KR$ r I WebSAUDI ARAMCO32.950.15 (0.46%)| PETRO RABIGH10.180.00 (0.00%)| ARABIAN DRILLING143.801.60 (1.13%)| BAHRI29.70-0.20 (-0.67%)| ALDREES88.00-0.90 (-1.01%)| TAKWEEN8.960.00 (0.00%)| MEPCO30.85-1.15 (-3.59%)| BCI35.50-0.45 (-1.25%)| MAADEN63.60-0.30 (-0.47%)| ASLAK25.20-0.40 (-1.56%)| ALYAMAMAH For every $10 rise in the price of a barrel of oil, Saudi Arabia stands to make an additional $40 billion a year, according to the Institute of International Finance. <> Saudi Arabia's state-controlled oil giant Aramco posted a record net income of $161.1 billion for 2022, up by 46.5 percent over the year. Aramco spent $37.6 billion on capital projects in 2022 and will increase the figure to between $45 billion and $55 billion this year, it said. 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. Benchmark Brent crude oil now trades around $82 a barrel, though prices had reached over $120 a barrel back in June. However, those plans come despite growing international concerns over the burning of fossil fuels accelerating climate change. Oil giant Saudi Aramco said Sunday, March 12, 2023, it earned a $161 billion profit last year, attributing its earnings to higher crude oil prices. Sabic, a chemicals firm controlled by Aramco, sawincome slumpin late 2022 as a global economic slowdown weighed on consumption of everything from plastics to building materials. Meanwhile, higher energy prices already have strained relations between Riyadh and Washington, as well as driven up inflation worldwide. endobj Demand in China and India, two of Aramcos main markets, is robust, the CEO told reporters on Sunday, adding that oil consumption will probably hit a record of 102 million barrels a day by the end of 2023. Saudi Arabias vast oil resources, located close to the surface of its desert expanse, make it one of the worlds least expensive places to produce crude. (Islam Yakut/Anadolu Agency/Getty Images). [ 17 0 R] 31 0 obj ", Aramco said its production of crude oil was about 11.5 million barrels per day across 2022, and it hopes to raise the level of production to 13 million barrels per day by 2027. B6 ]oSlSP1&;6B%F1VV?`l Aramco's oil processing facility near Dammam in the Kingdom's Eastern Province. Other oil companies including ExxonMobil, BP, and Shell also recorded all-time high profits in 2022 as global oil and gas prices reached record highs last year. endobj This fund was announced on Oct 26, 2022 and raised a total of $1.5B. 6 0 obj I plan to retire at 62. The Saudi government still owns the vast majority of the firms shares. DUBAI: Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists. President Joe Biden had warned the kingdom that theres going to be some consequences for what theyve done in terms of oil prices. Prices cooled rapidly in the second half of 2022 as central banks hiked interest rates and fanned worries of recession. The current price still gives Aramco a valuation of $1.9 trillion making it the world's second-most valuable company behind Apple. Follow Jon Gambrell on Twitter at www.twitter.com/jongambrellAP. SVB Financial Group said Friday it has filed for Chapter 11 bankruptcy in New York and will seek a court-supervised reorganization. endobj Saudi Arabias vast oil resources, located close to the surface of its desert expanse, make it one of the worlds least expensive places to produce crude. @S9 .WCuJ{;?#H >&uZ\x 2023 Fortune Media IP Limited. That could raise the billions needed to pay for Crown Prince Mohammed bin Salmans plans to develop futuristic cityscapes to pivot Saudi Arabia away from oil. endstream 18 0 obj Saudi Aramco share price stayed stable on Sunday, closing at 32.80 Saudi riyals, a zero percent change on the day. Opinions expressed in the comments section do not reflect the views of Argaam. Aramco's capital expenditure rose 18% to $37.6 billion in 2022 and the company said it expects this year's spending to be around $45.0 billion to $55.0 billion including external investments. 35 0 obj [ 22 0 R] 1 0 obj By clicking Sign up, you agree to receive marketing emails from Insider 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. The monster profit by the firm, known formally as the Saudi Arabian Oil Co., came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscows oil and natural gas in Western markets. Callamard also noted that Saudi Arabia remains one of the worlds top executioners while also remaining locked in a yearslong war in Yemen and cracking down on dissent. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices This is its highest Nasser said the company would invest in new lower-carbon technologies in addition to its traditional focus on expanding oil, gas and chemicals production. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 22 0 obj Our Standards: The Thomson Reuters Trust Principles. (With inputs from agencies). AAPL, For the full year, the company reported sales was SAR 2,006,955 million WebSaudi Arabian Oil Company reported earnings results for the full year ended December 31, 2022. Aramco pledged to achieve operational net-zero carbon emissions by 2050 for emissions that are produced directly at its industrial sites. &G+c5T`DG=)q*W# `k:et``V1 Pu7U)) endobj (AP Photo/Amr Nabil, File). ?#``Q0(w;xPxTXx4t^RRRc xw8H'Dtx \5jB* endobj VE|VU5B+BUJJ*BD#W)FT}V@7}U5Y=~wwZ-X]x[UU|B U5LPT U)) BT~ KQ[i&i+k}\JV- ,U~yo`5uq1*%%D js`g&Wu1t*\y=~w[ZeZWUhaU-. The company's net income figure is nearly double the $88.2 billion it had achieved in 2019, before the coronavirus pandemic. now trades around $82 a barrel, though prices had reached over $120 a barrel back in June. endobj endobj Saudi Aramco has reported a record $161bn (134bn) profit for 2022, the largest annual profit ever recorded by an oil and gas company, fuelled by soaring energy prices and rising global demand. Europe might have been impacted a little bit because of the conflict between Russia and Ukraine and economic headwinds, he said. Officially known as the Saudi Arabian Oil Co., Aramco's annual report showed its year-on-year net income increased 46.5.