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2 inside this review board upstream of directors operations page 06 page 18 chairman's downstream message operations page 08 page 30 president's securing foreword the future page 09 page 42 our enabling operations excellence page 10 page 52 our citizenship in our business communities page 12 page 64 our our performance company in 2017 page 16 page 76 King Salman ibn ‘Abd His Royal Highness Prince Al-‘Aziz Al Sa‘ud Mohammed ibn Salman ibn ‘Abd Al-‘Aziz Al Sa‘ud The Custodian of the Two Holy Mosques Crown Prince, Deputy Premier, and Minister of Defense 6 7 board of directors HE Khalid A. HE Dr. Ibrahim HE Mohammed HE Mohammed HE Yasir O. Al-Falih A. Al-Assaf A. Al-Jadaan M. Al-Tuwaijri Al-Rumayyan HE Khalid A. Al-Falih has been HE Dr. Ibrahim A. Al-Assaf is Minister HE Mohammed A. Al-Jadaan is currently HE Mohammed M. Al-Tuwaijri is currently HE Yasir O. Al-Rumayyan currently serves Chairman of the Board of Saudi of State and a member of the Council Minister of Finance for Saudi Arabia. He the Minister of Economy and Planning for as the Managing Director and Secretary Aramco since April 2015. of Ministers, having previously been the also serves as Chairman of the Board of Saudi Arabia. In addition to other roles, General of the Board of the Saudi Arabian Minister of Finance of Saudi Arabia. He is Directors of the General Authority of he serves as Chairman of the National Public Investment Fund. He is also Advisor He is Minister of Energy, Industry and the Governor of the Islamic Development Zakat and Tax, Chairman of the Fiscal Center of Privatization, Chairman of the to the Saudi Council of Ministers. In the Mineral Resources for Saudi Arabia. Bank and serves as a Governor at the Balance Program Committee, Chairman General Authority for Statistics, and is a past, HE Al-Rumayyan served as the HE Al-Falih served as the President and International Monetary Fund and Arab of the Financial Stability Committee, and member of the Saudi Council of Ministers. CEO of Saudi Fransi Capital LLC and as a Chief Executive Officer of Saudi Aramco Monetary Fund, among other roles. Chairman of the Board of the General He has formerly served as CEO and Head Member of the Board of Directors at The from 2009 until 2015, and previously Authority of Customs. He also serves as of HSBC’s Global Banking & Markets, Saudi Stock Exchange (Tadawul) Company. held a range of roles at the company. HE Al-Assaf has a Ph.D. in Economics a member of a number of international MENA, and as Managing Director of from Colorado State University, a HE Al-Rumayyan has a Bachelor’s degree in HE Al-Falih has an MBA from King Fahd boards, including the Board of Governors JP Morgan Chase Bank, Saudi Arabia. Master’s degree in Economics from the Accounting from King Faisal University, and University of Petroleum and Minerals, of the International Monetary Fund, and HE Al-Tuwaijri has previously served on University of Denver, and a Bachelor’s has completed the General Management and a Bachelor’s degree in Mechanical the Board of Governors of the World Bank. the boards of HSBC Bank Egypt, HSBC degree in Economics and Political Program at the Harvard Business School. Engineering from Texas A&M University. Holdings, MENA, and Saudi British Bank. Science from King Saud University. HE Al-Jadaan has a degree in Islamic Economics from Imam Muhammad bin HE Al-Tuwaijri has a Bachelor’s degree Saud Islamic University, and a degree from the King Faisal Air Academy, and in Legal Studies from the Institute an MBA from King Saud University. of Public Administration, Riyadh. Sir Mark Mr. Andrew Mr. Andrew Ms. Lynn Laverty Mr. Peter L. Mr. Amin H. Moody-Stuart N. Liveris F.J. Gould Elsenhans Cella Nasser Sir Mark Moody-Stuart serves as Vice Mr. Andrew N. Liveris is a member of the Mr. Andrew F.J. Gould serves as Ms. Lynn Laverty Elsenhans is currently Mr. Peter L. Cella is currently a member of Mr. Amin H. Nasser has been Chairman of the UN Global Compact, Board of Directors of IBM Corporation, Chairman of the International Advisory a member of the Board of Directors of the Board of Directors of ServiceMaster President and Chief Executive Officer and Chairman of the Global Compact an Executive Committee Member and Board at Boston Consulting Group Baker Hughes, a GE Company, as well Global Holdings Inc. He previously of Saudi Aramco since 2015. Foundation, and Chairman of the past Chairman of the U.S. Business Center for Energy Impact, and as as GlaxoSmithKline plc. She previously served as President and CEO, Chevron He has served in a number of leadership Innovative Vector Control Consortium. Council, and on the Board of Trustees Director of BJ Services, a private oil served as Chairwoman, President, and Phillips Chemical Company LP, and as positions at Saudi Aramco, including as Previously, he served as Managing of the King Abdullah University of field services company. Mr. Gould was Chief Executive Officer of