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Saudi Arabia’s state-controlled oil giant Aramco on Sunday reported a record net income of $161.1 billion for 2022 — the largest annual profit ever achieved by an oil and gas company.

Aramco said net income increased 46.5 percent over the year, from $110 billion in 2021. Free cash flow also reached a record $148.5 billion in 2022, compared with $107.5 billion in 2021. 

The results are nearly triple the profit that western oil major ExxonMobil posted for 2022, bolstered by soaring oil and gas prices through last year, along with higher sale volumes and improved margins for refined products. 

“Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world,” Aramco CEO Amin Nasser said in a press statement

Oil and gas prices surged at the start of last year, with western sanctions on Russia for its invasion of Ukraine steadily tightening access to Moscow’s supplies, particularly seaborne crude and oil products.

Oil prices have since pulled back more than 25% year-on-year, with hot inflation and rising interest rates overshadowing a more bullish demand outlook from China. Brent and WTI prices fell 6% last week alone. Brent last traded at around $80 dollars per barrel. 

Aramco raised its fourth-quarter dividend by 4% to $19.5 billion, to be paid in the first quarter of 2023. Aramco also said it would issue bonus shares to eligible shareholders as a result. 

Underinvestment risk

Nasser also used the results release to repeat his warning about “persistent underinvestment” in the hydrocarbons sector. 

“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real, including contributing to higher energy prices,” Nasser said on Sunday, echoing comments made during a recent interview with CNBC. 

At both a ministerial and Aramco level, Saudi Arabia has been a proponent of avoiding short-term fuel shortages through the dual funding of fossil fuel supplies and the green transition. CEO Amin Nasser on March 3 told CNBC that a “persistent underinvestment in oil upstream and even downstream is still there,” signaling potential growth demand from the aviation sector and the reopening of China.

Aramco said average hydrocarbon production last year was 13.6 million barrels of oil equivalent per day, including 11.5 million barrels per day of total liquids. Saudi Arabia most recently produced 10.39 million barrels per day of crude oil in January, the International Energy Agency found in the February issue of its Oil Market Report.

As chair of the influential OPEC+ producers’ alliance, Saudi Arabia has been leading by example the group’s efforts to collectively reduce their output targets by 2 million barrels per day, agreed in October and reaffirmed at technical and ministerial meetings since. The group’s move towards limiting supply availabilities has put OPEC+ at odds with some international consumers, sparking a war of words with Washington towards the end of the last year, as U.S. President Joe Biden’s administration stressed the need to easing the burden on households.

Growth horizon

The company reaffirmed it would continue to invest to increase its maximum production capacity to 13 million barrels a day by 2027.

Capital expenditure rose by 18% to $37.6 billion last year, and is expected to increase to $45 billion to $55 billion in the coming years, anticipating increases “until around the middle of the decade.”

“Our focus is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with potential to achieve additional emission reductions in our own operations and for end users of our products,” Nasser said. 

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Double your chances in Climate XChange’s 10th Annual EV Raffle!

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Double your chances in Climate XChange's 10th Annual EV Raffle!

Climate XChange’s Annual EV Raffle is back for the 10th year running – and for the first time ever, Climate XChange has two raffle options on the table! The nonprofit has helped lucky winners custom-order their ideal EVs for the past decade. Now you have the chance to kick off your holiday season with a brand new EV for as little as $100.

About half of the raffle tickets have been sold so far for each of the raffles – you can see the live ticket count on Climate XChange’s homepage – so your odds of winning are better than ever.

But don’t wait – raffle ticket sales end on December 8!

Climate XChange is working hard to help states transition to a zero-emissions economy. Every ticket you buy supports this mission while giving you a chance to drive home your dream EV.

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Here’s how Climate XChange’s 10th Annual Raffle works:

Image: Climate XChange

The Luxury Raffle

  • Grand Prize: The winner can choose any EV on the market, fully customized up to $120,000. This year, you can split the prize between two EVs if the total is $120,000 or less.
  • Taxes covered: This raffle comes with no strings – Climate XChange also pays all of the taxes.
  • Runner-up prizes: Even if you don’t win the Grand Prize, you still have a chance at the 2nd prize of $12,500 and the 3rd prize of $7,500.
  • Ticket price: $250.
  • Grand Prize Drawing: December 12, 2025.
  • Only 5,000 tickets will be sold for the Luxury Raffle.

