Saudi Aramco reports ‘record’ $161 billion profit for 2022

Saudi Aramco reports ‘record’ $161 billion profit for 2022

RIYADH: Saudi Aramco said on Sunday it achieved “record” profits totaling $161.1 billion last year, drawing an outraged response from activists warning about the ravages of climate change. The mostly state-owned energy giant, the world’s second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was up 46 percent from $110 billion in 2021.

The results-the strongest since Aramco became a listed company in 2019 — were “predominantly due to the impact of higher crude oil prices and volumes sold, and stronger refining margins,” it said. Global energy prices surged after Russia invaded Ukraine in February 2022.

“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,” Aramco CEO Amin Nasser said on Sunday. Aramco has pledged to achieve “operational net-zero” carbon emissions by 2050. That applies to emissions that are produced directly by Aramco’s industrial sites, but not the CO2 produced when clients burn Saudi oil in their cars, power plants and furnaces.

The market would remain tightly balanced in the short to medium term, adding that he was cautiously optimistic, he said. Nasser