Aramco’s 2023 net income second-highest in history

Saudi Arabia

DHAHRAN, March 11, 2024 – Saudi Aramco saw USD 121.3 billion in net income for 2023, the second-highest amount in its history, the company reported in its full-year results released on Saturday.

The company’s 2023 net income was only bested by its record-breaking 2022 figure of USD 161.1 billion.

Aramco reported hydrocarbons production of 12.8 million boepd, including 10.7 million bpd of total liquids.

The company also recorded capital investments of USD 49.7 billion for 2023, up 28% from its 2022 figure of USD 38.8 billion.

Its 2024 capital investments are projected to be between USD 48 billion and USD 58 billion.

In comments reported by Reuters, Aramco CEO Amin Nasser said on Monday that the oil giant would be seeking out new investment in China, aiming to capitalise on the country’s expanding petroleum demand.

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