Saudi Aramco Steers Through Fluctuating Markets with Strategic Investments

Saudi Arabian Oil Co reported a FY net profit of 398.42 billion riyals, surpassing IBES estimates. Despite experiencing lower crude oil prices and volumes, the company outlines capital investments of up to $58 billion by 2025, focusing on organic growth and project financing.

Saudi Arabian Oil Co has reported a full-year net profit of 398.42 billion riyals, exceeding the IBES estimate of $105.89 billion. The oil giant faced challenges with lower crude oil prices and volumes sold.

Despite these hurdles, Saudi Aramco is looking ahead with plans for capital investments ranging from $52 to $58 billion by 2025, excluding approximately $4 billion earmarked for project financing.

The company is focusing on organic growth, with $53.3 billion planned for 2024, including $50.4 billion dedicated to organic capital expenditures, to counteract lower refined and chemical product prices.

(With inputs from agencies.)