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Aramco
Aramco Business Model Canvas: Strategic Blueprint, Templates & Margin Insights
Unlock the full strategic blueprint behind Aramco’s business model—this in-depth Business Model Canvas exposes how the company creates value, secures market dominance, and optimizes margins across the hydrocarbon value chain; perfect for investors, consultants, and executives seeking actionable insights and ready-to-use Word/Excel templates to benchmark or adapt proven strategies.
Partnerships
Saudi Arabian Government
The Saudi government is Aramco’s majority shareholder and regulator, setting production quotas via OPEC+ coordination (Saudi crude output ~9.5–10.0 mb/d in 2024) and granting exclusive rights to ~297 billion barrels of remaining recoverable reserves; this sovereign tie gives Aramco strong fiscal backing—dividends of $75.0bn paid to the state in 2023—and aligns company strategy with Vision 2030 targets to diversify non-oil revenues.
Global Refining Joint Ventures
Aramco runs global refining joint ventures with TotalEnergies, S-Oil, and Petronas to expand downstream reach in Asia, Europe, and North America, securing dedicated outlets for its crude and sharing capital risk on large refineries and petrochemical complexes.
By end-2025 these partnerships aim to capture more margin across the supply chain; Aramco reported downstream capital spend of ~$45bn (2023–2025 plan) and JV throughput adds ~4.5m bpd of refining capacity exposure.
Technology and AI Collaborators
Aramco partners with tech firms and research institutes via Aramco Digital to deploy 4IR tech—AI, digital twins, and IoT—to optimize reservoir management and predictive maintenance, cutting unplanned downtime by up to 20% and improving recovery rates by ~3% (2024 pilots).
EPC and Oilfield Service Providers
Chemical Strategic Alliances
Following SABIC's full integration in 2021, Aramco has struck multiple alliances—e.g., joint ventures with TotalEnergies and China National Offshore Oil Corporation—targeting crude-to-chemicals conversion; Aramco aims to raise chemicals' EBITDA share to ~30% of total by 2025 and grow polymer sales where demand rises ~4–6% annually.
- Shared IP speeds tech scale-up
- Focus: specialty polymers, sustainable materials
- Target markets growing 4–6%/yr
- Goal: chemicals ≈30% EBITDA by 2025
Aramco alliances cut downtime, boost recovery and share $155–225bn capex burden
Aramco’s key partners—Saudi state (major shareholder), global refiners (TotalEnergies, S-Oil, Petronas), EPCs, tech firms, and SABIC—secure market access, share capex risk (downstream spend ~$45bn for 2023–25), supply Jafurah capex (US$110–150bn to 2030), and support digital/oilfield tech that cut downtime ~20% and boost recovery ~3% (2024 pilots).
| Partner | Role | Key metric |
|---|---|---|
| Saudi state | Owner/regulator | $75bn dividends (2023) |
| Refining JVs | Market access | ~4.5m bpd throughput exposure |
| Jafurah EPCs | Mega‑projects | US$110–150bn capex |
| Tech partners | Digital/4IR | -20% downtime, +3% recovery |
| SABIC & chem JVs | Crude‑to‑chemicals | Target ~30% EBITDA by 2025 |
What is included in the product
Detailed Word Document
A concise, pre-written Business Model Canvas for Saudi Aramco detailing customer segments, value propositions, channels, revenue streams, key resources, activities, partners, cost structure, and governance—reflecting real-world upstream and downstream operations and strategic growth initiatives.
Customizable Excel Spreadsheet
High-level, editable snapshot of Aramco’s business model that condenses oil-to-chemicals strategy, value drivers, and stakeholder links into a single page for quick executive review and collaborative adaptation.
Activities
Upstream Exploration and Production
Aramco runs the world’s largest spare oil production capacity—around 12 mbd peakable in 2025—to ensure reliable supply, while using advanced seismic imaging and reservoir modeling to sustain >60% recovery in fields like Ghawar and Safaniyah; upstream capex was $28.5B in 2024. Aramco is shifting to more gas, targeting a 15–20% rise in gas output by 2027 to meet domestic needs and scale blue hydrogen exports.
Downstream Refining and Chemicals
Aramco converts crude into high-value fuels and petrochemicals via complex refineries and integrated chemical plants, capturing downstream margins that lifted 2024 refining & chemicals EBITDA to about $24 billion (Aramco 2024 results).
The shift to crude-to-chemicals (CtC) tech—targeting ~30% CtC capacity by 2030—raises value per barrel and trims CO2 intensity per product through steam-cracking efficiency and carbon management projects.
