Dear Shareholders, I am pleased to present Saudi Aramco's Annual Report for fiscal year 2024. This year marked another period of exceptional performance and strategic progress as we continued our mission to provide reliable and sustainable energy to the world. Our financial results demonstrate the strength of our integrated business model. We achieved net income of $121.3 billion, maintaining our position as one of the world's most profitable companies. This performance enabled us to distribute dividends of $98.2 billion to our shareholders, reflecting our commitment to delivering long-term value.

• Maximum sustainable capacity maintained at 12 million barrels per day
• Upstream carbon intensity reduced to 10.5 kg CO₂e per barrel
• $46.5 billion invested in capital expenditure
• Zero lost-time injury rate across operations
• Strategic partnerships expanded in Asia-Pacific region

Saudi Aramco maintained its industry-leading position in operational efficiency and reliability. Our upstream operations produced an average of 11.8 million barrels of crude oil per day, with a technical availability rate of 99.7%. The company continued to invest heavily in advanced technologies, including artificial intelligence and machine learning applications to optimize production and reduce environmental impact. Our digital transformation initiatives resulted in $2.3 billion in efficiency gains across the value chain.

Environmental stewardship remains central to our strategy. In 2024, we: • Reduced methane intensity by 18% compared to 2023 baseline • Installed 500 MW of renewable energy capacity at our facilities • Invested $3.2 billion in carbon capture and storage technologies • Planted 12 million mangrove trees in coastal restoration projects

Looking ahead, Saudi Aramco is positioned to capitalize on growing global energy demand while navigating the energy transition. Our strategic priorities for 2025 and beyond include: 1. Maximizing Upstream Value
We will continue to leverage our low-cost production base and unparalleled resource quality to deliver superior returns. Investments in enhanced oil recovery and smart field technologies will extend field life and improve recovery rates. 2. Downstream Integration
Our downstream expansion strategy focuses on high-value products and markets with strong growth potential. The integration of our refining and chemicals businesses creates operational synergies and market diversification. 3. New Energy Ventures
Saudi Aramco is actively investing in hydrogen, synthetic fuels, and advanced materials. Our research and development budget of $1.8 billion supports breakthrough technologies that will shape future energy systems. 4. Digital Transformation
We are accelerating the deployment of Industry 4.0 technologies across our operations. Advanced analytics, robotics, and autonomous systems are enhancing safety, efficiency, and decision-making capabilities.

Our disciplined approach to capital allocation balances growth investments, shareholder returns, and financial strength: • Sustaining capital: $28-32 billion annually • Growth capital: $12-16 billion for strategic projects • Dividend policy: Committed to $73.2 billion base plus performance dividend • Balance sheet: Maintaining net debt to EBITDA below 15%