Saudi Arabia’s state-owned oil company Saudi Aramco realized record net profits for 2022, or $161.1 billion, up from $110 billion in 2021.

“The increase in net income reflects stronger crude oil prices, higher volumes sold and improved margins for refined products,” a statement from Saudi Aramco said.

The price of international benchmark Brent crude averaged at $100.93 per barrel in 2022, up from $70.86 a barrel on average in 2021, according to official data.

The company’s free cash flow reached a record $148.5 billion in 2022, compared to $107.5 billion a year earlier.

Its capital expenditure grew 18.0 percent year-on-year, as progress continues on multiple fronts to deliver reliable, affordable, and more sustainable energy, Saudi Aramco said.

“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,” CEO Amin Nasser noted.

CURRENTPH NEWS SERVICE