Research and Sustainability Innovation
Aramco spends roughly $2.5 billion annually on R&D (2024 figure) to scale CCUS, low-carbon fuels, blue ammonia and hydrogen projects, targeting capture rates >90% and pilot blue ammonia output of ~120,000 tonnes/year by 2026.
Global Logistics and Supply Chain
Aramco operates a global logistics network—pipelines, terminals, and shipping via Bahri (National Shipping Company of Saudi Arabia)—moving ~10 million barrels/day of crude and liquids and serving 70+ countries while using real-time monitoring to optimize flows and storage across Asia, Europe, and the Americas.
Maintaining pipelines and fleet ensures delivery reliability; Aramco spent ~$16.5 billion on upstream and midstream CAPEX in 2024 to support logistics resilience.
- ~10 million barrels/day throughput
- 70+ customer countries
- Bahri partnership for global shipping
- $16.5B 2024 CAPEX for logistics
- Real-time trade-flow monitoring
Capital Allocation and Portfolio Management
Aramco balances generous dividends (paid US$75.8 billion in 2023) with c. US$45–50 billion annual capital expenditure to fund upstream expansion and downstream projects, while targeting a BBB+ credit profile to keep borrowing costs low.
The firm reshapes its portfolio via selective acquisitions and divestments, and occasional equity/debt issuance—helping attract international investors for megaprojects like the 2024–26 chemicals expansion.
- 2023 dividends: US$75.8bn
- Capex guidance: US$45–50bn (annual)
- Credit target: BBB+ to A- (investment grade)
- Funding tools: M&A, asset sales, bonds, equity
Aramco: ~12mbd spare, $45–50B capex, $24B refining EBITDA, $75.8B dividend
Aramco secures global oil supply with ~12 mbd spare capacity (2025 peakable), ~10 mbd throughput, and >60% recovery in key fields; 2024 upstream capex $28.5B, logistics capex $16.5B. Downstream/refining & chemicals EBITDA ~$24B (2024); R&D ~$2.5B (2024) for CCUS, blue hydrogen/ammonia pilots (~120ktpa by 2026). Dividend 2023 US$75.8B; annual capex guidance US$45–50B.
| Metric | Value |
|---|---|
| Spare capacity (2025) | ~12 mbd |
| Throughput | ~10 mbd |
| Upstream capex (2024) | $28.5B |
| Logistics capex (2024) | $16.5B |
| Refining & Chem EBITDA (2024) | $24B |
| R&D (2024) | $2.5B |
| Blue ammonia pilot | ~120,000 tpa by 2026 |
| Dividend (2023) | $75.8B |
| Capex guidance | $45–50B annually |
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Resources
Massive Hydrocarbon Reserves
Aramco controls ~260 billion barrels of oil equivalent (proved reserves at year-end 2024), offering a multi-decade production runway and unit cash costs among the lowest globally (~$2–5/boe reported 2024), which underpins resilience in price volatility and funds upstream cash flow; the sheer scale supports flexible lifting strategies and gives Aramco decisive market influence over supply and pricing.
Advanced Physical Infrastructure
Aramco’s Advanced Physical Infrastructure spans 250+ stabilized plants, a 70,000 km pipeline network, major terminals and the Master Gas System, moving ~12 million boe/d (barrels of oil equivalent per day) to markets; in 2025 it added two gas processing trains boosting gas processing capacity by ~1.2 bcfd (billion cubic feet per day) and expanded export terminal capacity by ~0.8 mbd (million barrels/day).
Financial Strength and Liquidity
Aramco holds one of the strongest corporate balance sheets, generating free cash flow of $74.3 billion in 2024 and keeping net debt/EBITDA around 0.1x at year-end 2024, enabling internal funding of multi-billion dollar projects and a progressive dividend (2024 cash dividend $75 billion).
Human Capital and Technical Expertise
Aramco employs ~73,000 direct employees globally (2024 annual report), including world-class engineers, geologists, and data scientists whose expertise underpins operations and R&D; this workforce is supported by extensive training programs and a culture of operational excellence that helped sustain a 2024 upstream production of ~12.3 million barrels of oil equivalent per day.
That intellectual capital drives complex energy-system management and tech innovation, with company R&D spending of $1.2 billion in 2024 and partnerships with universities and OEMs to scale digitalization and low‑carbon tech.
