Aramco makes an astonishing $161 billion profit, highest by any company in corporate history

Driven by pricier crude oil, Saudi Arabian Oil Co. (Aramco) reported its biggest annual net income as a listed company with earnings of $161.07 billion in 2022. The figure represented a 46.5% increase from the $110 billion Aramco registered in 2021. Aramco is the world’s largest state-owned entity and 2nd largest company by market capitalization after Apple.

Last year, ExxonMobil, the largest of the private-sector giants, brought in some $56 billion of net income. Aramco president and CEO Amin H. Nasser, has been ranked No. 2 in a list of the world’s best CEOs for 2023; meanwhile, Aramco ranked No. 5 in the CEOWORLD magazine’s ranking of the world’s most influential and innovative companies. At the same time, ExxonMobil ranked No. 10 in the CEOWORLD magazine’s ranking of the world’s most influential and innovative companies; meanwhile, Darren W. Woods, Chairman and Chief Executive Officer, has been ranked No. 8 in a list of the world’s best CEOs for 2023.

Aramco president and CEO Amin H. Nasser said in the earnings report the “foreseeable future” will continue to depend on fossil fuels, but added that the company is not only focusing on expanding the production of oil, gas and chemicals. Aramco, he said, has also been investing in lower-carbon technologies.

“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. 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 18.0 percent to reach $37.6 billion,” he said, referring to capital expenditure (capex).

“Our focus is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with potential to achieve additional emission reductions — in our own operations and for end users of our products”.

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