Investing in growthInnovating for sustainability
AramcoSustainability Report 2023
Executive Summary

Investing in solutions,innovating for sustainability
In 2023, we celebrated the 90th anniversary of theKingdom signing the Concession agreement. This
milestone provided the opportunity to celebrate Aramco’slongevity and enduring success, and to reflect on ourvalues and ambition to build a better future and longterm prosperity for our communities, our customers andour stakeholders. The energy transition is one of thedefining challenges of our time, and Aramco takes
it seriously.

Our response to this challenge is demonstrated throughour actions, and we have put sustainability at the heart ofour business strategy. In a world of increasing energy
demand, we will continue to deliver conventional energy
with lower carbon intensity, through various pathways,
including improving the energy efficiency of our upstream
and downstream operations, minimizing flaring and using
innovative technologies to further reduce our greenhousegas emissions (GHG) across our operations. These efforts
have led us to attain and maintain an upstream carbon
intensity (9.6** kg CO2e/boe under the market-based
method and 10.7** kg CO2e/boe under the locationbased) that ranks among the lowest in our industry.
Our low upstream carbon intensity competitive advantage
was evident in 2023, when we delivered our firstindependently-verified carbon offset crude cargo, a pilot
shipment of 2MM bbl of Arabian Light crude oil withtracked product-level carbon emissions. This shipment,
the first of its kind in the Middle East, entailed acalculation of carbon intensity of 2.42** kg CO2e/boe forthe production and loading stages.
In addition, we are exploring new lower-emission energy
sources through innovative technologies and solutions.

Our goal is to facilitate a transition towards
a lower-carbon future, while continuing tocreate value for our shareholders andstakeholders, and leave a positive legacy
for future generations.
H.E. Yasir O. Al-Rumayyan
Chairman of the Board of Directors

This will both reduce GHG emissions and diversify ourproduct portfolio.
Environmental stewardship is integral to our approach.
From air to water to waste, we are applying circular
economy principles to reduce impacts, restore ecosystems,
and increase biodiversity. In 2023, we have met andexceeded our interim target of achieving 30% increase inbiodiversity net positive impact against our 2022 baseline,with the expansion of our Biodiversity Protected Areas(BPAs). We are implementing various initiatives toconserve natural water resources and reduce dependency
on non-renewable water supply in pursuit of our water
neutrality aspiration, while working to meet our corporate
waste management strategy milestones.
In 2023, we continued delivering on our diversity
aspiration with an increase in both the number of females
in workforce and in leadership positions.
We actively promote a culture that values employee
health and well-being and we enforce strict safety
protocols in all of our facilities and workplaces. We arealso working to embed our values and working standards
throughout our supply chain, via engagements with ourcontractors, partners, and suppliers.
Our commitment to growing societal value saw us
working to build local capacities and investing in local
citizens while creating values for host communities wherewe operate through social investment programs. This
includes our supply chain localization efforts, in which
Aramco has played a central role since its inception 90
years ago. As we expand our business globally, we willcontinue to mobilize our capabilities and allocate
resources where they can make a tangible and positive
difference to people’s lives.

We remain steadfast in maintaining a strong
culture of fostering world-class pool of talent,developing future leaders, and ensuring thesafety of our operations while embracing thediversity of our workforce.
Amin H. Nasser
President and CEO** This figure has undergone external limited assurance in accordance to the ISAE 3000 (revised). The assurance report can be found online on the Sustainability section of our website.
2ARAMCO | EXECUTIVE SUMMARY 2023

Sustainability at Aramco
Aramco’s sustainability framework is articulated aroundfour focus areas where we have the greatest influence,in order to create long-term real positive impact.
The framework outlines our sustainability focus
areas, identified through the conducted materiality
assessment and extensive stakeholder engagement.

Each of these focus areas supports Aramco’s
corporate strategy and aligns with both Saudi Arabia’s
Vision 2030 and the UN Sustainable Development Goals.

ed Na
Unitstainable Development Goa
tions' SulsSaudi Arabia’s Vision 2030

ÆIncreasing women’s
participation inthe workforceÆAlternative
energy: hydrogenand ammoniaAra

ÆSaudi Green
InitiativeÆRenewableenergyOur sustainability focus areas and sustainability
performance is overseen by governance provided by
our Board of Directors. For more information on ourgovernance, relevant material topics and ourgovernance metrics, please refer to page 94 in our2023 Sustainability Report, and page 90 in our 2023
Annual Report.

mco’s sustainability focus areas

Climate change
and the energy	For moreinformationtransitionsee page 00ÆReducing
unemployment

