Jaraa'idJaraa'id
Notification Show More
Latest News
Explainer: What are the “zombie” war powers Congress may repeal?
United States
Fox’s Rupert Murdoch on Dominion witness list for defamation trial
Business
Bayern Munich manager Thomas Tuchel aims to sign Mason Mount from Chelsea – Paper Round
Sports
Congress authorized war in Iraq. Its repeal debate focuses on Iran.
United States
U.S. arrests man for firebombing Wisconsin anti-abortion group’s office
United States
Aa
  • Home
  • Local News
  • Africa
  • United States
  • Europe
  • Asia
  • Sports
  • Videos
  • Live Score
  • More
    • Business
    • Market Data
      • Stocks
      • Commodities
      • Cryptocurrency
      • Forex
    • Weather
Reading: Saudi Aramco posts record $161bn profit on back of strong crude prices
Share
Aa
Jaraa'idJaraa'id
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Business
  • Sports
  • Videos
Search
  • Home
  • Local News
  • Videos
  • World
    • Africa
    • United States
    • Europe
    • Asia
  • Market Data
    • Stocks
    • Commodities
    • Cryptocurrency
    • Forex
  • More
    • Sports
    • Business
    • Weather
    • Live Score
Have an existing account? Sign In
Follow US
Jaraa'id > Business > Saudi Aramco posts record $161bn profit on back of strong crude prices
Business

Saudi Aramco posts record $161bn profit on back of strong crude prices

News Room
Last updated: 2023/03/12 at 11:08 AM
News Room Published March 12, 2023
Share
SHARE

Saudi Aramco reported record profits of $161bn in 2022 and increased its payout to shareholders as the largely state-owned oil company cashed in on a tumultuous year in energy markets.

The Saudi Arabian producer on Sunday said it sold more oil than in 2021, improved refining margins and benefited from strong crude prices, which helped net income rise 47 per cent to its highest since the company began publishing results after listing in 2019.

The huge profits complete a record set of earnings for the world’s biggest oil and gas companies after fossil fuel prices soared last year due to disruption from Russia’s full-scale invasion of Ukraine. Shell reported 2022 earnings of almost $40bn, the highest in its 115-year history, while ExxonMobil made profits of $55.7bn, the most ever for a western oil company.

Saudi Aramco is the world’s biggest crude producer and one of the few companies with excess production capacity that can be used by the Saudi Arabian government to increase or decrease supply in line with global demand. It increased output through 2022 before Saudi Arabia, in partnership with other members of the Opec cartel, defied US pressure and cut production in November in response to what it said was a weaker outlook for demand.

Last year, it produced 11.5mn barrels a day of crude oil and other liquids, representing about 10 per cent of the world’s crude supply.

While many rivals have slowed investment in oil supply as they seek to reduce their emissions, Saudi Aramco is one of few companies investing in increasing its maximum production capacity, from 12mn barrels per day to 13mn. Total capital expenditure in 2022 was up 18 per cent year on year, at $37.6bn, compared with $24.8bn spent by Shell. Saudi Aramco expects to spend $45bn to $55bn in 2023.

Amin Nasser, chief executive, said the “risks of under-investment” in oil and gas production were real and already contributing to higher prices. “To leverage our unique advantages at scale and be part of the global solution, Aramco has embarked on the largest capital spending program in its history,” he said.

Free cash flow from operations was $148.5bn, compared with $107.5bn in 2021.

On the back of record profits Aramco increased its dividend, one of the biggest payouts in the world, by 4 per cent for the fourth quarter to $19.5bn, to be paid by the end of March.

The payment is a vital source of revenue for the Saudi Arabian government, which still directly owns 94 per cent of Saudi Aramco stock. It listed just under 2 per cent of the company’s shares in December 2019 and passed another 4 per cent to the Saudi sovereign wealth fund last year.

Read the full article here

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room March 12, 2023
Share this Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular News
United States

Explainer: What are the “zombie” war powers Congress may repeal?

News Room News Room March 29, 2023
Fox’s Rupert Murdoch on Dominion witness list for defamation trial
Bayern Munich manager Thomas Tuchel aims to sign Mason Mount from Chelsea – Paper Round
Congress authorized war in Iraq. Its repeal debate focuses on Iran.
U.S. arrests man for firebombing Wisconsin anti-abortion group’s office
US label maker breaks drought in junk bond issuance since SVB failure
International friendly: Kevin De Bruyne and Romelu Lukaku on target as Belgium edge out Germany in five-goal thriller
Biden asks after Nashville shooting: Why do we ‘allow these weapons of war?’
- Advertisement -
Ad imageAd image

You Might also Like

Business

Fox’s Rupert Murdoch on Dominion witness list for defamation trial

March 29, 2023
Business

US label maker breaks drought in junk bond issuance since SVB failure

March 29, 2023
Business

Live news: Canada proposes tax credits to boost critical minerals production

March 28, 2023
Business

Italy at odds with Brussels over using EU money for football stadium

March 28, 2023
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Cryptocurrency
  • Forex
  • Stock Market

About US

Jaraa'id is your one-stop website for the latest global and local news and updates, follow us now to get the news that matters to you.
Quick Link
  • Privacy Policy
  • Terms of use
  • Press ReleaseSubmit
  • Advertise
  • Contact
Top Sections
  • Business
  • Sports
  • Videos
  • Market DataLive
  • Weather

Subscribe US

Subscribe to our newsletter to get our Latest articles instantly!

I have read and agree to the terms & conditions

2023 © Jaraa'id. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?