2023: Saudi Aramco's full-year profit fell 24.7% to $121.3bn due to lower oil prices.
Saudi Aramco reported a 24.7% fall in full-year profit to $121.3 billion in 2023 due to lower oil prices. The net income decrease is attributed to lower crude oil prices and volumes sold, as well as reduced refining and chemicals margins. The company's capital expenditures increased, positioning it for a future where oil and gas will be a key part of the global energy mix alongside new energy solutions.
March 10, 2024
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