Saudi Aramco reports record income of $161.1 billion in 2022

Saudi Aramco reports record income of $161.1 billion in 2022

Dubai: Saudi Arabian oil giant Aramco on Sunday reported a record net income in 2022, boosted by higher energy prices, increased volumes sold and improved margins for refined products. Net income rose to $161.1 billion for the year that ended December 31, from $110 billion a year earlier. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. “Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world. We also continued to focus on our long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability,” said Aramco President & CEO Amin H. Nasser. “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. 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, and last year our capex rose by 18 per cent to reach $37.6 billion.” Free cash flow reached a record $148.5 billion in 2022,