Aramco: Fireside chat feedback: top notch flexibility and resilience

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Aramco: Fireside chat feedback: top notch flexibility and resilience

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Aramco

Fireside chat feedback: top notch flexibility

and resilience

Maintain Rating: BUY | PO: 34.50 SAR | Price: 27.86 SAR

Unique value proposition continues to be displayed 21 May 2026

We hosted Aramco’s Investor Relations team for a fireside chat. The team highlighted: 1) Equity

company’s supply reliability supported by best in class fields and the East West (EW)

Sashank Lanka >>

pipeline, 2) ability to ramp-up production quickly post resolution, 3) focus on capturing Research Analyst

incremental value by exporting refined products from the West Coast (WC), 4) healthy Merrill Lynch (DIFC) sashank.lanka@bofa.com

seasonal oil demand into 2H with depleted inventories, 5) reiteration of capital

Christopher Kuplent >>

investment guidance of US$50-55bn for FY26E. We maintain Buy: shares trade on a Research Analyst

2027E PE of 13x, c.20% discount to average since IPO, while offering a 2027E/28E MLI (UK) christopher.kuplent@bofa.com

dividend yield of c.6%.

Abhishek Kumar >>

Research Analyst

Merrill Lynch (DIFC)No production shut-ins; EW pipeline reaches full capacity abhishek.kumar29@bofa.com

While Aramco has lowered production of some of the heavier crude grades to facilitate

light crude grade movement via the EW pipeline, it has not shut-in production unlike

some of its peers. The EW pipeline has demonstrated achieving full capacity of 7mb/d

crude with 5mb/d of exports and 2mb/d of supply to West Coast refineries. Stock Data

Well positioned for production ramp post resolution PricePrice Objective 27.8634.50 SARSAR

As it is easier to facilitate light crude grade movement via EW pipeline, Aramco is Date Established 07-Apr-2026

managing production of some heavier grades of crude.