The oil giant’s profits increased 46 percent last year – E24

The oil giant’s profits increased 46 percent last year – E24

State-owned Saudi Arabian Oil Company Aramco increased its dividend by 46 percent in 2022 and ended with a profit of $161 billion.

An oil facility in Jeddah, Saudi Arabia. The war in Ukraine led to good times for the country’s oil industry.
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The amount corresponds to more than NOK 1,700 billion. Last year’s good result was associated with the rise in oil prices in the aftermath of the war in Ukraine.

The rise in the state-owned company contributed significantly to the country’s economic growth of 8.7 percent last year, the highest rate among the G20 countries.

The previous year, the company had finished with a profit of $110 billion – just under 1,200 billion kroner.

In a stock exchange announcement, the company wrote that the profit was mainly due to an increase in crude oil prices, that the company sold more oil than in the previous year, as well as better margins in oil refining.

Aramco is the largest oil company in the world.

Other leading oil companies such as Shell, Chevron, ExxonMobil, BP and Total Energy posted record good results last year.

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Jabori Obasanjo

Jabori Obasanjo

"Coffee trailblazer. Certified pop culture lover. Infuriatingly humble gamer."

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