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☆ Saudi oil giant Aramco posts 25% fall in full-year profit
▼ + stars: | 2024-03-10 | by ( Dan Murphy | ) www.cnbc.com time to read: +2 min

Artur Widak | Nurphoto | Getty ImagesSaudi Arabia's state oil giant Aramco reported a 25% decline in profit to $121.3 billion in 2023, down from $161.1 billion in 2022. Changing HandsThe earnings come after the Saudi government transferred an additional 8% of Aramco shares, worth $164 billion, to Saudi Arabia's Public Investment Fund (PIF). PIF already owned 4% of Aramco, and controls Sanabil, a financial investment firm, which owns 4% of Aramco as well. Aramco said total dividends of $97.8 billion were paid in 2023, up 30% from 2022. watch nowThe PIF's 16% state in Aramco, worth an estimated $328 billion, is set to strengthen its financial position and boost its ability to deploy capital to invest on behalf of the Saudi state.

Persons: Artur Widak, Amin Nasser, Yasir Al Organizations: Aramco, Saudi Arabian Oil Group, World Petroleum Congress, Nurphoto, Getty, Saudi, Saudi Arabia's Public Investment Fund Locations: Saudi, Stampede, Calgary, Canada, Aramco

DUBAI, United Arab Emirates (AP) — Saudi Arabia's oil giant Saudi Aramco said Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country's Energy Ministry. The firm, known formally as the Saudi Arabian Oil Co., said it would maintain its maximum output at 12 million barrels a day. However, crude oil prices globally have fallen over recent months as demand has been soft. Aramco reported earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change. Political Cartoons View All 253 Images

Organizations: United Arab Emirates, Saudi Aramco, country's Energy Ministry, Saudi Arabian Oil Co, Brent, Aramco Locations: DUBAI, United Arab, Saudi

☆ A lower-cost way to get long this 'Magnificent 7' member trading at an all-time high
▼ + stars: | 2024-01-29 | by ( Michael Khouw | ) www.cnbc.com time to read: +5 min

The five reporting this week — Microsoft, Apple, Alphabet, Amazon, and Meta — represent more than 23% of the index by market capitalization. But let's focus on Microsoft (MSFT) . Breaking down MSFT fundamentals Microsoft is one of the most important technology companies in the world. Over the past five years, Microsoft's price-to-earnings ratio has been as low as 25.8 and as high as 41. Some are anticipating organic sales growth of 15%, double the 7.5% average the company experienced over the past 4 quarters.

Persons: OpenAI, Sam Altman, Satya Nadella Organizations: Microsoft, Apple, Meta, Saudi Arabian Oil Company, Windows, Activision Blizzard

☆ Tech giants lead surge in global mega-caps as inflation eases
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Apple Inc's (AAPL.O) market value jumped 11.2% to $2.95 trillion over the past month, while Microsoft Corp (MSFT.O) saw a 12.1% increase in its market cap, reaching $2.8 trillion. Reuters Graphics Reuters GraphicsNvidia Corp's (NVDA.O) market cap soared 14.7% to $1.15 trillion, following its announcement of a 206% year-over-year revenue increase to $18.1 billion in the third quarter. JPMorgan Chase & Co (JPM.N) saw its market cap increase by 12.2% to $451 billion by the end of November. In other sectors, Tesla Inc's (TSLA.O) market value rose nearly 20% to $763.2 billion last month, following a price hike for its Model 3 and Y vehicles in China. Saudi Arabian Oil Co (2222.SE) and Exxon Mobil Corp (XOM.N) saw market caps fall by 0.3% and 2.9%, respectively.

