: media:Domestic media:Investor relations: