May 16, 2022

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Saudi Aramco achieved 962 billion crowns last year - E24

Saudi Aramco achieved 962 billion crowns last year – E24

Rising oil prices have more than doubled the oil giant’s annual score for 2020.

Saudi Aramco oil tank in Abqaiq, Saudi Arabia.
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The Saudi state oil company, Saudi Aramco, made an after-tax profit of $110 billion last year. This corresponds to approximately 962 billion Norwegian kroner.

Earnings more than doubled compared to 2020, when the result fell at $49 billion.

“The increase reflects higher oil prices, improved refining and chemicals margins and a consolidation of SABIC’s annual results,” Saudi Aramco wrote in a report. Message.

Saudi Aramco acquired 70% of Saudi petrochemical production company SABIC in 2020.

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Giant profits for the Saudi state

The oil giant announces the payment of $18.8 billion in dividends for the fourth quarter of 2021.

Thus, last year’s earnings plan is preserved, he writes financial times. A total of $75 billion will be paid to shareholders. 98% of the company is owned by the Saudi state.

This is equivalent to 656 billion Norwegian kroner. In comparison, the net cash flow of the Norwegian state from the oil sector to 272 billion Norwegian kroner last year, According to the Ministry of Petroleum and Energy and the Norwegian Petroleum Directorate.

Estimated dividends are NOK 10.4 billion from Equinor.

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Saudi Aramco is the world’s largest oil exporter. It was the company’s strongest result since it went public in 2019, according to the Financial Times.

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Saudi Aramco is naturally benefiting from historically high oil prices as a result of the Russian invasion of Ukraine.

However, the price of oil was high before that as well. according to CNBC One barrel of North Sea oil (crude burnt) cost an average of 67 percent last year compared to 2020.

Saudi Aramco plans to increase investment in the coming years.

Last year, capital expenditures were $31.9 billion, and this year it is estimated at $40-50 billion. The company plans to grow further into the middle of the decade, according to CNBC.

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