UPDATE 1-Saudi Aramco 2021 Profit Soars, Plans Capex Boost in 2022
03.21.2022 By Ricardo Perez - NEWS

March 21, 2022 [Yahoo!] – Saudi Arabian state oil giant Aramco on Sunday reported a more than doubling of annual net profit in 2021, boosted by higher oil prices, and announced plans to sharply lift capital expenditure in 2022.


The oil giant has benefited from a more than 50% rise in crude prices last year, as increased COVID 19 vaccination rates and loosening restrictions resulted in demand outpacing supply.

Oil prices surged past $100 a barrel last month after Russia invaded Ukraine, which Moscow calls a “special operation.”

Net profit rose to $110 billion for the year that ended December 31, from $49 billion a year earlier.

Analysts had expected a net profit of $106 billion in 2021, according to the mean estimate of analysts in Refinitiv’s Eikon.

Aramco said it aims to boost its capital expenditure to $40-50 billion in 2022, with further growth expected until around the middle of the decade.

Capital expenditure in 2021 was $31.9 billion, an increase of 18% from 2020. Aramco plans to raise crude oil “maximum sustainable capacity” to 13 million barrels a day by 2027, and wants to boost gas production by more than 50% by 2030.

Aramco also intends to develop a significant hydrogen export capability and become a global leader in Carbon Capture and Storage, it said.

“Although economic conditions have improved considerably, the outlook remains uncertain due to various macro-economic and geopolitical factors,” CEO Amin Nasser said in a statement.

“But our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy.”

Aramco, which only ranks behind Apple and Microsoft in market value , declared a dividend of $75 billion for 2021, in line with its earlier pledge.

Pro Trial: Access 10,390 Tank Terminal and Production Facilities
10,390 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Angel CCS JV and Yara Partner for Carbon Capture and Storage Study
04.19.2024 - NEWS
April 19, 2024 [Pipeline & Gas Journal]- The Angel CCS Joint Venture will collaborate with Ya... Read More
Kinder Morgan Meets Profit Estimates, Sees New Demand from AI Operations
04.19.2024 - NEWS
April 19, 2024 [Reuters]- Pipeline and terminal operator Kinder Morgan (KMI.N), opens new tab on ... Read More
Cepsa and Evos Join up for Green Methanol Storage in Spain and the Netherlands
04.19.2024 - NEWS
April 19, 2024 [Storage Terminals Magazine]- Spanish energy company Cepsa has forged an agreement... Read More
Linde to Increase Green Hydrogen Production in Brazil
04.19.2024 - NEWS
April 19, 2024 [Linde]- Linde (Nasdaq: LIN) announced today its subsidiary White Martins will bui... Read More