We strongly believe that the demand fundamental is healthy and strong, we are seeing a demand growth of about 1.2 to 1.3 million barrels per day this year, almost the same next year in 2026. It's a record year for oil, gas, and even coal. When you look at the five-year average, storage is at the lowest end in terms of physical barrels available in the market, indicating demand is real and strong, not an oversupply glut.

The supply-demand fundamentals are healthy. We see more demand, especially from developing countries including India and the US, reflected in the call on us for supply.

True, EV numbers are increasing, but internal combustion fleet remains large. Other sectors like aviation growing 8-9% and liquid to chemical uses such as carbon fiber for EVs, solar panels, turbines, offset the small decrease due to EVs. Oil demand is shifting but will not slow down. Oil and gas will continue to grow for decades.

We wait and see the sanctions impact; supply targets come from Ministry of Energy under OPEC+ agreements aiming to stabilize markets and ensure capacity.

Oil is not part of tariffs but tariffs affect economies; healthy economies mean more demand. Currently, demand remains healthy.

Guidance is $52-58 billion CapEx this year, executing 50+ billion yearly to maintain capacity (~12 million barrels/day), with significant investment in gas growth (>60% by 2030), renewables, minerals including lithium processing plants projected by 2027.

Importance to continue exploration; oil investment down by ~20%, final investment decisions down ~35%, risking decline of 6 million barrels/day if underinvested. Capital investment needed to meet demand.

Forecasts up to last year suggested renewables growth should reduce investment, but data center power needs will grow about 4x electric vehicles by 2030. Despite $11 trillion invested in renewables, oil equivalent energy from renewables is only 15 million barrels, insufficient.

Mostly gas, then renewables and alternatives. Energy demand is growing significantly, with an increase of 45 million barrels of oil equivalent over 10 years. We need hydrocarbons in addition to alternatives.

Focus on long-term; investing to maintain healthy spare capacity; investing significantly in gas growth, renewables, hydrogen (blue/green), LNG facilities globally, minerals, and technology as the integrator.

Technology requires talent, developed over years, including AI infrastructure, quality data, and 6,000 trained experts using AI. AI contributes about 50% of technology realized value, which increased by $2 billion in 2023 with projections of $2-4 billion yearly going forward.

Use cases are measured and verified by third parties; examples include productivity improvements, yield increases. Cost per barrel has been maintained at ~$3 over 20 years due to technology and talent.

Yes, far greater as this is year one. Saudi Aramco invests about $7.5 billion in venture capital and startups.

Our MetaBrain LLM processes 70 billion data points, improving efficiency across operations and reduces carbon footprint.

Efficiency increases with technology and trained skilled people; retraining maximizes value, improves productivity and production.

Collaborations with Qualcomm, Nvidia, Google, AMD etc. provide chips/GPUs to maximize value; investment in infrastructure and talent enables capturing billions in operational savings.

Shareholders appreciate AI reflected in costs and carbon footprint improvements; carbon intensity is low compared globally due to technology.

Partnership with Humane, Saudi's national AI company, minority shareholder; Humane will build data centers, develop LLMs, expanding in kingdom and globally leveraging low cost energy and talent.

Potentially third after US and China, leveraging energy cost, talent, leadership support, becoming national/global champion in AI and technology.

Data centers will be four times electric vehicles in power demand by 2030; mostly powered by gas or renewables, reflecting significant growth.

Oil and gas will continue growing year over year for decades. Investing in reserves, renewables, hydrogen (blue/green), LNG, minerals with partnerships, technology is central to enable all sectors’ growth.