Persons: Mike Segar, Tesla, Patturaja Murugaboopathy, Gaurav Dogra, Kim Coghill Organizations: Apple Inc, Apple, REUTERS, Microsoft Corp, Reuters Graphics Reuters, Nvidia, JPMorgan Chase &, Rho, Saudi Arabian Oil Co, Exxon Mobil Corp, Thomson Locations: Manhattan , New York, U.S, China, Saudi, Bengaluru

☆ Mega-cap firm valuations fall amid rising rates, tech earnings concerns
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

A sign is pictured outside a Google office near the company's headquarters in Mountain View, California, U.S., May 8, 2019. REUTERS/Paresh Dave/File Photo Acquire Licensing RightsNov 1 (Reuters) - Most global mega-cap stocks continued their slide in October, hit by the rise in U.S. interest rates and lacklustre third-quarter earnings growth among some top U.S. tech firms. Reuters Graphics Reuters GraphicsTesla's (TSLA.O) market value tumbled almost 20% to $638 billion last month, largely due to the impact of rising U.S. interest rates on electric vehicle (EV) demand. On the other hand, Microsoft's (MSFT.O) market value jumped 7.1% to $2.5 trillion, buoyed by its strong fiscal first-quarter results in all segments. This growth was attributed to strong performances in cloud computing and PC businesses, bolstered by increased customer interest in its artificial intelligence offerings.

Persons: Paresh Dave, Patturaja Murugaboopathy, Gaurav Dogra, Mark Potter Organizations: REUTERS, Google, Reuters Graphics Reuters, Panasonic Holdings, Nvidia, Oil, Thomson Locations: Mountain View , California, U.S, Japan, China, Saudi, Bengaluru

☆ Oil up $1 on tight U.S. supply, China demand
▼ + stars: | 2023-09-29 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsCompanies Saudi Arabian Oil Co FollowLONDON, Sept 29 (Reuters) - Oil prices rose on Friday and were headed for a gain of about 3% for the week, driven by tight U.S. supply and expectations of strong fuel demand in China during the Golden Week holiday. China's fuel demand was set to firm as the week-long Golden Week holiday began on Friday. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note. Saudi Arabia and Russia's supply cuts will dominate oil prices for the remainder of this year, but a run towards $100 per barrel could be capped by macroeconomic headwinds, analysts said.

Persons: Ahmed Jadallah, Brent, Carsten Fritsch, Robert Harvey, Katya Golubkova, Sonali Paul, Mark Potter Organizations: REUTERS, Rights Companies Saudi Arabian Oil, . West Texas, ANZ, Golden, St . Petersburg International Mercantile Exchange, Reuters, Thomson Locations: Aramco, Saudi, Saudi Arabia, China, U.S, Cushing , Oklahoma, Russia, St

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsCompanies Saudi Arabian Oil Co FollowSept 29 (Reuters) - Oil prices were set for a weekly gain of around 2% after regaining ground on Friday as strong holiday demand from China and persistently tight U.S. fundamentals outweighed expectations of possible supply increases from Saudi Arabia. The market eased about 1% in the previous session, as traders took profits after prices soared to 10-month highs, and some worried that high interest rates may weigh on oil demand. Improving macroeconomic data from China, the world's largest oil importer, coupled with strong fuel demand as the country as it embarked on its week-long Golden Week holiday on Friday, supported prices. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note.

Persons: Ahmed Jadallah, Brent, Katya Golubkova, Jamie Freed, Sonali Paul Organizations: REUTERS, Rights Companies Saudi Arabian Oil, Brent, . West Texas, ANZ, Golden, Traders, Organization of, Petroleum, ING Bank, Aramco, National Australia Bank, Thomson Locations: Aramco, Saudi, Saudi Arabia, China, U.S, Cushing , Oklahoma, OPEC

☆ Aramco Q2 profit down 38% to $30 bln
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: 1 min

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File PhotoCompanies Saudi Arabian Oil Co FollowDUBAI, Aug 7 (Reuters) - Saudi Arabian state oil giant Aramco (2222.SE) on Monday reported a near 38% drop in second-quarter net profit reflecting lower oil prices and thinner margins in refining and chemicals. Aramco's net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion a year earlier, the company said in a bourse filing, but topped the $29.8 billion expected by 15 analysts in an Aramco-provided poll. ($1 = 3.7513 riyals)Reporting by Maha El Dahan and Yousef Saba; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Maxim, Maha El Dahan, Yousef Saba, Jason Neely Organizations: Saudi, REUTERS, Companies Saudi Arabian Oil, Thomson Locations: Saudi Aramco, Abqaiq, Saudi Arabia, DUBAI, Saudi Arabian, Aramco, bourse

