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Monday, March 13, 2023
The Saudi state firm Aramco has announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company. Aramco also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023.
Aramco’s net income increased by 46.5% to a record $161.1 billion in 2022, compared to $110.0 billion in 2021. The increase in net income reflects stronger crude oil prices, higher volumes sold, and improved margins for refined products. Q4 2022 net income is in line with analyst estimates, excluding certain non-cash items of around $3.3 billion.
In 2022, Aramco’s average hydrocarbon production was 13.6 million barrels of oil equivalent per day (mmboed), including 11.5 million barrels per day (mmbpd) of total liquids.
Commenting on the results, Aramco President & CEO Amin H. Nasser, said: “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.
“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 18.0% to reach $37.6 billion.
“Our focus is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with potential to achieve additional emission reductions — in our own operations and for end users of our products.”
To read the full release including operational and financial highlights, visit Aramco here.
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