The Mini Raffle (New for 2025)

  • Grand Prize: Choose any EV on the market, fully customized, up to $45,000. This is the perfect raffle if you’re ready to make the switch to an EV but aren’t in the market for a luxury model.
  • Taxes covered: Climate XChange pays all the taxes on the Mini Raffle, too.
  • Ticket price: $100.
  • Only 3,500 tickets will be sold for the Mini Raffle.

Why it’s worth entering

For a decade, Climate XChange has run a raffle that’s fair, transparent, and exciting. Every ticket stub is printed, and the entire drawing is live-streamed, including the loading of the raffle drum. Independent auditors also oversee the process.

Plus, your odds on the Luxury and Mini Raffles are far better than most car raffles, and they’re even better if you enter both.

Remember that only 5,000 tickets will be sold for the Luxury Raffle and only 3,500 for the Mini Raffle, and around half of the available tickets have been sold so far, so don’t miss your shot at your dream EV!

Climate XChange personally works with the winners to help them build and order their dream EVs. The winner of the Ninth Annual EV Raffle built a gorgeous storm blue Rivian R1T.

How to enter

Go to CarbonRaffle.org/Electrek before December 8 to buy your ticket. Start dreaming up your perfect EV – and know that no matter what, you’re helping accelerate the shift to clean energy.

Who is Climate XChange?

Climate XChange (CXC) is a nonpartisan nonprofit working to help states pass effective, equitable climate policies because they’re critical in accelerating the transition to a zero-emissions economy. CXC advances state climate policy through its State Climate Policy Network (SCPN) – a community of more than 15,000 advocates and policymakers – and its State Climate Policy Dashboard, a leading data platform for tracking climate action across the US.

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This fun-vibes Honda Cub lookalike electric scooter is now almost half off

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This fun-vibes Honda Cub lookalike electric scooter is now almost half off

The CSC Monterey – one of the most charming little electric scooters on the US market – has dropped to a shockingly low $1,699, down from its original $2,899 MSRP. That’s nearly half off for a full-size, street-legal electric scooter that channels major Honda Super Cub energy, but without the gas, noise, or maintenance of the original.

CSC Motorcycles, based in Azusa, California, has a long history of importing and supporting small-format electric and gas bikes, but the Monterey has always stood out as the brand’s “fun vibes first” model. With its step-through frame, big retro headlight, slim bodywork, and upright seating position, it looks like something from a 1960s postcard – just brought into the modern era with lithium batteries and a brushless hub motor.

I had my first experience on one of these scooters back in 2021, when I reviewed the then-new model here on Electrek. I instantly fell in love with it and even got one for my dad. It now lives at his place and I think he gets just as much joy from looking at it in his garage as riding it.

You can see my review video below.

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The performance is solidly moped-class, which is exactly what it’s designed for. A 2,400W rear hub motor pushes the Monterey up to a claimed 30 mph or 48 km/h (I found it really topped out at closer to 32 mph or 51 km/h), making it perfect for city streets, beach towns, and lower-speed suburban routes.

A 60V, roughly 1.6 kWh removable battery offers around 30–40 miles (48-64 km) of real-world range, depending on how aggressively you twist the throttle. It’s commuter-ready, grocery-run-ready, and campus-ready right out of the crate.

It’s also remarkably approachable. At around 181 pounds (82 kg), the Monterey is light for a sit-down scooter, making it easy to maneuver and park. There’s a small storage cubby, LED lighting, and the usual simple twist-and-go operation. And it comes with full support from CSC, a company that keeps a massive warehouse stocked with components and spare parts.

My sister has a CSC SG250 (I’m still trying to convert her to electric) and has gotten great support from them in the past, including from their mechanics walking her through carburetor questions over the phone. So I know from personal experience that CSC is a great company that stands behind its bikes.

But the real story here is the price. Scooters in this class typically hover between $2,500 and $4,500, and electric retro-style models often jump well above that.

At $1,699, the Monterey is one of the least expensive street-legal electric scooters available from a reputable US distributor, especially one that actually stocks parts and provides phone support.

If you’ve been curious about swapping a few car errands for something electric – or you just want a fun, vintage-styled runabout for getting around town – this is one of the best deals of the year.

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Podcast: Tesla Robotaxi setback, Mercedes-Benz CLA EV, Bollinger is over, and more

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Podcast: Tesla Robotaxi setback, Mercedes-Benz CLA EV, Bollinger is over, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss a big Tesla Robotaxi setback, the new Mercedes-Benz CLA EV, Bollinger is over, and more.

Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. Sales end on Dec. 8th for its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit CarbonRaffle.org/Electrek to learn more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

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After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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