Posted on 03/12/2023 9:23:38 AM PDT by Golden Eagle
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.
“This is probably the highest net income ever recorded in the corporate world,” Aramco CEO Amin Nasser said on a Sunday earnings call.
The results are nearly triple the profit that 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.
Oil and gas prices surged at the start of 2022, with western sanctions on Russia for its invasion of Ukraine steadily tightening access to Moscow’s supplies, particularly seaborne crude and oil products.
Aramco raised its fourth-quarter dividend by 4% to $19.5 billion, to be paid in the first quarter of 2023. Aramco also said it would issue bonus shares to eligible shareholders as a result.
Capital expenditure rose by 18% to $37.6 billion last year, and is expected to increase to $45 billion to $55 billion in the coming years, anticipating increases “until around the middle of the decade.”
(Excerpt) Read more at cnbc.com ...
It’s okay, we’re on a cash diet here in the USA.
We want to be cash thin as possible— we’re giving that chit away!
A lot of that revenue came from Americans who could have been buying domestic energy if it wasn’t for the illegal Jihad Junta.
Thanks Pedo Biden. You strangled america’s domestic production, made the Saudi princes even richer, and then Saudis ally themselves with China. What a retard.
with the surplus oil of Keystone Pipeline out of the picture, this was inevitable...
And to think, just 4 years ago we were energy independent.
Warms my heart that they’re doing so well. I can rest peacefully knowing that somewhere, somehow, someone is making it large.
And the United States of America still produces more oil than Saudi Arabia.
Shutdown oil production in the US and make the Saudi royal family rich. Now does everyone see who the democrats work for?
161 billion, that’s peanuts, we print that much to give to Ukraine under Biden.
All that matters is the big guy is getting his ten percent.
When word governments create an energy shortage with incredibly stupid “green” policies, they can certainly expect energy suppliers to get rich.
MSM seems unwilling to talk about inflation effect on year after year earnings. Plus, if competition is decreased (i.e., US was big exporter before BeijingBiden was installed) then prices rise. Another thing no MSM outfit except Fox will notice.
This is exactly what the green revolution looks like.
This is exactly what the green revolution looks like.
Aramco owns America’s largest oil refinery, the Deer Park complex near Houston. Not a peep from the clowns who say US oil companies make too much money.
Western white nations are on a suicide course while the rest of the world knows oil will be used for hundreds of years after we are all dead.
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