Aramco posts $121 billion profit
Canadian Press – March 10, 2024 / 8:15am | Story: 476316
Photo: Canadian Press
Storage tanks are seen at the North Jeddah Bulk Plant, an Aramco oil facility, in Jeddah, Saudi Arabia, on March 21, 2021. Saudi oil giant Aramco reported on Sunday, March 10, 2024, that its profits last year were $121 billion, down from 2022. A new record was set due to lower energy prices.
Saudi oil giant Aramco on Sunday reported a profit of $121 billion last year, which fell below its record high in 2022 due to falling energy prices.
Aramco made the announcement in a filing on Riyadh’s Tadawul stock market.
The company is reporting profits of $161 billion in 2022, likely the largest ever for a publicly traded company.
“This decline primarily reflects the impact of lower crude oil prices, lower sales volumes, and lower refining and chemicals margins,” the company said in a filing.
The energy giant had planned a conference call to discuss the results on Monday.
Aramco reported total revenue of $440 billion last year, down from $535 billion in 2022.
“Despite the backdrop of economic headwinds, our resilience and agility contributed to healthy cash flow and strong profitability,” Aramco CEO Amin H. Nasser said in a statement. said.
Aramco, officially known as Saudi Arabian Oil Company, estimates its production at 12.8 million barrels per day. The company has been ordered by the Saudi government to maintain production in the country despite previous plans to increase production.
Saudi Arabia, leader of the OPEC cartel, is working with Russia and others outside the group to curb production in order to push up global oil prices. Benchmark Brent crude oil traded below $82 a barrel on Sunday.
Saudi Arabia’s vast oil reserves lie close to the surface in vast deserts, making it one of the cheapest sources of crude oil in the world. Crown Prince Mohammed bin Salman wants to use oil wealth to pivot the kingdom away from oil sales, including his planned $500 billion futuristic desert city of Neom and other projects. There is.
Meanwhile, activists criticized the gains amid global concerns that burning fossil fuels is accelerating climate change.