☆ It costs more than $200,000 a day for traders to ship liquefied natural gas as tanker supply dwindles
▼ + stars: | 2023-08-01 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

It costs traders more than $200,000 a day to ship liquefied natural gas in the Atlantic basin, per Bloomberg. Daily charter rates to ship LNG for October and November are at $206,750 and $284,750, respectively. A growing number of traders have been using ships as floating storage, crimping tanker supply. After the Ukraine war broke out, Europe rushed to pad out its energy reserves as Russia – a key supplier of natural gas – began cutting flows in retaliation to Western sanctions. With sky-high charter rates, the risk is that they could push up gas prices before winter.

Organizations: Bloomberg, LNG, Service, Commodities, It's Locations: Wall, Silicon, Ukraine, Saudi, Red, Europe, Russia, India, China, Moscow

☆ BlackRock might not be 'woke' anymore after the asset manager put an oil CEO on its board
▼ + stars: | 2023-07-19 | by ( Rebecca Ungarino | George Glover | ) www.businessinsider.com time to read: +4 min

BlackRock named Aramco CEO Amin Nasser to its board Monday. Nasser leads the world's largest oil producer, which is mainly owned by the Saudi Arabian state. Its decision to name Aramco CEO Amin Nasser to its board Monday provides further ammunition for those critics, signaling that the firm might not be as socially conscious as it says it is. That is the wrong player here, unless [BlackRock CEO] Larry Fink really wants to blur their image on the ESG front," Jeffrey Sonnenfeld, the Yale professor and management expert, said on CNBC Tuesday. Amin H. Nasser, president and chief executive officer of Saudi Arabian Oil Company (Saudi Aramco), speaks at the China Development Forum in Beijing, China, March 19, 2017.

Persons: Amin Nasser, Nasser, Larry Fink's, it's, Larry Fink, Jeffrey Sonnenfeld, Biden, Jamal Khashoggi, He'll, that's, Amin H, Shu Zhang, Reuters Fink, BlackRock's, It's, Fink, he'd Organizations: BlackRock, Aramco, Yale, CNBC, Washington Post, Saudi Arabian Oil Company, China Development Forum, Reuters, McKinsey, Republican Locations: Saudi Arabian, Saudi Arabia, Saudi, Saudi Aramco, Beijing, China, Massachusetts

Oil demand growth is an indication of likely oil market strength and forms part of the backdrop for policy decisions by OPEC and its allies, known as OPEC+. OPEC is expected to publish its first demand forecast for 2023 in its monthly report on July 13. Top officials from OPEC countries at a conference this week such as Amin Nasser, chief executive of state-owned oil producer Saudi Aramco, expressed optimism over the oil demand outlook despite economic headwinds weighing on prices. China alone between 2019 and 2023, 3 million bpd growth, India 1 million bpd growth, so there is a pickup in demand," he said. OPEC originally forecast demand growth in 2023 of 2.7 million bpd in its first forecast published in July 2022, later revising it down to 2.35 million bpd.

Persons: Amin Nasser, Ahmad Ghaddar, David Evans Organizations: Saudi Arabian Oil, OPEC, International Energy Agency, IEA, Saudi Aramco, Thomson Locations: VIENNA, OPEC, Saudi, Asia, China, India

☆ Saudi Arabia hikes most August oil prices to Asia after supply cuts
▼ + stars: | 2023-07-06 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

Companies Saudi Arabian Oil Co FollowJuly 7 (Reuters) - Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal. Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab Light to Asia by 20 cents a barrel from July to $3.20 a barrel over Oman/Dubai quotes, the state oil giant said in a statement. Saudi Arabia on Monday announced it would draw out its 1 million barrels-per-day (bpd) voluntary cut to oil production to August and left the door open to extend the trim further. The more expensive Saudi oil would further weigh on the thin refining margins in Asia and prompt refiners to seek alternatives from other Middle Eastern suppliers or from regions such as the U.S. and West Africa, considering the spread between Brent- and Dubai-pegged oil has narrowed. Meanwhile, the OSP to the United States was also raised by 10 cents in August from the prior month at $7.25 versus ASCI.

