Aramco's 2022 Profit Falls, Dividends Rise
TL;DR
Saudi oil giant Aramco announced a $121 billion profit for last year, down from its 2022 record, due to lower energy prices. Despite the decrease, it marked the company’s second highest ever result, and it boosted dividends to over $31 billion in the fourth quarter. The company's overall revenue was $440 billion, down from $535 billion in 2022. Saudi Arabia, a leader in the OPEC cartel, has allied with Russia and others outside of the group to keep production down to boost global oil prices. Crown Prince Mohammed bin Salman aims to pivot the kingdom off oil sales with ambitious projects, while activists criticize the profits amid global concerns about climate change.
- Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record The Associated Press
- Saudi Aramco boosts dividends despite profit fall BBC.com
- Aramco hikes dividend 30% to $98 billion despite drop in profit Reuters
- Aramco Raises Payout to $31 Billion in Boost for Saudi Budget Bloomberg
- Saudi oil giant Aramco posts 25% fall in full-year profit CNBC
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