Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco has reported a $121 billion profit last year, down from its 2022 record due to lower energy prices. Aramco made the announcement in a filing in Riyadh’s Tadawul stock market. It had reported a $161 billion profit in 2022, likely the largest ever reported by a publicly traded company. It said in the filing Sunday: “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins.”