Saudi Arabia’s state-controlled oil giant, Aramco, reported record net income of US$161.1bn in 2022 - its highest annual profits as a listed company - reflecting stronger crude oil prices, higher volumes sold and improved margins for refined products.
The jump from US$110.0bn came as the oil giant announced record cash flow from operating activities of US$186.2bn from US$139.4bn and an 18% increase in capex year-on-year, as progress continues on multiple fronts to deliver reliable, affordable and more sustainable energy.
“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.
In a statement, Aramco declared a fourth-quarter dividend of US$19.5bn, up 4% compared to the third quarter of 2022. It also recommended the distribution of bonus shares to eligible shareholders in the amount of one share for every 10 shares held.
Aramco said fourth-quarter net income was in line with analyst consensus, excluding certain non-cash items of around US$3.3bn.
For 2023, capital expenditure is expected of around US$45.0bn to US$55.0bn including external investments, with capex increasing until around the middle of the decade.