Gas and oil will still be needed for several decades. Word of Saudi Aramco

Far from green Oil and gas will still be part of the energy mix for a long time. For Saudi Aramco it will take a long time before dethroning the primacy of hydrocarbons. An idea that is supported by the balance sheet numbers of the Saudi national hydrocarbon company. The group reported the second highest net profit in its history. In detail, net profit stood at $121.3 billion in 2023, compared to $161.1 billion in 2022.

The year-over-year decrease is attributed to declines in oil prices and volumes sold, as well as reduced refining and chemical margins, partially offset by a decrease in production royalties during the year and lower taxes. Free cash flow reached $101.2 billion in 2023, up from $148.5 billion in 2022.

Read the full article on Truth and Business