Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists.
“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,” Saudi Aramco CEO and President Amin H. Nasser said in a statement. Benchmark Brent crude oil now trades around $82 a barrel, though prices had reached over $120 a barrel back in June. Aramco, whose fortunes hinge on global energy prices, announced a record $42.4 billion profit in the third quarter of 2022 off the back of that price spike.
Those revenues also can go into Riyadh Air, a new airline announced Sunday by Prince Mohammed that will be under the kingdom’s Public Investment Fund and plans to fly to over 100 destinations by 2030. The Wall Street Journal, citing anonymous sources, reported Saudi Arabia may purchase up to $35 billion worth of planes from Boeing Co.
theJagmeetSingh why arent you demanding answers from them?
*Peak Oil* my ass
Their evil empire thrives.
Every single NDP and Lib voter scoffed at oil and gas as profitable for every moment in last 10 years. They are complete and utter fools. Oil is irreplaceable as any chemist, metallurgist and engineer knows , and to think it will be any time in next 100 years absolute rubbish.
Get them, Jagmeet Singh
Canada’s second largest supplier of imported oil. We can supply are own oil needs, why ship jobs and taxes out of the country.
Trudeau cancels pipelines and wonders why Canadians are falling behind? Concentrating instead on Loblaws profits! Hey JustinTrudeau when are you going to call these guys and ask where there excess profits came from? It came from Trudeau and US Democrat policy!
Good, then they can invest it into more oil and gas to power the world.
Anyone tax that? Oh wait, put the tax on consumers instead?
On our backs!
What wonderful news! In the background, the common man gets shafted over and over again
And Canada guided by trudeau is saving the world !!! TrudeauMustResign
China just restarted diplomatic relations between the Saudis and Iran. Just saying.
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Source: TorontoStar - 🏆 60. / 55 Read more »