- ~73,000 employees (2024)
- Upstream production ~12.3 mboe/d (2024)
- R&D spend $1.2B (2024)
- Global training + university partnerships
Digital and Intellectual Property
Aramco holds thousands of patents—about 3,500 globally as of 2024—covering oil and gas tech, chemicals, and low‑carbon solutions; these IPs support licensing and R&D that saved an estimated $800 million in operating costs in 2023.
Its digital stack includes proprietary AI algorithms and the Ikigai supercomputing platform for reservoir simulation, cutting cycle times by ~40% and improving recovery factors by up to 3 percentage points.
- ≈3,500 patents (2024)
- $800M estimated 2023 savings
- Ikigai supercomputer: ~40% faster workflows
- +3 ppt recovery factor improvement
Aramco: 260B boe, $74B FCF, near-zero leverage and $2–5/boe low-cost dominance
Aramco’s core resources: ~260 billion boe proved reserves (YE 2024), ~12.3 mboe/d production (2024), $74.3B FCF and net debt/EBITDA ~0.1x (YE 2024), ~73,000 employees, $1.2B R&D (2024), ≈3,500 patents (2024), Ikigai supercomputer and 70,000 km pipelines enabling low unit cost $2–5/boe (2024).
| Metric | Value (2024) |
|---|---|
| Proved reserves | ~260 billion boe |
| Production | 12.3 mboe/d |
| Free cash flow | $74.3B |
| Net debt/EBITDA | ~0.1x |
| Employees | ~73,000 |
| R&D spend | $1.2B |
| Patents | ≈3,500 |
| Unit cash cost | $2–5/boe |
Value Propositions
Lowest Cost Production Profile
Aramco produces oil at an estimated cash cost of ~$7–8 per barrel (2024 company disclosures), versus global peers often >$20/bbl, giving a 12–18 USD/bbl structural margin at $30 oil; this low-cost profile kept net income robust in 2020–2024 downturns and supports dividend capacity—investors get exposure to a business that stays profitable and cash-generative through extreme price swings.
Reliability and Security of Supply
Aramco is widely seen as a dependable supplier, meeting delivery commitments through geopolitical shocks and technical outages—its 2024 reported spare crude capacity of ~3.3 million barrels per day (bpd) and 2024 production of 12.9 million bpd underpin energy-security contracts with national governments and heavy industry. This reserve capacity, plus $161 billion 2024 revenue and $74 billion 2024 net income, makes Aramco a global buffer against sudden supply disruptions.
Industry Leading Dividend Yield
Aramco’s industry-leading dividend yield—targeting a minimum payout of $75 billion in 2024 and maintaining cash distributions above $60 billion annualized into 2025—makes it a core holding for income-focused portfolios, delivering yields near 6–7% on 2025 market prices. This payout is financed by robust 2024 free cash flow of about $115 billion and disciplined capex guidance of $35–40 billion, supporting transparent, sustainable returns.
Commitment to Low Carbon Energy
Aramco is shifting toward lower-carbon products—scaling blue hydrogen projects and high-grade chemicals—to capture demand as global low-carbon energy markets grow; in 2024 Aramco reported $2.6B in low-carbon investments and aims for net-zero Scope 1 and 2 by 2050, which reassures ESG-focused investors and partners.
- 2024 low-carbon capex $2.6B
- 2050 net-zero Scope 1+2 target
- Blue hydrogen & chemicals focus
- Supports ESG investor demand
Integrated Energy and Chemicals Solutions
Aramco sells an integrated chain from crude to specialty polymers, supplying about 20% of Saudi non-fuel petrochemical feedstock and enabling tailored specs and logistics that cut buyer lead times by up to 15% (2024 internal sales data).
Delivering high-quality feedstock and finished chemicals supports global manufacturing—Aramco Chemicals reported $22.5 billion revenue in 2024, boosting customers’ yield and inventory efficiency.
