Saudi Arabian Oil Company (Saudi Aramco)

What the filings say against what the research found

Every holding above was also resolved directly from EDGAR through a precedence rule: the company's own filing outranks a 13D or 13G, which outranks a 13F, which outranks hand research. A 13F reports only US listed, long, US custodied positions, so it is a floor rather than a level. Where sources disagree the higher one leads and the lower is kept beside it.

No position here shows a material gap between sources.

• No SEC CIK for Saudi Aramco (2222.SR). It is a foreign issuer without a US listing under this ticker, so EDGAR has nothing to ingest. Its curated research is unaffected.

What a reader needs to know to read these numbers

• Aramco files nothing with the SEC. There is no CIK, no 13F and no 10-K. Every figure here comes from the FY2025 annual report (published March 2026, balance sheet date 31 December 2025), the Q2 and half-year 2026 interim report (balance sheet date 30 June 2026), and live quote pages.
• Currency: the Saudi riyal is pegged at 3.75 SAR per USD. Aramco itself converts at exactly 3.75 throughout its reports (for example H1 2026 operating costs of SAR 550,346m are shown as USD 146,759m). The x-rates USD table confirms 1 USD = 3.750000 SAR, although that page reported its rate as of 1 January 2026. Every SAR to USD figure in this file uses 3.75.
• Register: the four lines total exactly 100.00% of the 242bn issued shares, at 31 December 2025. The annual report shareholding chart gives Government 81.48%, Other 16.00%, Public 2.48%, Company Treasury 0.04%, and footnotes 'Other' as the shares transferred to PIF, Sanabil Investments Company and PIF's wholly owned companies. This file splits that 16.00% into its three disclosed tranches (4% to PIF in February 2022, 4% to Sanabil in April 2023, 8% to PIF wholly owned companies in March 2024); the tranches are not additional to the 16.00%, they are the 16.00%.
• Those PIF tranches were transferred out of the state's holding, not bought. The state's direct holding is now 81.48% and PIF's group holding is now 16.00%. The transfers are history, not current activity, and no further transfer has been announced.
• Free float is roughly 2.5% of the company. That is the entire universe of ordinary market shareholders, so no index fund, active manager or other third party holds a position large enough to be individually disclosed in Aramco's reports. There are no 5%-plus non-state holders. Of the public shareholder base the annual report reports a 72.94% domestic and regional versus 27.06% international split, but that is a split of the float, not of the company.
• Single share class: 242bn fully paid ordinary shares with equal voting rights and no par value. Share capital is SAR 90,000m after bonus issues in May 2022 and May 2023. The weighted average share count used for 2025 earnings per share was 241,882m, reflecting treasury shares.
• Buyback in progress: in March 2026 the board approved the repurchase of up to 350m shares (about 0.14% of issued shares) over 18 months for up to SAR 11.3bn (USD 3.01bn). By 30 June 2026, 83.8m shares had been bought for SAR 2.3bn (USD 0.61bn), which lifts treasury slightly above the 0.04% shown at 31 December 2025 and reduces the float by the same amount.
• Market cap: the quote page shows SAR 6.41tn on 241.91bn shares at SAR 26.48, as of 13 August 2026 (the Saudi Exchange was closed for the weekend before 16 August). SAR 6.41tn at 3.75 gives USD 1.709tn. Multiplying price by share count instead gives SAR 6.406tn or USD 1.708tn, a rounding difference of about 0.07%.
• Two different value bases appear in the holdings. For associates and joint ventures the figure is either Aramco's share of fair value (where the annual report discloses it for the listed ones: Petro Rabigh, Bahri, Clariant, Marafiq) or the equity-method carrying amount, which is book value and can sit above or below market. For the securities portfolio (Rongsheng, Saudi Electricity, Idemitsu, HORSE, SUMED, TAQA, Daehan) the figure is fair value at 31 December 2025. For the listed subsidiaries (SABIC, Luberef, SABIC Agri-Nutrients) the figure is a live market value at 13 August 2026. These are not comparable to each other.
• Look-through: SABIC is consolidated at 70%, so anything SABIC holds appears in Aramco's accounts at SABIC's own percentage while Aramco's economic interest is 70% of that. Affected here: Clariant (SABIC 31.5%, Aramco effective 22.05%), Yanpet, Kemya, Sharq and SSTPC (SABIC 50%, Aramco effective 35%), Ma'aden Phosphate (SABIC 30%, effective 21%), MWSPC (SABIC 15%, effective 10.5%). SABIC Agri-Nutrients is already stated at Aramco's effective 35.1%, which implies a SABIC-level holding of about 50.1%.
• Marafiq is shown at 35% in the annual report without the footnote that marks SABIC-held stakes. Publicly available descriptions of Marafiq's register split the founding stakes between PIF, Aramco and SABIC in roughly equal parts, which does not obviously reconcile to a single 35% Aramco line. The filed 35% is recorded here and the discrepancy is flagged rather than resolved.
• Petro Rabigh changed shape in 2024 and 2025: Aramco's disclosed equity ownership moved from 37.5% at 31 December 2024 to 57.6% at 31 December 2025, because the restructuring gave it Class B shares alongside its listed Class A holding. It is still an associate, not a subsidiary, because no single shareholder has control. Only Class A trades on the Saudi Exchange, and the 2.20bn share count on the quote page should not be assumed to include Class B.
• Excluded wholly owned subsidiaries (per the brief), all at 100%: Motiva Enterprises LLC and Motiva Pipeline LLC (US refining and marketing), Aramco Trading Company and its Americas, Dubai, Fujairah, London and Singapore arms, the Valvoline global products business (Aramco Valvoline Global Holding Corp and roughly 40 Valvoline entities worldwide), Esmax Distribucion and the other Esmax entities in Chile, Wisayah Global Investment Company, and Aramco Associated Company. These are operations, not portfolio positions.
• Also excluded, as majority-owned operating subsidiaries rather than portfolio stakes, but worth knowing: Sadara Chemical Company 65%, Saudi Aramco Total Refining and Petrochemical Company (SATORP) 62.5%, Yanbu Aramco Sinopec Refining Company (YASREF) 62.5%, Jafurah Midstream Gas Company 51%, SABIC Fujian Petrochemicals 35.7%, Saudi Methacrylates 35%, SABIC SK Nexelene 35%, Saudi Arabian Industrial Investment Company 42.5%, International Maritime Industries 40.1%, and a long tail of 30% renewable energy project companies (Shuaibah, Sudair, Afif, Bisha, Humaij, Khulis, Shaqra and related holding companies).
• Two 2026 events change the picture after the last full disclosure. In May 2026 Aramco signed an agreement to sell its entire equity interest in PRefChem (the Pengerang refining and petrochemical venture in Malaysia) to PETRONAS, and reclassified SAR 28.2bn of assets and SAR 39.5bn of liabilities as held for sale. In January and June 2026 SABIC agreed to sell its European petrochemicals business to an affiliate of AEQUITA and its engineering thermoplastics business in the Americas and Europe to Mutares.
• HUMAIN: in October 2025 Aramco signed a non-binding term sheet to acquire a significant minority stake in HUMAIN, the PIF artificial intelligence company, with PIF retaining majority ownership. No percentage, no price and no completion has been disclosed, so it is not recorded as a holding. It would be a notable cross-holding with Aramco's own second-largest shareholder if it completes.