Aramco records record profits
The largely Saudi state-owned company’s profits rose by 46% year on year and it made more than the recent bumper results reported by Shell, BP, Exxon and Chevron combined.
“Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world,” said Amin Nasser, the chief executive of Saudi Aramco.
The world’s biggest oil company is 95%-owned by the Saudi Arabian government.
While oil and gas companies are enjoying bumper results because of the impact of factors such as the war in Ukrain, Saudi Aramco’s performance dwarfs its rivals.
The company’s profits for last year are almost triple that of Exxon’s $56 billion and more than four times that of Shell ($39.9 billion), Chevron ($36.5 billion) and BP ($27.7 billion).
Saudi Aramco said its results were “underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products”.
Brent crude oil, the benchmark oil price, has fallen back to $82 a barrel, having hit $120 a barrel after Russia’s invasion of Ukraine.
The company reaffirmed it would continue to invest to increase its maximum potential production capacity to 13 million barrels a day by 2027.