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The Saudi industry giant announced on Sunday that it was the group’s largest net profit since the IPO at the end of 2019.
Like many of its competitors, Aramco benefits from high energy prices. Shell, Totalenergies, Eni and US oil giants ExxonMobil and Chevron also reported strong profit gains recently. Prices in the oil and gas market also rose sharply as supplies were temporarily scarce due to Russia’s war of aggression against Ukraine.
According to Aramco, it wants to continue investing a lot of money in production. Overall, management expects capital expenditures of approximately $45 billion to $55 billion in 2023 and $37.6 billion in 2022. The Saudi company also wants to invest in lower carbon technologies. The oil and gas industry is seen as one of the biggest contributors to climate change. In 2019, this was the group’s largest net profit.
Like many of its competitors, Aramco benefits from high energy prices. Shell, Totalenergies, Eni and US oil giants ExxonMobil and Chevron also reported strong profit gains recently. Prices in the oil and gas market also rose sharply as supplies were temporarily scarce due to Russia’s war of aggression against Ukraine.
According to Aramco, it wants to continue investing a lot of money in production. Overall, management expects capital expenditures of approximately $45 billion to $55 billion in 2023 and $37.6 billion in 2022. The Saudi company also wants to invest in lower carbon technologies. The oil and gas industry is considered one of the biggest contributors to climate change.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
