Oil giant Saudi Aramco makes a historic $161B profit in 2022

DUBAI, United Arab Emirates — 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.

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Oil giant Saudi Aramco makes a historic $161-billion profit in 2022Oil giant Saudi Aramco reported earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company. The profit by the firm came off the back of energy prices rising after Russia launched its war on Ukraine. ExtinctionRebellion only acts when it's easy 'profit . . came off the back of energy prices rising 'after' Russia launched its war on Ukraine.' Liars. Crude was $37 on day Biden won election Nov '20 - freaking out the markets, sending prices soaring. 2/22/22 Russian invasion, oil at $90-before invasion, now at $76.50. It's profit They want the oil No monster it's bussiness Imagine i want to publish a Article but I don't want to pay or pay half and demand control of your offices and facilities or else will you take the equipment By force and offices
Source: latimes - 🏆 11. / 82 Read more »

Saudi oil giant Aramco posts record $161.1 billion profit for 2022Saudi state-controlled Aramco achieved a record profit last year, boosted by higher energy prices and firmer sale volumes. Total gdp of Saudi Arabia $850bn, total sales of aramco $550bn… what if 50 of vehicles moves to electric… Saudi Arabia will be bankrupt… isn’t it? And you still think the war is about to end
Source: CNBC - 🏆 12. / 72 Read more »