Aramco Achieves Net Income Worth $110B in 2021

Aramco Achieves Net Income Worth $110B in 2021
Haradh, SAUDI ARABIA: A general view shows a new plant inaugurated 22 March 2006 in Haradh, about 280 kms (170 miles) southwest of the eastern Saudi oil city of Dhahran, launching a project adding 300,000 barrels of oil to the kingdom’s daily production capacity. The facility which was opened today in a ceremony attended by Saudi Oil Minister Ali al-Nuaimi was completed in January, ahead of schedule, the company said. Approximately 160 kms (100 miles) of new pipeline and extensions will transport crude and gas products to processing facilities further north in the Eastern Province, a statement said. Saudi Arabia, the world’s top crude producer and exporter, currently pumps around 9.5 million bpd of oil and has a production capacity of around 11 million bpd. AFP PHOTO/STR (Photo credit should read -/AFP/Getty Images)

Saudi Arabia’s Aramco announced that it has achieved a jump in its net income which more than doubled year-on-year (YoY) by 124% to $110 billion in 2021 compared to $49 billion in 2020, the company declared in a press release.

Aramco revealed its growth strategy in which it continued to increase its crude oil Maximum Sustainable Capacity (MSC) to 13 million barrels per day (mmbl/d) by 2027 and to hike gas production by more than 50% by 2030.

Regarding downstream activities, the company said that it intends to raise its liquids to chemicals capacity to up to 4 mmbl/d. This is besides its plan to boost its hydrogen export as well as carbon capture and storage (CCS) capability.

Commenting on the results, Aramco President & CEO Amin H. Nasser, said  “Our strong results are a testament to our financial discipline, flexibility through evolving market conditions and steadfast focus on our long-term growth strategy, which targets value growth for our shareholders.

“Although economic conditions have improved considerably, the outlook remains uncertain due to various macro-economic and geopolitical factors. But our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy.”

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