Saudi Aramco posts annual profit and raises dividend

Saudi Aramco unexpectedly raised its dividend and said it would increase spending as it looks to deploy an avalanche of cash generated by last year’s rise in oil and gas prices.

The world’s largest energy company had net income of $161 billion, the highest since it went public and up 46% from 2021. Its performance was boosted by Russia’s invasion of Ukraine’s shaky oil markets.

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