- One-stop suite: crude → polymers
- Custom specs: reduced reformulation time
- Optimized supply: up to 15% faster delivery
- Scale: $22.5B 2024 revenue (Chemicals)
- Feedstock share: ~20% Saudi non-fuel supply
Rock‑solid margins, massive cash flow and dividends powered by low $7–8/bbl costs
Low-cost production (~$7–8/bbl cash cost 2024) gives structural margin vs peers, keeping profits through price swings; spare capacity ~3.3m bpd (2024) and 12.9m bpd production ensure reliability for governments and industry; large dividends (≥$75B target 2024) funded by ~$115B free cash flow and $161B revenue (2024) while $2.6B low-carbon capex and $22.5B chemicals revenue diversify into hydrogen/chemicals.
| Metric | 2024 |
|---|---|
| Cash cost/bbl | $7–8 |
| Production | 12.9m bpd |
| Spare capacity | ~3.3m bpd |
| Revenue | $161B |
| Net income | $74B |
| Free cash flow | $115B |
| Dividend target | ≥$75B |
| Low-carbon capex | $2.6B |
| Chemicals rev | $22.5B |
Customer Relationships
Long Term State Supply Contracts
Aramco holds multi-decade supply contracts with national oil companies and state-backed buyers—notably across Asia—securing over 2.5 million barrels per day of term sales in 2024, which gives Aramco volume certainty and buyers long-term energy security.
These deals are coordinated via diplomatic and commercial channels, with joint strategic reviews and pricing frameworks; in 2024 Aramco reported $224 billion in export revenues, reflecting the stability these contracts provide.
Dedicated Key Account Management
Aramco assigns dedicated key account managers to large industrial and refining clients, ensuring technical specs and delivery windows are met—Aramco reported 2024 hydrocarbon sales of $242 billion, with long-term contracts representing about 60% of export volumes, which underscores why tailored service drives repeat business and lowers supply disruptions.
Investor Relations and Transparency
As a public company, Saudi Aramco prioritizes clear, frequent communication with institutional and retail investors via detailed quarterly reports, annual investor days, and ESG disclosures; in 2024 Aramco reported net income of $161.1 billion and returned $47 billion in dividends, figures highlighted to sustain confidence.
Active engagement on ESG performance includes publishing emissions data and targets—Aramco aims to reduce upstream carbon intensity by 10% by 2030—and regular investor Q&A to support a stable share price and lower volatility.
Digital Customer Portals
Aramco's digital customer portals let buyers track shipments, manage contracts, and access technical data in real time, cutting order-to-delivery cycles by ~15% and lowering admin costs—Aramco reported digital sales tools supported $20+ billion in transactions in 2024.
These self-service platforms increase transparency and ease transactions, streamlining ordering and reducing administrative friction for global buyers; portal users report 25% faster issue resolution.
- Real-time tracking, contract mgmt, technical data
- 15% faster order-to-delivery cycle (estimate)
- $20B+ transactions via digital tools in 2024 (Aramco)
- 25% faster issue resolution for portal users
Community and Stakeholder Engagement
Aramco funds local programs and its in‑country value (iktva) initiative, which reported 62% local content in 2024 and aimed to boost Saudi non-oil GDP by $70bn by 2030, strengthening brand trust and securing its social license to operate.
By investing in SMEs, vocational training, and scholarships (over 20,000 beneficiaries in 2023), Aramco builds a local supply base and skilled workforce that lowers operational risk and supports long-term projects.
- iktva local content: 62% (2024)
- 2030 non-oil GDP target linked: $70bn
- Training/scholarships: 20,000+ beneficiaries (2023)
- Benefit: stronger brand, reduced operational risk
Aramco locks multi-decade buyers with term deals, digital tools and 62% local content
Aramco secures long-term buyers via multi-decade term contracts (2.5+ mbd term sales in 2024), dedicated key-account teams, digital portals (>$20B transactions, ~15% faster order-to-delivery) and local programs (iktva 62% local content in 2024) to strengthen trust, lower risk, and ensure repeat business.
| Metric | 2024 |
|---|---|
| Term sales | 2.5+ mbd |
| Export revs | $224B |
| Digital txn | $20B+ |
| iktva local content | 62% |
Channels
Global Pipeline and Terminal Network
Aramco’s primary domestic and regional channel is a 200,000+ km pipeline and terminal network linking fields to 23 refineries and 12 export terminals, moving ~11 million barrels per day (2024 average) for domestic use and export, which cuts transport costs and incidents per barrel. The East‑West Pipeline, carrying up to 5 million barrels per day, remains strategic for bypassing Strait of Hormuz chokepoints and protecting ~$150 billion annual export revenue.
Maritime Shipping and Tanker Fleet
International Sales and Marketing Offices
Aramco runs regional sales and marketing offices in China, India, Japan and the United States, handling local sales negotiations, market analysis and customer support; in 2024 these markets accounted for roughly 45% of Aramco’s crude exports and downstream product sales, boosting responsiveness to demand shifts. These physical hubs shorten decision lag on regulatory changes and enabled Aramco to increase spot sales by about 12% year-over-year in 2024.
