World's largest crude producer with giant low-cost fields (Ghawar, Safaniyah) and proved reserves ~255 bnboe; maintains ~3 mmbbl/d spare capacity, is ramping the giant Jafurah unconventional gas project, and holds a large integrated downstream/chemicals arm including ~70%-owned SABIC.
Dividend giant (~$85-90bn base plus a performance-linked payout that funds the Saudi budget), ~98% state-owned with a tiny ~2% float; output is set by OPEC+/Kingdom policy under CEO Amin Nasser. Trades at a premium to IOCs on scale, ultra-low-cost reserves and yield; earnings have fallen from the 2022 peak as oil normalized.
Its EV/EBITDA of 8.2x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 4.9% is lower than the 6.5% median, and at $7.15/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Saudi Aramco scores 56/100, strongest on asset quality (78/100). Sub-scores: value 44, quality 78, growth 35, risk 45 (higher = riskier).
Saudi Aramco holds approximately 247.2 billion boe of proved (1P) reserves with FY2025 production of about 12,891 thousand boe/d (86% liquids), a reserve life of roughly 52.5 years. Break-even: ~$3/bbl (upstream lifting cost (fiscal breakeven note)) — Aramco has the world's lowest upstream lifting cost (~$3/bbl); the Saudi FISCAL breakeven (state budget) is far higher (~$90+/bbl) but is sovereign, not corporate.
For Saudi Aramco, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Saudi Arabia | 100% | 40 | Stable; Aramco/state control, no foreign upstream equity. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Ghawar | Saudi Arabia | Onshore oil | World's largest conventional oil field |
| Safaniyah | Saudi Arabia | Offshore oil | World's largest offshore field |
| Jafurah | Saudi Arabia | Unconventional gas | Giant shale gas development, ramping this decade |
| Marjan/Berri | Saudi Arabia | Offshore oil/gas | Major increment expansions |
| Zuluf | Saudi Arabia | Offshore oil | Large crude increment project |
| SABIC | Saudi Arabia/global | Chemicals | ~70% owned petrochemicals giant |
| Refining JVs (S-Oil, Motiva, Fujian) | Asia/US | Downstream | Global refining/marketing footprint |
| Master Gas System | Saudi Arabia | Gas infrastructure | National gas network expansion |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 12300 | 13600 | 12800 | 12700 | 12891 |
| Proved reserves (bnboe) | 255.00 | 251.00 | 259.00 | 260.00 | 247.20 |
| Revenue ($bn) | 410.0 | 604.0 | 495.0 | 480.0 | 446.0 |
| EBITDA ($bn) | 189.0 | 267.0 | 210.0 | 240.0 | 215.0 |
| Net income ($bn) | 110.0 | 161.0 | 121.0 | 106.0 | 93.4 |
| Free cash flow ($bn) | 107.0 | 148.0 | 101.0 | 85.0 | 85.4 |
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✓ FY2025 figures verified against primary sources:
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