Energy Aramco reports record 2022 profit at $161bn on higher prices By Pramod Kumar March 13, 2023 Aramco Aramco's free cash flow reached a record of $148.5bn in 2022, compared to $107.5bn in 2021 Board recommends issuing bonus shares to eligible shareholdersAramco declares $19.5 billion dividend for Q4 2022 Saudi’s Aramco reported a record net profit of $161.1 billion in 2022, up 46 percent year-on-year, on stronger crude oil prices, higher volumes sold and improved margins for refined products. Average hydrocarbon production was 13.6 million barrels of oil equivalent per day, including 11.5 million barrels per day of total liquids, in 2022. The Saudi Exchange-listed company continued its strong track record of supply reliability by delivering crude oil and other products with 99.9 percent reliability last year. “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’s CEO Amin Nasser said in the 2022 financial statement. Q4 2022 net income came in line with analyst estimates, excluding certain non-cash items of around $3.3 billion. Aramco said plans to up crude production capacity to 13 million barrels per day (bpd) by 2027 are on track. Aramco’s capital expenditure rose 18 percent to $37.6 billion last year, expecting 2023 spending to be around $45-$55 billion, including external investments. “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,” Nasser stated. Aramco declared a dividend of $19.5 billion for the fourth quarter, an increase of four percent from Q3. In addition, the company’s board recommended issuing bonus shares, with eligible shareholders receiving one share for every 10 shares owned. Free cash flow reached a record of $148.5 billion in 2022, compared to $107.5 billion in 2021.