Aramco Announces $121 Billion Profit Last Year

That’s Down From 2022 Record
Aramco reported a $161 billion profit in 2022, likely the largest ever reported by a publicly traded company. (Aramco Americas)

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DUBAI, United Arab Emirates — Saudi oil giant Aramco on March 10 reported it made $121 billion in profit last year, down from its 2022 record because of lower energy prices.

The results still marked the company’s second-highest ever result, Aramco said, as members of the OPEC+ alliance continue to cut their production to try to boost global energy prices. However, lower results also squeeze the kingdom as it embarks on a massive development project under its assertive crown prince to wean itself off oil revenues.

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

“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.

Amin Nasser


Despite being lower this year, Aramco boosted the dividends due to its stockholders to over $31 billion in the fourth quarter, according to filings.

The energy giant had planned a conference call March 11 to discuss its results.

Aramco reported overall revenue of $440 billion last year, down from $535 billion in 2022.

“Our resilience and agility contributed to healthy cash flows and high levels of profitability despite a backdrop of economic headwinds,” Aramco CEO Amin H. Nasser said in a statement.

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.

Saudi Arabia, a leader in the OPEC cartel, has allied with Russia and others outside the group to try to keep production down to boost global oil prices. Benchmark Brent crude traded under $82 a barrel on March 10.

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Aramco has a market value of $2 trillion, making it the world’s fourth-most valuable firm, behind Apple, Microsoft and NVIDIA, respectively. Aramco stock traded slightly up on the Tadawul at $8.64 a share March 10.

Saudi Arabia’s vast oil resources, located close to the surface of its desert expanse, make it one of the world’s least expensive places to produce crude. Crown Prince Mohammed bin Salman hopes to use the oil wealth to pivot the kingdom off oil sales, such as with his planned $500 billion futuristic desert city, called Neom, and other projects.

Meanwhile, activists criticized the profits amid global concerns about the burning of fossil fuels accelerating climate change.

On March 7, Prince Mohammed transferred another 8% of Aramco shares to the country’s prominent sovereign wealth fund, worth over $160 billion. The vast majority of the company remains held by the Al Saud royal family, with a sliver traded on the Tadawul stock market.