The most tangible evidence of Aramco’s 2021 approval came in its financial results. After the demand destruction of 2020, when oil prices briefly turned negative, 2021 saw a dramatic recovery. Brent crude averaged over $70 per barrel, up from $42 in 2020. However, Aramco did not just benefit from market tailwinds; it outperformed them. In March 2022, when it reported full-year 2021 results, the numbers were staggering: net income more than doubled to $110 billion, free cash flow reached a record $107.5 billion, and the company declared a dividend of $68.8 billion—the largest in the world.
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project, the Kingdom's largest unconventional gas field, aimed at replacing oil for domestic power generation. Portfolio Optimization aramco approved 2021