Oil giant Saudi Aramco says has profits of $161 bln in 2022
- Date: 12-Mar-2023
- Source: National News Agency - Lebanon
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil giant Saudi Aramco says has profits of $161 bln in 2022
NNA - Oil giant Saudi Aramco said Sunday it earned a $161 billion profit last year, attributing its earnings to higher crude oil prices.
The firm said in its annual report that the profit represented “its highest annual profits as a listed company.”
“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices,” Saudi Aramco CEO and President Amin H. Nasser said in a statement.
Nasser said Aramco would spend $37.6 billion to expand its production capacity.
Aramco also declared a dividend of $19.5 billion for the fourth quarter of 2022, to be paid in the first quarter of this year.
In 2021, Aramco declared profits of $110 billion, as compared to $49 billion in 2020 when the world faced the worst of the COVID-19 pandemic lockdown, travel disruptions and oil prices briefly going negative.
Benchmark Brent crude oil now trades around $82 a barrel, though prices had reached over $120 a barrel back in June.
Aramco announced a record $42.4 billion profit in the third quarter of 2022 off the back of that price spike. --- Al-Arabiya
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