Persons: refiners, Muyu Xu, Brijesh Patel, David Goodman, David Evans, Alexander Smith Organizations: Saudi Arabian Oil, Saudi Aramco, Reuters, Saudi, Monday, Renaissance Energy, Thomson Locations: Saudi Arabia, OPEC, Saudi, Asia, Oman, Dubai, West Africa, Brent, Singapore, Europe, United States

☆ Aramco chief blames recessionary signals for low oil price, says 'optimistic' about future of demand
▼ + stars: | 2023-07-05 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

The chief executive of Saudi Arabian oil giant Aramco on Wednesday attributed the ongoing depression of oil prices to recessionary fears and economic headwinds, painting a more optimistic landscape for demand to come. Global crude oil prices have stayed tightly rage-bound just above the $75-per-barrel threshold despite a spate of additional voluntary cuts that some OPEC members are implementing until the end of 2024. On Monday, heavyweights Saudi Arabia and Russia — who lead the group of OPEC countries and its allies, known as OPEC+ — crowed this effort with pledges for additional declines. Riyadh intends to extend a 1-million-barrel-per-day voluntary cut initially declared for July into August, while Moscow has committed to lower its exports by 500,000 barrels per day next month. Yet prices for Brent futures with September expiry were just $76.76 per barrel at 2:28 p.m. London time, up by 51 cents per barrel from the previous settlement.

Persons: Aramco's Amin Nasser, Russia — Organizations: Organization for Petroleum Exporting, CNBC, Brent Locations: Saudi, Aramco, Vienna, Saudi Arabia, Russia, OPEC, Riyadh, Moscow, London

☆ Global oil market fundamentals sound for rest of 2023 - Aramco CEO says
▼ + stars: | 2023-06-26 | by ( Muyu Xu | ) www.reuters.com time to read: +1 min

Companies Saudi Arabian Oil Co FollowKUALA LUMPUR, June 26 (Reuters) - Global oil market fundamentals are expected to remain sound for the rest of the year, underpinned by healthy demand in developing countries, especially in China and India, Saudi Aramco CEO Amin Nasser said on Monday. "Overall, we believe that oil market fundamentals remain generally sound for the rest of the year," Nasser told the Energy Asia conference, hosted by Malaysia's state oil firm Petronas. "Despite the recession risks in several OECD countries, the economies of developing countries – especially China and India – are driving healthy oil demand growth of more than 2 million barrels per day this year," he said. Although China is facing some economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth, he added. Reporting by Muyu Xu; Writing by Florence Tan; Editing by Christopher Cushing and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Amin Nasser, Nasser, Muyu Xu, Florence Tan, Christopher Cushing, Himani Organizations: Saudi Arabian Oil, Energy Asia, Petronas, Brent, Organization of, Petroleum, Thomson Locations: KUALA LUMPUR, China, India, Saudi Aramco, Russia, Iran, Saudi Arabia

☆ Aramco, TotalEnergies sign $11 billion contract to build petrochemicals complex in Saudi Arabia
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: 1 min

[1/2] A 3D printed natural gas pipeline is placed in front of displayed Saudi Aramco logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoJune 24 (Reuters) - Saudi Arabian Oil Company (Aramco) (2222.SE) and TotalEnergies (TTEF.PA) have signed an $11 billion contract to start building a new petrochemicals complex in Saudi Arabia, the two companies said in a joint statement on Saturday. "Aramco and TotalEnergies today awarded Engineering, Procurement and Construction (EPC) contracts for the $11 billion "Amiral" complex, a future world-scale petrochemicals facility expansion at the SATORP refinery in the Kingdom of Saudi Arabia," the statement read. Reporting by Hatem Maher and Omar Abdel-Razek; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Hatem Maher, Omar Abdel, Toby Chopra Organizations: REUTERS, Saudi Arabian Oil Company, Aramco, TotalEnergies, Procurement, Thomson Locations: Saudi Aramco, Saudi, Saudi Arabia, Kingdom of Saudi Arabia

