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Aramco announces record full-year 2022 results. The company will invest in a major integrated refinery and petrochemical complex in China

Autor: Financial Market
Timp de citit: 3 minute

The Saudi Arabian Oil Company today announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company.

Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products, while the Company continues to strengthen its oil and gas production capacity, as well as its downstream portfolio, to meet anticipated future demand.

Financial Highlights
Aramco’s net income increased by 46.5% to a record $161.1 billion in 2022, compared to $110.0 billion in 2021. The increase in net income reflects stronger crude oil prices, higher volumes sold and improved margins for refined products.

Q4 2022 net income was in line with analyst estimates, Free cash flow reached a record $148.5 billion in 2022, compared to $107.5 billion in 2021.

Aramco declared a dividend of $19.5 billion for the fourth quarter, to be paid in Q1 2023. This represents a 4.0% increase compared to the previous quarter, aligned with the Company’s dividend policy aiming to deliver a sustainable and progressive dividend.

Additionally, the Board of Directors also recommended the distribution of bonus shares to eligible shareholders in the amount of one share for every 10 shares held, subject to required Extraordinary General Assembly and regulatory approvals.

Capital expenditure in 2022 was $37.6 billion, an increase of 18.0% from 2021. Aramco expects 2023 capital expenditure to be approximately $45.0 billion to $55.0 billion including external investments, with capex increasing until around the middle of the decade.

Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world. We also continued to focus on our long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability.

“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.

To leverage our unique advantages at scale and be part of the global solution, Aramco has embarked on the largest capital spending program in its history, and last year our capex rose by 18.0% to reach $37.6 billion.

“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.” said Aramco President & CEO Amin H. Nasser.

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Operational Highlights
In 2022, Aramco’s average hydrocarbon production was 13.6 million barrels of oil equivalent per day (mmboed), including 11.5 million barrels per day (mmbpd) of total liquids.

Aramco continued its strong track record of supply reliability by delivering crude oil and other products with 99.9% reliability in 2022. It was the third year running that Aramco achieved this level of reliability.

Upstream continues to execute its growth plans to promote long-term productivity of Saudi Arabia’s reservoirs and is proceeding with implementing the Government’s mandate to increase Aramco’s crude oil MSC to 13.0 mmbpd by 2027.

Aramco announced also its final investment decision to participate in the development of a major integrated refinery and petrochemical complex in northeast China.

The project presents an opportunity for Aramco to supply up to 210,000 bpd of crude oil feedstock to the complex. The transaction is subject to certain closing conditions, including regulatory approvals.

In August, Aramco signed an equity purchase agreement to acquire Valvoline Inc.’s global products business (Valvoline Global Products) for $2.65 billion.

The strategic acquisition, which closed in March 2023, will complement Aramco’s line of premium branded lubricant products, optimize its global base oils production capabilities, and expand Aramco’s own R&D activities and partnerships with original equipment manufacturers.

In November, three transactions with Polish refiner and fuel retailer PKN ORLEN were completed, expanding Aramco’s presence in the European downstream sector.

As part of the transaction, the Company acquired equity stakes of 30% in a 210,000 bpd refinery in Gdańsk; 100% in an associated wholesale business; and 50% in a jet fuel marketing joint venture.

Aramco and TotalEnergies made a final investment decision in December to construct a large petrochemical complex in Saudi Arabia. It will enable an existing SATORP refinery to advance Aramco’s liquids-to-chemicals strategy.