Sunoco Inc. Senior Vice President, Petrochemicals, Senior Vice President for Upstream. Director of Royal Dutch Shell, as a Non- Science and Technology. He formerly the Non-Executive Chairman and Non- and worked for Royal Dutch Shell, where North America, BASF Corporation. Executive Chairman of Anglo American served as Chairman and CEO of The Executive Director of BG Group plc, she held a number of senior roles, He has also served on the boards of Mr. Nasser has a Bachelor’s degree in plc, and as Director of Accenture plc. Dow Chemical Company, and was a and served as the CEO and Chairman including Executive Vice President of Chevron Phillips Chemical Company LP, Petroleum Engineering from King Fahd Sir Moody-Stuart was a Non-Executive member of the Board of Directors of of Schlumberger Oilfield Services. Global Manufacturing. She has previously and the American Chemistry Council. University of Petroleum and Minerals, Director of HSBC Holdings plc, and DowDuPont Inc. and of Citigroup Inc. served on the Boards of Flowserve and has completed the Senior Executive Mr. Gould has a Bachelor’s degree Mr. Cella has a Bachelor’s degree in also served as co-Chairman of the G8 Corporation, International Paper Company, Program at Columbia University. Mr. Liveris has a Bachelor’s degree in in Economic History from Cardiff finance from the University of Illinois at Task Force on Renewable Energy. and Motiva Inc., among others. chemical engineering from the University University, and a Chartered Accountant Urbana-Champaign, and an MBA from Sir Moody-Stuart has a Bachelor’s of Queensland in Brisbane, Australia. degree from the Institute of Chartered Ms. Elsenhans has a Bachelor’s degree in the J.L. Kellogg Graduate School of degree in Natural Sciences and a Ph.D. Accountants in England and Wales. applied mathematics from Rice University, Management-Northwestern University. in Geology from Cambridge University. and an MBA from Harvard Business School. 8 9 chairman’s president’s message foreword Over the course of 2017, the oil market strengthened believe this stronger downstream portfolio will not only add At Saudi Aramco, we are united in our determination to This year we were granted 230 U.S. patents — a record high significantly as the global economic recovery contributed to more value, promote sustainable growth, and secure outlets be the world’s leading integrated energy and chemicals for Saudi Aramco. healthier oil demand, and the industry ended the year with a for future oil production, but also strengthen the company’s producer. This year we made significant progress to realize In the Kingdom, we intensified our efforts to facilitate a generally more upbeat sentiment. Saudi Aramco performed resilience and robustness. this aspiration. diverse and competitive energy sector, forming joint ventures exceptionally well during the year, with its strong performance We must be able to depend upon a reliable supply chain for To maintain our preeminence in the upstream sector, we for onshore and offshore drilling, a maritime yard, and aided by the oil market recovery. Saudi Aramco to remain the lowest cost operator and the remained focused on our core objective of creating and engineering services. In 2017, the metric for iktva, our global Notwithstanding an improved market picture, the oil industry’s most reliable supplier of oil. That is why the Board supports sustaining value from the Kingdom’s hydrocarbon resource supply chain efficiency initiative, showed improvement. Our preparedness for the future remains in question as the sector the localization of goods and services within Saudi Arabia base for generations to come. We discovered two new oil localization strategy is intended to optimize our costs and build has lost an estimated $1 trillion in planned investments since with the aim of enhancing the efficiency and reliability of fields in 2017 and stayed on course to increase the capacity a world-class supply chain ecosystem, strengthening our ability the market downturn began. The situation becomes more the supply chain, helping industrialize and diversify the of our Khurais field by 300,000 barrels per day in 2018. In to meet our commitments to customers around the globe. disconcerting when seen in the light of global demand Kingdom’s economy and promoting small- to medium-sized gas, we readied our Midyan nonassociated gas field, All these developments are designed to enhance the growing at the rate of 1 to 1.5 million barrels per day annually, enterprises. Besides advancing the company’s strategic and commenced projects to expand production and processing robustness, resilience, and integration of our business — not and maturing oil fields around the world exhibiting steepening operational goals, these initiatives are also fully aligned with capacity, and brought online the first unconventional gas in only to weather challenging times, but to thrive in them.

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