☆ Italy's Maire Tecnimont wins $2 billion Saudi Arabia petrochemical contracts
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

June 24 (Reuters) - Italian engineering group Maire Tecnimont (MTCM.MI) said it has won two contracts valued at about $2 billion related to a petrochemical expansion at the SATORP refinery in Saudi Arabia. SATORP refinery, located in Jubail, Saudi Arabia, is a joint venture between Saudi Aramco and French company TotalEnergies. The engineering, procurement and construction lump sum turnkey contracts will drive the Italian oil services group's revenues growth for 2023 and beyond, the company said in a statement on Saturday. The contracts will bring its year-to-date order intake to over 2.6 billion euros ($2.83 billion), it added. Earlier on Saturday, Saudi Arabian Oil Company (Aramco) (2222.SE) and TotalEnergies (TTEF.PA) signed an $11 billion contract to start building a new petrochemicals complex in Saudi Arabia.

Persons: Maire Tecnimont, Alessandro Bernini, Mrinmay Dey, Ros Russell Organizations: Saudi Aramco, Saudi Arabian Oil Company, Aramco, Thomson Locations: Saudi Arabia, Jubail, Saudi, Bengaluru

☆ Nvidia runaway winner in market cap addition in May
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

June 1 (Reuters) - Nvidia Corp's market capitalisation jumped the most in May among the top 20 global companies by market value, adding $248 billion, with a majority of the gains coming in the last four sessions, according to Refinitiv data. Reuters GraphicsTaiwan Semiconductor Manufacturing Co Ltd (2330.TW), a key manufacturer of Nvidia's chips, also saw a big jump in its market cap last month. Saudi Arabian Oil (2222.SE) and Exxon Mobil Corp (XOM.N) were the biggest losers in terms of market cap, hit by a decline in oil prices last month. Reuters GraphicsApple and Microsoft led the list with the highest market capitalisation in the world. Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: chipmaker, Patturaja Murugaboopathy, Gaurav Dogra, Sriraj Organizations: Nvidia, Reuters Graphics Taiwan Semiconductor Manufacturing Co, Oil, Exxon Mobil Corp, Reuters Graphics Apple, Microsoft, Thomson Locations: Saudi, Bengaluru

☆ Oil falls on weak China data, stronger U.S. dollar
▼ + stars: | 2023-05-31 | by ( Rowena Edwards | ) www.reuters.com time to read: +3 min

Companies Saudi Arabian Oil Co FollowLONDON, May 31 (Reuters) - Oil prices fell by over 2% on Wednesday on a stronger U.S. dollar and as weak data from top oil importer China raised demand fears. Further pressure came as the U.S. dollar rose to its highest in over two months, making commodities more expensive for buyers holding other currencies and weighing on oil demand. Mixed signals by major OPEC+ producers on whether or not the group will decide to further cut oil production have sparked recent volatility in oil prices. HSBC said on Wednesday that stronger oil demand from China and the West from the summer onwards will bring about a supply deficit in the second half of the year. Separately, U.S. crude oil and gasoline stockpiles were seen falling last week, while distillate inventories likely increased, a preliminary Reuters poll showed on Tuesday.

Persons: Brent, Brent's, Stephen Brennock, Rowena Edwards, Trixie Yap, Stephanie Kelly, Yuka Obayashi, Mark Potter, David Evans Organizations: Saudi Arabian Oil, . West Texas, U.S, Federal Reserve, Organization of, Petroleum, HSBC, American Petroleum Institute, Thomson Locations: China, U.S, Russia, London, Singapore, New York, Tokyo

☆ Saudi Aramco’s Profit Slides as Oil Boom Cools
▼ + stars: | 2023-05-09 | by ( Summer Said | Benoit Faucon | ) www.wsj.com time to read: 1 min

A Saudi Aramco employee in a branded helmet at one of the company’s oil facilities. Photo: MAXIM SHEMETOV/REUTERSDUBAI—Saudi Arabia’s national oil company posted a 19% drop in quarterly profit due to lower oil prices amid concerns over weakening global energy demand. Saudi Arabian Oil Co., known as Aramco, said Tuesday that it made a net profit of 119.54 billion Saudi riyals, equivalent to roughly $31.88 billion, in the first three months of the year, down from $39.47 billion in the same period last year, when it benefited from soaring oil prices after Russia invaded Ukraine.

