Oil giant Saudi Aramco reported a record annual profit of $161.1 billion for 2022, up 46% from the previous year. This was due to higher energy prices, increased sales volumes and improved margins for refined products.
Oil prices in 2022 rose on worries over the war in Ukraine, then fell on weaker demand from top importer China and worries about a global economic contraction, Reuters reported.
The company’s expectation is that 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 in the results statement.
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To address these challenges, the company is investing in new technologies with the potential to further reduce emissions, Nasser said.
Plans to increase crude oil production capacity to 13 million barrels per day by 2027 are on track, the statement said.
Saudi Aramco’s capital spending rose 18 percent to $37.6 billion in 2022, and the company said it expects spending this year to be around $45 billion to $55 billion, including investments.
Aramco declared a dividend of $19.5 billion for the fourth quarter, a 4% increase from the previous quarter.
