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Aramco profit down from 2022 record due to lower energy prices

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Aramco had reported a $161-billion profit in 2022, likely the largest ever reported by a publicly traded company

Saudi Arabia's state-owned oil company Aramco and stock market officials celebrate the debut of Aramco's initial public offering on the Riyadh Stock Market, in Riyadh, Saudi Arabia, Dec. 11, 2019.Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices.

“The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins,” the company said in its filing to the Tadawul stock market. Aramco, formally known as the Saudi Arabian Oil Co., put its output at 12.8 million barrels of oil a day. The company has been ordered by the Saudi government to keep its production there despite earlier plans to increase output.

 

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Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 recordDUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices. Aramco made the announcement in a filing in Riyadh's Tadawul stock market.
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