☆ Aramco Q1 profit falls 19% to $31.9 billion
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

Companies Saudi Arabian Oil Co FollowDUBAI, May 9 (Reuters) - Saudi oil giant Aramco (2222.SE) posted first-quarter net profit of 119.54 billion riyals ($31.88 billion) on Tuesday, a fall of about 19% from the previous year. Net profit was 3.75% higher than in the fourth quarter but also below analysts' median forecast of $30.8 billion, according to Refinitiv data. The world's top oil exporter will pay $19.5 billion in dividends for the first quarter, in line with the previous quarter. CEO Amin Nasser in a statement said Aramco was looking at introducing performance-linked dividends, in addition to its base distribution. Aramco reached deals to expand its downstream business abroad in the first quarter, including investments in China and completing a $2.76 billion acquisition of Valvoline Inc's products business.

☆ Aramco affirms support for China's energy secrutiy
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: 1 min

Companies Saudi Aramco Base Oil Company JSC FollowMarch 26 (Reuters) - Saudi Arabian oil giant Aramco (2223.SE) affirmed on Sunday its support for China's long-term energy security and development, the company's CEO Amin Nasser said in remarks made before a forum in Beijing. Nasser said that the company has partnerships and emission-reducing technologies with China to make lower carbon products. Reporting by Omar Abdel-Razek, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Aramco Posts Record $161 Billion Profit in 2022
▼ + stars: | 2023-03-12 | by ( Summer Said | ) www.wsj.com time to read: 1 min

Aramco said its annual profit swelled by 46% in 2022. DUBAI—Saudi Arabia’s national oil company reported record annual profits for 2022 and raised its dividend, riding high oil prices fueled by the Ukraine war to earn $161 billion. Saudi Arabian Oil Co., known as Aramco, said its yearly profit swelled by 46% in 2022, a period when Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, continued to rebuff U.S. requests to pump more oil to help tame surging crude prices.

The profits follow similar reports in February from international peers BP, Shell, Exxon Mobil and Chevron which have mostly posted record profits for last year. Aramco's capital expenditure rose 18% to $37.6 billion in 2022 and the company said it expects this year's spending to be around $45.0 billion to $55.0 billion including external investments. Aramco declared a dividend of $19.5 billion for the fourth quarter, an increase of 4% from the previous quarter. Free cash flow reached a record of $148.5 billion in 2022, compared to $107.5 billion in 2021. Prices cooled rapidly in the second half of 2022 as central banks hiked interest rates and fanned worries of recession.

☆ Saudi Aramco Posts Record $161 Billion Profit for 2022
▼ + stars: | 2023-03-12 | by ( Summer Said | ) www.wsj.com time to read: 1 min

Aramco said its annual profit rose by 46% last year, the latest oil major to report a record annual profit for the year. Saudi Arabia’s national oil company reported record annual profit of $161 billion for 2022, the largest ever by an energy firm, continuing a dramatic turnaround for the industry after the Ukraine war lifted crude prices and upended commodity flows. Saudi Arabian Oil Co., known as Aramco, said its yearly profit swelled by 46% in 2022, a period when Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, rebuffed U.S. requests to pump more oil to help tame surging crude prices.

Companies Saudi Arabian Oil Co FollowDUBAI, March 12 (Reuters) - Aramco's chief executive Amin Nasser said on Sunday the market would remain tightly balanced in the short to medium term, adding that he was cautiously optimistic. Nasser was speaking to the press after the Saudi Arabian oil giant reported its highest ever annual profit since the company was listed. On recent imports of Russian diesel into Saudi Arabia, Nasser said the kingdom had always been importing products for its domestic market since before the Russian invasion of Ukraine. Nasser said Aramco was looking globally at liquefied natural gas (LNG) market opportunities, when asked about potential acquisitions in the year ahead. "We need to make sure that there is additional supply in the market otherwise this tightness of supply in the mid- to long term will have an impact."

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