The Saudi Arabian Oil Company (Aramco) has announced its full-year 2022 financial results, reporting a record net income of $161.1 billion - its highest annual profits as a listed company. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023, Report informs referring to the company’s website.
“Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world. We also continued to focus on our long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability,” said Aramco President & CEO Amin H. Nasser.
“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. To leverage our unique advantages at scale and be part of the global solution, Aramco has embarked on the largest capital spending program in its history, and last year our capex rose by 18.0% to reach $37.6 billion.
Aramco’s net income increased by 46.5% to a record $161.1 billion in 2022, compared to $110.0 billion in 2021. The increase in net income reflects stronger crude oil prices, higher volumes sold and improved margins for refined products. Q4 2022 net income is in line with analyst estimates, excluding certain non-cash items of around $3.3 billion.
Capital expenditure in 2022 was $37.6 billion, an increase of 18.0% from 2021. Aramco expects 2023 capital expenditure to be approximately $45.0 billion to $55.0 billion including external investments, with capex increasing until around the middle of the decade.
In 2022, Aramco’s average hydrocarbon production was 13.6 million barrels of oil equivalent per day (mmboed), including 11.5 million barrels per day (mmbpd) of total liquids.