BAKU, Azerbaijan, March 12. In the fiscal year ending December 31, 2023, Saudi Aramco's earnings before interest, income taxes, and zakat (EBIT) in the upstream segment amounted to $230,280, Trend reports.
According to the company's latest financial results, this marked a decrease of over $61,000 year-on-year ($291,313 in 2022).
Aramco explains that this decline in EBIT was mainly due to reduced average realized crude oil prices and lower volumes sold. However, the drop in EBIT was somewhat mitigated by decreased crude oil production royalties.
Meanwhile, in 2023, Saudi Aramco saw a 12.5-percent uptick in capital expenditures in the upstream segment, reaching $32,945 compared to $29,277 in the year ending December 31, 2022. This rise is attributed to heightened drilling and development activities linked to crude oil increments, alongside the advancement of various gas projects aimed at expanding gas production.
Saudi Aramco's upstream hydrocarbon output over the last year amounted to 12.767 mboed - down by 6.2 percent year-on-year (13.617 mboed in 2022).
