Saudi oil giant Aramco posts record $161.1 billion profit for 2022

Saudi Arabia's state-controlled oil giant Aramco on Sunday reported a record net income of $161.1 billion for 2022 — the largest annual profit ever achieved by an oil and gas company.

Aramco said net income increased 46.5 percent over the year, from $110 billion in 2021. Free cash flow also reached a record $148.5 billion in 2022, compared with $107.5 billion in 2021. 

The results are nearly triple the profit that western oil major ExxonMobil posted for 2022, bolstered by soaring oil and gas prices through last year, along with higher sale volumes and improved margins for refined products. 

"Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world," Aramco CEO Amin Nasser said in a press statement. 

Oil and gas prices surged last year, as western sanctions on Russia for its invasion of Ukraine have steadily tightened access to Moscow's supplies, particularly seaborne crude and oil products.

Aramco raised its fourth-quarter dividend by 4% to $19.5 billion, to be paid in the first quarter of 2023. Aramco also said it would issue bonus shares to eligible shareholders as a result.