Saudi Aramco recorded a historic set of results in 2022 as it capitalized on the upheaval that roiled oil markets. The Saudi giant’s results followed a succession of record-breaking earnings unveiled by IOCs in recent weeks. And whilst it is perhaps not surprising that Aramco outperformed its peers, the scale of its record figures was still staggering.

Net income of $161bn (see table) represented a 47% year-on-year increase and outstripped the combined profits of ExxonMobil, Chevron, Shell, BP and TotalEnergies (MEES, 10 February). Indeed, it “was probably the highest net income ever recorded in the corporate world,” says Aramco CEO Amin Nasser. This despite a relatively soft Q4 with net-income of ‘only’ $30.76bn for the lowest quarterly figure since 3Q 2021. (CONTINUED - 1593 WORDS)