Aramco posts record financials in 2022, continues energy investments: Nasser

Amin Nasser, President and CEO of Saudi Aramco

Saudi Arabian Oil Co. (Saudi Aramco) delivered record financial performance in 2022 as oil prices strengthened due to increased global demand, said President and CEO Amin Nasser.

In a statement, Nasser said Aramco continues to focus on its long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability.

He added that the company anticipates oil and gas will remain essential in the foreseeable future amid growing demand for energy and chemicals.

The risks of underinvestment in the energy industry are real, including contributing to higher energy prices.

"To leverage our unique advantages at scale and be part of the global solution, Aramco has embarked on the largest capital spending program in its history, and last year our capex rose by 18% to reach $37.6 billion," the top executive said.

He noted that the company focuses not only on expanding oil, gas, and chemicals production, but also on investing in new lower-carbon technologies with potential to achieve additional emission reductions, whether in its own operations or end users of products.

The oil giant recorded a 51% leap in profit, after minority interest, to SAR 598.4 billion in 2022, compared to SAR 395.2 billion a year earlier. In Q4 2022, net profit, after minority interest, grew 9% year-on-year to SAR 126.5 billion, according to data available with Argaam.