Saudi Aramco is pushing ahead with an expansionary investment program despite recently cancelling plans to boost crude oil production capacity by 1mn b/d. Capital investments, including “external investments,” jumped by 28% last year to a record $49.7bn, and the firm’s 2024 capex guidance of $48-58bn implies a further increase this year as it expands into new growth areas.

Overall, net income was down 25% last year as oil prices eased from 2022’s Ukraine conflict-driven surge above $100/B. Aramco’s 2022 net income figure of $161bn was the highest for any listed company ever, and last year’s $121.3bn was still the second highest figure on record for the company and well in excess of profits for IOCs. (CONTINUED - 1546 WORDS)