Saudi's state owned oil company Aramco reported net profit of $110B in 2021 up from 49 billion a year earlier. The prophet was higher than the 106 billion expected.
The company, which is under pressure from the West to boost output given the soaring prices, said that it would hike investments by around 50% this year.
- It would boost its capital expenditure to $40 – 50 billion this year from 31.9 billion last year
- when asked about pumping more oil, CEO Nasser said it would produce according to guidelines from the Saudi energy minister
- it plans to raise its crude oil maximum sustainable capacity to 13 million barrels a day by 2027
- It wants to increase gas production by more than 50% by 2030
Aramco's share price values the company at $2.34 trillion. The 2 trillion valuation was a goal sought by Saudi leader Crown Prince Mohammed bin Salman before the company's 29.4 billion IPO in 2019. The evaluation of the company was at ahead of Microsoft though it is still behind Apple at $2.68 trillion