% from the $110 billion earned in 2021. But the sheer size of the $161 billion profit overshadowed even its own previous results, as well as records by Apple, Vodafone and the U.S. Federal National Mortgage Association, or Fannie Mae. 9>vi u/{uB2={Qn g$.CypGcJ:7bqu\?]x!-$p/oubGk*fc__2b-gzn+oso ([2{ r)aab? y:G~s_V"kSVoUqqP,5c.F4|["D|Pq5#p n0&Cer3G%c:]/h?o]KPwSX r~:}q Also Read | Indian Prime Minister Narendra Modi to visit U.S. in June; engagement with India to counter China, Although the United States and other Western nations harshly criticised the move, market dynamics since then have revealed that the cuts were smart given that oil prices are now hovering around $80 per barrel after reaching highs of over $100 in 2022. Story continues below This advertisement has not loaded yet, but your article continues below. "It is shocking for a company to make a profit of more than $161 billion in a single year through the sale of fossil fuel the single largest driver of the climate crisis," Agns Callamard, secretary general of Amnesty International, said in a statement Sunday. These extraordinary profits, and any future income derived from Aramco, should not be deployed to finance human rights abuses, cover them up, or try and gloss over them, she said. sA`?/wpgAI\un~Z!wKpgfh-$O >1@^ ?U3j6wS-zAR{jCo?#kL\)S3w W/;2 _nrzV}l>U}u _'tusuaHn*SM +0.23% Aramco also declared a dividend of $19.5 billion for its fourth quarter of 2022, up 4 percent from the third quarter, expected to be paid in the first quarter of this year, resulting in the worlds largest full year dividend of $75.8 billion for a public company. MWmk!quN*kIF|@TJfXlA0IA=}.,8;3CB:7#~?*.5L h} It earned$49 billion in 2020when the world faced the worst of the coronavirus pandemic lockdown, travel disruptions andoil prices briefly going negative. The Saudi government still owns the vast majority of the firms shares. The company also said it plans to increase the dividend paid to shareholders, the largest of which is the Saudi government, to $19.5 billion for the fourth quarter of 2022, an increase of about 4% from Q3. 19 0 obj announced a record $42.4 billion profit in the third quarter of 2022, the kingdom said the Biden administration sought to delay a decision by OPEC and allies including Russia to cut production, Saudi Arabia and Iran went to China to strike a diplomatic deal Friday. 30 0 obj However, they also run against the fears of activists over climate change, particularly as the United Nations COP28 climate talks will begin this November in the neighboring United Arab Emirates. DUBAI, United Arab Emirates Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists. ET First Published: March 12, 2023 at Amnesty Internationals secretary-general, Agns Callamard, criticized Aramcos annual profit coming amid global concerns about climate change. The Associated Press contributed to this report. Aramcos results, viewed as a bellwether for the global energy market, mirror the huge profits seen at those ofU.K. energy giant BP Oil and gas giant Saudi Aramco announced a record $161 billion profit for 2022 on Sunday. ?Wc/(P5U o}^s?},WQ1w_}qhxMqfx^&$%{N(zZ/(,~'(6{Rx:&xOQ)? Aramco, based in Dhahran in eastern Saudi Arabia, carried out an initial public offering in 2019. 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. The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products. Saudi Arabian oil company AramcoPresident & CEO Amin H. Nasser saidthe company "delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world". Oil Giant Saudi Aramco Has Profits of $161B in 2022. For the kingdom, higher crude oil prices can help fuel the dreams of Prince Mohammed, including his planned $500 billion futuristic desert city project called Neom. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. WebSaudi Aramco said on Sunday it achieved "record" profits totalling $161.1 billion last year, its highest annual profits as a listed company. Aramcos -0.52%, The industry leader for online information for tax, accounting and finance professionals. <> The basics of personal finance, like How to save for a house. Figure out your next step toward financial freedom. 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, Nasser said in a companystatement. US and European peers such as Chevron Corp. andShell Plcalso reported blowout earnings and arereturning billions of dollarsto shareholders through larger dividends and buybacks. <>/Metadata 165 0 R/ViewerPreferences 166 0 R>> BIDEN BLAMES RUSSIA, SAUDI ARABIA FOR RISING GAS PRICES, TAKES CREDIT FOR RECENT DIP, CEO of Saudi Aramco Amin H. Nasser speaks during the 22nd World Petroleum Congress, the largest meeting of oil and gas industry at Istanbul Convention Center in Istanbul, Turkey on July 10, 2017. These extraordinary profits, and any future income derived from Aramco, should not be deployed to finance human rights abuses, cover them up, or try and gloss over them, she said. To boost that production, it plans to spend as much as $55 billion this year on capital projects. Complete Saudi Arabian Oil Co. stock information by Barron's. [ 27 0 R] "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," Amin Nasser, Aramco's president and chief executive officer, said in the earnings statement. 2 0 obj However, those plans come despite growing international concerns over the burning of fossil fuels accelerating climate change. endobj Di)xE9<10(M4~@J_6adUJ p2H7WYWHIQ Aramco's oil processing facility near Dammam in the Kingdom's Eastern Province. All Rights Reserved. <> CEO of Saudi Aramco Amin H. 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