Saudi Aramco, The World’s Biggest Oil Company, Records Historic Profits Of $243 Billion
— 13 March 2023

Saudi Aramco, The World’s Biggest Oil Company, Records Historic Profits Of $243 Billion

— 13 March 2023
Garry Lu
Garry Lu

I suppose it isn’t all too surprising considering the ongoing economic/political landscape – and the fact that last year, Saudi Aramco was pocketing a mindboggling $760 million per day – but just in case you were curious, the state-owned oil giant has officially made history by recording a profit of US$161 billion (AU$243 billion) across 2022.

For reference, that’s over US$441 million (AU$660 million) daily. This 50% year-on-year increase from US$110 billion (AU$165 billion) represents the highest-ever annual profit by a publicly listed company, and as previously explained by Bloomberg, can be largely attributed to the following:

  1. The surge in demand post-COVID-19 restrictions while production costs have remained low; Saudi Aramco sources its oil from easy-to-tap fields onshore or in shallow waters.
  2. Russia’s invasion of Ukraine, leading Western nations to curb dependence on the former for its energy needs, thereby limiting options on the supply side of the market.

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“Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world,” Aramco President & CEO Amin H. Nasser outlined via statement.

“We also continued to focus on our long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability.”

Saudi Aramco, Global Oil Giant, Records $243 Billion Profit

The company also revealed its production of crude oil amounted to a daily figure of approximately 11.5 million barrels last year with hopes to raise said production to 13 million barrels per day by 2027.

According to Nasser, Saudi Aramco has recently invested over US$37 billion (AU$55.66 billion) to up production capacity, and will continue to expand on the oil and gas front, as well as “new lower-carbon technologies with potential to achieve additional emission reductions.”

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So how do these numbers from Saudi Aramco compare to the profit margins of Apple, Microsoft, and Alphabet? Here’s what it looks like based on data provided by Statista:

  • Apple – US$112.03 billion (AU$169 billion)
  • Microsoft – US$84.67 billion (AU$127.77 billion)
  • Alphabet [Google] – US$78.96 billion (AU$119.16 billion)
  • Equinor – US$77.27 billion (AU$116.61 billion)
  • Exxon Mobil – US$70.64 billion (AU$106.51 billion)
  • ICBC – US$65.01 billion (AU$98 billion)
  • Shell – US$64.64 billion (AU$97.51 billion)
  • Chin Construction Bank – US$57.15 billion (AU$86.17 billion)

At the time of this writing, Saudi Aramco (TADAWUL: 2222) has a market cap of approximately $7.21 trillion. With a capital ‘T.’

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Garry Lu
After stretching his legs with companies such as The Motley Fool and the odd marketing agency, Garry joined Boss Hunting in 2019 as a fully-fledged Content Specialist. In 2021, he was promoted to News Editor. Garry proudly retains a blue belt in Brazilian Jiu-Jitsu, black bruises from Muay Thai, as well as a black belt in all things pop culture. Drop him a line at [email protected]


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