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TMI BlogSaudi oil giant Aramco reports $106 billion profit in 2024, down 12% on lower energy pricesX X X X Extracts X X X X X X X X Extracts X X X X ..... Saudi oil giant Aramco reports $106 billion profit in 2024, down 12% on lower energy prices X X X X Extracts X X X X X X X X Extracts X X X X ..... Arabian Oil Co., had revenues of $436 billion in 2024. Aramco reported a $121 billion annual profit in 2023, down from its 2022 record due to lower energy prices as well. “The decrease was primarily driven by lower revenue and other income related to sales, higher operating costs, as well as lower finance and other income,” Aramco said in its filing. Stock in Aramco traded around $7.33 a share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tuesday, down from a high over the last year of $8.71. It has fallen over the past year as oil prices have dropped. Benchmark Brent crude is at $73 — down 10% this year. Aramco has a market value of $1.74 trillion, making it the world's sixth-most valuable company behind Apple, Microsoft, NVIDIA, Amazon and Alphabet, which owns Google. The Aramco results come as OPEC+, an alliance of the oil car ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tel and other energy-producing states, met online Monday and agreed to proceed with an increase in oil production starting in April. It's the first oil production increase by the group since 2022 and likely will push down oil prices further. The OPEC+ decision follows criticism by President Donald Trump of the cartel. Saudi Arabia's vast oil resources, located close to the surface of its desert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expanse, make it one of the world's least expensive places to produce crude. For every $10 rise in the price of a barrel of oil, Saudi Arabia stands to make an additional $40 billion a year, according to the Institute of International Finance. But lower energy prices have chewed into the kingdom's revenues, affecting plans by Crown Prince Mohammed bin Salman to build his $500 billion futuristic c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity of NEOM. Saudi Arabia also will host the 2034 FIFA World Cup, which will require the kingdom to build stadiums and other infrastructure.
The Saudi government owns the vast majority of the firm's shares. Saudi Aramco publicly listed a sliver of its worth back in late 2019 and has weighed offering more shares publicly. (AP) AMS X X X X Extracts X X X X X X X X Extracts X X X X
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