ÆAttracting
talentSafe operations andpeople development	
For more information
see page 00

How weworkÆReducing
air pollution

ÆDiversifying
the economy

Growingsocietal value

ÆInvesting forthe long term

Minimizing
environmental
impactÆEmpoweringsocietyÆWastemanagement

ÆPreserving
marine life
GovernanceÆSupporting small andmedium enterprisesÆCombatingdesertification

ARAMCO | EXECUTIVE SUMMARY 20233

C limate change andthe energy transition

We aim to provide affordable and reliable energy and remain oneof the lowest upstream carbon intensity producers of hydrocarbon
products, while we continue advancing towards our ambition ofachieving net-zero Scope 1 and Scope 2 GHG emissions acrosswholly-owned operated assets by 2050.
•	Established the New Energies organization following theendorsement of our long-term strategy to develop andimplement lower-carbon solutions for Aramco•	Reduced our upstream methane emissions by 5.1% andmaintained an upstream methane intensity of 0.05%**•	Implemented energy efficiency initiatives resulting in avoidanceof 0.73 MMtCO2e•	Played a key role in the Oil and Gas Decarbonization Charter,a global industry charter established at COP 28•	Delivered our first independently verified carbon offset crudecargo, where a pilot shipment of 2 MMbbl of Arabian Light crude
oil with a product-level carbon emissions intensity and emissions
management plan in line with PAS2060•	Retired around 500,000 carbon credits, equivalent to0.5 MMtCO2e, against corporate emissions, and bought thelargest amount of carbon credits in the Regional Voluntary
Carbon Market Company’s second auction in Nairobi,Kenya in June 2023

54.4**

9.6**

5.64**

Scope 1 emissions1(MMtCO2e)

Upstream carbon intensity2(kg CO2e/boe)

Flaring intensity1(scf/boe)(2022: 55.7**)(2022: 9.3**)(2022: 4.60 **)13.0**

Scope 2 emissions1,2(MMtCO2e)(2022: 10.3**)

0.05

153.8

Upstream methane intensity(%)

Energy intensity(thousand Btu/boe)(2022: 0.05)(2022: 146.2)** This figure has undergone external limited assurance in accordance to the ISAE 3000 (revised). The assurance report can be found online on the Sustainability section of our website.
1. The Jazan Refinery is excluded from our GHG and flaring metrics reporting in 2022 and 2021. In 2023, only the stabilized units of Jazan Refinery are included in our GHG andflaring metrics reporting.
2. In 2023, along with the location-based methodology we have been reporting in our disclosures to date, we have also adopted a market-based methodology to report GHGemissions to avoid double counting of emissions associated with wheeled power, as per the GHG Protocol Scope 2 Guidance. The figures reported for upstream carbon intensity
and Scope 2 emissions are market-based.

4ARAMCO | EXECUTIVE SUMMARY 2023

Safe operations andpeople development

We aim to provide a safe and respectful working environment
for all, on-site, and within the community, supported bycomprehensive policies, procedures, and resources. We strive
to support, diversify, and empower our workforce.
•	Achieved a 16.0% reduction in the total recordable case rate,
representing the best Company performance on its record•	Reached record hiring levels with our headcount reachingover 73,300 employees• Over 20% of direct hires were female•	26.3% increase in the percentage of female employees inleadership positions•	The National Training Centers have collectively had 57,943
graduates since inception•	Largest-ever College Preparatory Program cohort to graduate
with 358 students•	More than 2,000 students benefited from the Intermediate
Science, Technology, Engineering and Mathematics (STEM)
program in collaboration with the Ministry of Education153**

4.8

Tier 1 process safety events(number)

Fatalities(number)

Female employees in leadership positions(%)(2022: 11)(2022: 5**)(2022: 3.8)

0.018**

Lost time injuries/illnesses(per 200,000 work hours)(2022: 0.014**)

7.2

Female employees(%)(2022: 6.4)

95

Total hours of training anddevelopment (per employee)(hours)1(2022: See footnote 2)** This figure has undergone/is undergoing external limited assurance in accordance to the ISAE 3000 (revised). Upon completion of assurance, the assurance report will be madeavailable online on the Sustainability section of our website.
1. Total hours of training and development (per employee) metric consists of total training offered by the Company during the year for all participants including Aramco employees,
contractors, and average levels of trainees.
2. Updated methodology: In 2023, a ministerial decision was issued mandating that any establishment with 50 employees and above shall disclose its training data annually as pera specific procedural guide. Therefore, the 2023 training and development hours are reported using the methodology as outlined by the Ministry Procedural Guidelines.
The 2022 figure previously reported in the 2022 Sustainability Report would not be comparable under this methodology, and thus not disclosed.