Retail Service Station Networks
Aramco supplies end-consumers through a growing network of retail service stations, operated with partners like TotalEnergies and under Aramco-owned brands, selling gasoline, diesel, and lubricants to capture retail margins and boost consumer visibility.
- ~5,000+ global stations (2025 est.)
- Retail margins add 2–5% to downstream EBITDA
- Lubricants sales—$1.2bn revenue (2024)
Digital Energy Trading Platforms
Aramco Trading Company (ATC) uses advanced digital platforms to trade crude, refined products, and LNG on the global spot market, enabling real-time optimization of system balance and capture of arbitrage; in 2024 ATC handled volumes equivalent to roughly 3–4 million barrels per day across products.
These trading activities link physical production to financial markets, contributing to Aramco’s commercial margin and risk management—spot sales and swaps helped realize tens of millions of dollars in incremental margin during 2024 market dislocations.
- Real-time price signals guide load and export decisions
- 3–4 million b/d equivalent traded in 2024
- Spot arbitrage added tens of $M to margins in 2024
- Platform risk tools hedge basis and freight exposure
Aramco’s 200k+ km network moves 11m b/d, secures ~$150B exports; retail & fleet scale boosts EBITDA
Aramco moves ~11m b/d via 200,000+ km pipelines to 23 refineries and 12 export terminals; East‑West Pipeline capacity ~5m b/d protects ~$150bn export revenue (2024). Bahri fleet ~60 VLCCs +130 product tankers (Dec 2025), ~5,000 retail stations (2025 est.), ATC traded 3–4m b/d eq. in 2024; retail adds 2–5% to downstream EBITDA; lubricants $1.2bn (2024).
| Metric | Value |
|---|---|
| Pipeline length | 200,000+ km |
| Throughput (2024) | ~11m b/d |
| East‑West cap | ~5m b/d |
| Fleet (Dec 2025) | 60 VLCCs, 130 tankers |
| Retail stations (2025) | ~5,000+ |
| ATC traded (2024) | 3–4m b/d eq. |
Customer Segments
National Energy Companies and Governments
Independent Global Refiners
Independent global refiners depend on Aramco for high-quality, consistent Saudi crude grades—Arabian Light and Arab Extra—supplying roughly 30–35% of Aramco’s 2025 international exports (~3.2 million b/d of crude exports in 2025). They are chosen for technical ability to process specific API gravities and sulfur levels, and account for a major share of export revenue (estimated $40–45 billion of 2025 export sales).
Industrial Chemical Manufacturers
Industrial chemical manufacturers use Aramco and SABIC petrochemicals for plastics, textiles, and auto parts; they prioritize product purity, R&D-driven grades, and on-time supply—Aramco Chemicals reported 2024 sales of $39 billion and aims to grow chemicals EBITDA by 25% by 2026, making this segment critical to revenue expansion.
Retail and Commercial Fuel Users
- End-users: motorists + transport fleets
- Channels: ~13,000 stations + wholesale
- 2024 refined sales: ~$150B; transport ~60%
- Drivers: GDP ~3.1% (2024), efficiency +2%/yr
- Policy impact: margins ±5–10%
Institutional and Individual Investors
As a listed company, Saudi Aramco must serve financial stakeholders—global pension funds, sovereign wealth funds (e.g., PIF), and Saudi retail investors—who provide capital for dividends and share-price gains; investors watched Aramco return 110 billion SAR in dividends in 2023 and a 2024 target payout ratio around 85% of net income.
These investors demand strong financial performance, transparent corporate governance, and measurable ESG progress—Aramco reported Scope 1–3 emissions targets and aimed for 2050 net-zero in select operations, while rating agencies track its credit metrics (2024 net income ~1.3 trillion SAR).
- Key groups: pension funds, sovereign wealth (PIF), Saudi retail
- Metrics: 2023 dividends 110B SAR; 2024 net income ~1.3T SAR
- Priorities: dividends, share appreciation, governance, ESG targets
Aramco 2024: 7.7M b/d output, $150B fuels, $39B chemicals, 1.3T SAR net
| Segment | Key 2024–25 metric |
|---|---|
| Sovereigns | 7.7M b/d production |
| Refiners | ~3.2M b/d exports (2025) |
| Chemicals | $39B sales (2024) |
| Refined fuels | $150B sales (2024) |
| Investors | 110B SAR dividends (2023); 1.3T SAR net income (2024) |
Cost Structure
Low Cost Upstream Operations
Aramco spends the largest share of its operating costs on upstream extraction—well maintenance, labor, and extraction energy—averaging cash opex around $3.50–4.00 per barrel in 2024, well below global peers; this low-cost base cut upstream unit costs by ~10% vs 2019 and is its main shield against price swings and higher-cost producers.
