The Saudi Arabian Oil Company (Saudi Aramco) reported a strong financial performance in its fiscal year 2022, with a record net income of $48.4 billion, a 46.5% increase from the previous year.
The company attributed the results to stronger crude oil prices, higher volumes sold and improved margins for refined products. Its free cash flow in 2022 rose to $148.5 billion, up from last year's $107.5 billion, while capital expenditure increased by 18% on a yearly basis. In the fourth quarter, the oil giant declared $19.5 billion, representing a 4% increase from the third quarter.
"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," Aramco CEO Amin Nasser said.
