Saudi state-controlled Aramco achieved a record profit last year, boosted by higher energy prices and firmer sale volumes.
Saudi Arabia’s state-controlled oil giant Aramco on Sunday reported a record net income of $161.1 billion for 2022 — the largest annual profit ever achieved by an oil and gas company.
Aramco said net income increased 46.5 percent over the year, from $110 billion in 2021. Free cash flow also reached a record $148.5 billion in 2022, compared with $107.5 billion in 2021.
The results are nearly triple the profit that western oil major ExxonMobil posted for 2022, bolstered by soaring oil and gas prices through last year, along with higher sale volumes and improved margins for refined products.
“Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world,” Aramco CEO Amin Nasser said in a press statement.
Oil and gas prices surged at the start of last year, with western sanctions on Russia for its invasion of Ukraine steadily tightening access to Moscow’s supplies, particularly seaborne crude and oil products.
Oil prices have since pulled back more than 25% year-on-year, with hot inflation and rising interest rates overshadowing a more bullish demand outlook from China. Brent and WTI prices fell 6% last week alone.
