Saudi Aramco’s upstream lifting cost ‘SAR 10.6’/boe in 2018

Saudi Arabian Oil Co. (Saudi Aramco) said the average upstream lifting cost was SAR 10.6 ($2.8) per barrel of oil equivalent (boe) produced for 2018.

Saudi Aramco’s upstream capital expenditures averaged SAR 17.7 ($4.7) per barrel of oil equivalent produced.

The world’s largest oil exporter has higher operating cash flow, free cash flow, earnings before interest and tax (EBIT), earnings before interest, tax, depreciation and amortization (EBITDA) and return on average capital employed (“ROACE”) than each of the five major international oil companies “Five Major IOCs”, comprising ExxonMobil, Shell, Chevron, Total and BP.

Saudi Aramco’s reserves were 256.9 billion barrels of oil equivalent. Its oil equivalent reserves were sufficient for proved reserves life of 52 years, which was significantly longer than the 9 to 17 year proved reserves life of any of the Five Major IOCs based on publicly available information. The company’s oil equivalent reserves consisted of 201.4 billion barrels of crude oil and condensate, 25.4 billion barrels of NGLs and 185.7 trillion standard cubic feet of natural gas.

Aramco’s portfolio comprises 498 oil reservoirs in 136 oil fields across the Kingdom as of Dec. 31, 2018.

The state-owned oil giant will launch its initial public offering (IPO) on Nov. 17 for institutional and retail investors. The retail subscription will close on Nov. 29, and the institutional offering will extend until Dec. 4, 2019.