Robert Besser
14 Mar 2023, 22:45 GMT+10
RIYADH, Saudi Arabia: Oil giant Saudi Aramco has announced 2022 earnings totaling $161 billion, the highest-ever annual profit by a publicly listed company, which immediately drew criticism from activists.
The record profit was due to rising energy prices after Russia invaded Ukraine in February 2022, and subsequent sanctions that limited the sale of Russian oil and natural gas to Western countries.
As China is re-entering the global market after the end of its coronavirus restrictions, Aramco also plans to increase production to take advantage of market demand.
However, high energy prices have driven global inflation and strained relations between Riyadh and Washington.
In a statement, Saudi Aramco CEO and President Amin H. Nasser said, "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."
Compared to its 2021 profits of $110 billion, Saudi Aramco's profits rose 46.5 percent in 2022.
Aramco also declared a dividend of $19.5 billion for the fourth quarter of 2022, which will be paid in the first quarter of 2023.
Aramco's results mirror the 2022 profits announced by other energy giants, such as BP, Exxon Mobil and Shell, but the Saudi company's $161 billion profit overshadowed its own previous results.
Like China and Russia, Saudi Arabia has pledged to have net-zero carbon emissions by 2060, but it has not confirmed how it will reach that goal.
Get a daily dose of Poland Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Poland Sun.
More InformationDUBLIN, Ireland: Ireland's national weather service, Met Eireann, has warned that 'snow is possible' for Ireland in the upcoming days, ...
AMSTERDAM, the Netherlands: As European carmakers aim to produce more cost-effective batteries and more affordable electric vehicles (EV), Stellantis and ...
© Provided by Xinhua In the Central Business District (CBD) of Egypt's new administrative capital, Chinese and Egyptian workers are ...
© Provided by Xinhua by Burak AkinciANKARA, Nov. 28 (Xinhua) -- Türkiye and Iran, two regional powers in the Middle ...
Deputy Foreign Minister Sergey Ryabkov accused Washington of supporting a change of leadership in the countryThe US is increasingly focused ...
Russophobia, racism and other forms of neo-Nazism have become the official ideology of Western elites, the president has claimedThe official ...
LIVINGSTON, Kentucky: This week, railroad operator CSX said a train derailment involving 16 cars, two of which spilled molten sulfur ...
Fifty-seven journalists have been killed as of Saturday as a result of Israel's war on Gaza, which has extended to ...
TEL AVIV, Israel - Following Taoiseach Leo Varadkar's statement on Emily Hand's release, Israel's foreign minister says he summoned the ...
WASHINGTON D.C.: The White House says U.S. authorities have foiled a plot to kill a Sikh separatist in the U.S., ...
BANGKOK, Thailand: In response to heightened Chinese activity in the South China Sea, the United States and the Philippines have ...
BEIRUT, Nov. 25 (Xinhua) -- The United Nations Interim Force in Lebanon (UNIFIL) said in a statement on Saturday that ...