Saudi Oil Company Aramco Announces 2021 Income Up 124%

Saudi Aramco, the Saudi state-owned petroleum and natural gas company, announced on Sunday that its net income for 2021 was $110 billion – a 124% increase over the previous year’s net income of $49 billion. The figure for 2021 is almost 25% higher than the $88.2 billion net income achieved in 2019, before the coronavirus pandemic hit global markets. The sharp rise in net income reflects higher crude oil prices and refining and chemicals margins, due in large part to an economic turnaround fueled by optimism that the worst of the coronavirus pandemic is behind us. The company said it intends to raise the maximum sustainable capacity of crude oil to 13 million barrels per day by 2027 and increase gas production by half by 2030. “Although economic conditions have improved considerably, the outlook remains uncertain due to various macroeconomic and geopolitical factors,” Aramco’s president and CEO Amin H. Nasser said. Aramco also announced a fourth-quarter dividend of $18.8 billion, to be paid in the first quarter of 2022, according to a statement on the company’s website.