ARAMCO | EXECUTIVE SUMMARY 2023

5

Minimizing
environmental impact
From groundwater to waste management, our approach is
focused on minimizing the environmental impact of ouroperations, and preserving ecological biodiversity. We strive
to conserve natural resources, apply circular models acrossour value chain, and build a legacy of projects that improve
both natural habitats and shared resources.
•	Achieved 100%** ISO 14001 certification at 52 upstream
and downstream asset-based organizations enrolled in
Aramco’s Environmental Management System•	Continued upgrading Sulfur Recovery Units
with tail gas treatment units•	Designated additional Biodiversity Protection Areas(BPAs) bringing the total number of BPAs to 14 coveringover 1,700 km2•	Continued pursuing a water neutrality aspiration throughwater management initiatives•	Planted approximately 6.5 million mangroves andan additional 1.1 million native trees in the Kingdom
during the year85.6**,189.9**

481,561

Net positive impact on biodiversity(%)

Freshwater consumption(million m3)

Industrial waste disposed(metric tons)(2022: 53.0 **)(2022: 93.6**)(2022: 318,656)

12

14.3**

35.7**

Hydrocarbon spills(number)

Hydrocarbon discharge to water(barrels)

Industrial waste recycled(%)(2022: 15)(2022: 16.4**)(2022: 39.9**)** This figure has undergone external limited assurance in accordance to the ISAE 3000 (revised). The assurance report can be found online on the Sustainability section of our website.
1. Ongoing management and review of the BPAs resulted in exclusion of the Manifa BPA from our NPI metric as a BPA, pending implementation of enhancements to align with theCompany’s biodiversity governance.

6ARAMCO | EXECUTIVE SUMMARY 2023

Growing
societal value
With our headquarters in Saudi Arabia, we have invested in theKingdom’s oil and gas ecosystem to enhance the reliability ofour supply chain by building local capacities, thereby providing
employment and economic opportunities to thousands ofSaudi nationals.
Our dedication to grow societal value extends beyond the Kingdom
through our social investment projects, where we work together
with host communities around the world.
•	Continued commitment to building the capacity of local
staff with over 24% increase (15,099 in 2023 versus 12,160in 2022) in the number of people on our sponsored1
community programs•	Provided growth acceleration services, via the Taleed program,to support small and medium-sized enterprises (SMEs)
sustainability and scale up including partnership and networkbuilding, business development, and attracting investments•	Made social investments2 to the value of $475 million in
Saudi Arabia and abroad•	Aramco and its employees donated over $18 million fordisaster relief globally

65.0

90.3

29.7

iktva procurement spend in-Kingdom(%)

Saudi nationals employed(%)

Saudization of construction contracts(%)(2022: 63.0)(2022: 90.9)(2022: 28.0)

202.9

475

56.2

Cumulative iktva GDP contribution*($ billion)

Social investment2($ million)

Saudization of service contracts(%)(2022: 166.0)(2022: 453)

(2022: 57.2)* Metric reported for the first time externally.
1. These programs include the Vocational College Internship Program (VCIP), University Internship Program (UIP), Summer enrichment program, Tomooh program, Advantage program,and Arizona Centers for Comprehensive Education and Life Skills (ACCEL) International Ajyal Center.
2. Updated methodology: this is the first year we are reporting on the costs of running Aramco-built government schools, as part of our social investment. We have also revised theprior year figure to reflect this change. With this updated methodology, the 2022 figure is now $453 million compared to $370 million under the previous methodology.

ARAMCO | EXECUTIVE SUMMARY 20237This document must be read together with Aramco’s public reporting,including our 2023 Annual Report, 2023 Sustainability Report,
our website, and our policies.

Our 2023
Sustainability
ReportWe present our approach to:integrating sustainability
within our corporate strategy
and operations.
Download the report (PDF)
Sustainability quick read Please see our 2023 AnnualReport at www.aramco.com/en/investors/reports
and-presentations

Contact us Please visit www.aramco.com
for more information

We hope you find this Report engaging andinformative, and we continue to welcome yourinput and views:@sustainability@aramco.com

 Please visit www.aramco.com/sustainability for more
information on our approachto sustainability, our basisof preparation and ourindependent assurance
statements for 2019, 2020,2021, 2022, and 2023

Social media

We are also active on the below social media
platforms, so please follow us to learn more
about Aramco and our sustainability journey:@aramcolinkedin.com/company/aramco

8ARAMCO | EXECUTIVE SUMMARY 2023