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Saudi Aramco Reports Record Profit as Fossil Fuels Remain ‘Essential’

Saudi Aramco, the national oil company for Saudi Arabia, reported a 47% increase in net income to $161.1 billion in 2022. Oil prices rose by 40% to just over $100 a barrel in 2022. Aramco is investing record sums in oil and natural gas production.

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  • Saudi Aramco reported 47% increase in net income to $161.1 billion in 2022.
  • Oil prices rose by 40% to just over $100 a barrel in 2022.
  • Aramco increased its fourth-quarter dividend by 4% over the previous year to $19.5 billion.
  • Aramco is investing record sums in oil and natural gas production.
Saudi Aramco Reports Record Profit as Fossil Fuels Remain ‘Essential’
Saudi Arabia’s national oil company earned $161 billion last year, a nearly 50 percent jump over 2021, and said demand for oil would continue.
The New York TimesBy Stanley Reed

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