The monster profit by the firm, known formally as the Saudi Arabian Oil Co., came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022.
DUBAI, United Arab Emirates — Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists.
“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices," Saudi Aramco CEO and President Amin H. Nasser said in a statement. Benchmark Brent crude oil now trades around $82 a barrel, though prices had reached over $120 a barrel back in June. Aramco, whose fortunes hinge on global energy prices, announced a record $42.4 billion profit in the third quarter of 2022 off the back of that price spike.
Those revenues also can go into Riyadh Air, a new airline announced Sunday by Prince Mohammed that will be under the kingdom's Public Investment Fund and plans to fly to over 100 destinations by 2030. The Wall Street Journal, citing anonymous sources, reported Saudi Arabia may purchase up to $35 billion worth of planes from Boeing Co.
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Oil giant Saudi Aramco makes a historic $161B profit in 2022Oil giant Saudi Aramco says it earned $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists.
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Oil giant Saudi Aramco makes a historic $161-billion profit in 2022Oil giant Saudi Aramco reported earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company. The profit by the firm came off the back of energy prices rising after Russia launched its war on Ukraine.
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Oil giant Saudi Aramco has profits of $161B in 2022DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco said Sunday it earned a $161 billion profit last year, attributing its earnings to higher crude oil prices. The firm, known formally as the Saudi Arabian Oil Co., said in its annual report that the profit represented “its highest annual profits as a listed company.'
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Saudi oil giant Aramco posts record $161.1 billion profit for 2022Saudi state-controlled Aramco achieved a record profit last year, boosted by higher energy prices and firmer sale volumes.
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Oil giant Saudi Aramco announces record profit of $161B in 2022Saudi Arabian Oil Co., also known as Aramco, announced it earned a record-high profit of $161.1 billion during 2022 following higher crude oil prices that soared mostly during Q3.
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Oil giant Saudi Aramco reports historic $161 billion profit in 2022Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and...
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