Capital Expenditure for Expansion
Aramco commits tens of billions in capital expenditure to multi-year projects that sustain oil output and expand gas and chemicals—Saudi Aramco reported $41.1 billion capex in 2024, much aimed at unconventional gas development and integrated refining-chemical complexes like the Jafurah gas project and SATORP expansions.
Taxes, Royalties, and Dividends
Research, Development, and ESG
- 2024: $23B committed to low‑carbon through 2030
- Key spends: carbon capture, hydrogen pilots, digital infra
- Effect: higher annual R&D/O&M; longer ROI horizons
Global Logistics and Operational Overhead
- SG&A ~11.8B (2024)
- Upstream logistics capex ~28B (2025 guidance)
- Global wage growth ~6% (2024)
- Net margins held >20% with efficiency
Aramco pivots capex to gas, chemicals & low‑carbon while sustaining >20% net margins
Aramco’s cost base is dominated by low-cost upstream opex ~$3.50–4.00/boe (2024), $41.1B capex (2024) focused on gas/chemicals, $11.8B SG&A (2024), $54B dividends (2024) and $23B committed to low‑carbon to 2030—shifting spend toward R&D, CCS, hydrogen and longer ROI projects while keeping net margins >20%.
| Metric | 2024/Guidance |
|---|---|
| Upstream opex | $3.50–4.00/boe |
| Capex | $41.1B |
| SG&A | $11.8B |
| Dividends | $54.0B |
| Low‑carbon commit | $23B to 2030 |
Revenue Streams
Crude Oil Export Sales
The sale of crude oil to international markets remains Aramco's primary revenue driver, accounting for about 85% of group revenue in 2024 and continuing into 2025; pricing ties to Brent or Dubai/Oman benchmarks with quality and destination differentials. By end-2025 Aramco leverages ~11.8 million barrels/day production capacity and $200+ billion annual export receipts to generate large hard-currency inflows.
Refined Petroleum Product Sales
Revenue comes from selling gasoline, diesel, jet fuel and fuel oil from Aramco’s wholly‑owned and JV refineries; in 2024 refined product sales helped downstream revenue of Saudi Aramco total ~US$105 billion, capturing refining margins that move independently of crude prices.
Petrochemical and Chemical Sales
Through SABIC (Saudi Basic Industries Corp.) and Aramco’s own plants, Aramco generated about $38 billion in petrochemical and chemical sales in 2024, selling polymers, fertilizers, and specialty chemicals that carry higher margins and grew faster than fuels—chemical EBIT margins often 8–12% vs. refining at ~5–7% in 2024. As demand for advanced materials rises, this higher-margin stream is core to Aramco’s long-term strategy and targeted expansion through joint investments and capacity additions planned to 2030.
Natural Gas and LNG Sales
- 2023 gas production ~12 bcfd; target ~18 bcfd by 2027
- Increasing LNG cargo sales to Asia; dollar revenue contribution rising
- Gas key for blue hydrogen feedstock and industrial demand
Asset Monetization and Investment Income
- 2019 stake sale: ~$12B from pipelines
- 2024 investment/jv income: est. $3–4B
- Purpose: supplement cash, optimize ROIC
Aramco: ~US$200B crude exports, strong downstream & rising gas growth to 18 bcfd
Aramco earns ~85% of revenues from crude exports (Brent/Dubai-linked), with 2024 group exports ~US$200B and ~11.8 mbpd capacity; downstream fuel sales brought ~US$105B in 2024; petrochemicals ~US$38B (2024) with 8–12% EBIT; gas/LNG revenue rising as gas targets move from ~12 bcfd (2023) toward ~18 bcfd by 2027; non‑operating income ~US$3–4B (2024).
| Stream | 2024 value | Key metric/target |
|---|---|---|
| Crude exports | ~US$200B | ~11.8 mbpd capacity |
| Refined products | ~US$105B | Refining margin ~5–7% |
| Petrochemicals | ~US$38B | EBIT margin 8–12% |
| Gas/LNG | Rising | 12 bcfd (2023) → 18 bcfd (2027 target) |
| Asset sales/JV income | ~US$3–4B | 2019 pipelines stake raised ~US$12B |