Abu Dhabi's ADNOC Drilling reported on Monday a rise of 33% in 2022 net profit, with revenue boosted by its onshore and oilfield services businesses.
reported on Monday a rise of 33% in 2022 net profit, with revenue boosted by its onshore and oilfield services businesses.
Net profit for 2022 was $802 million, up from $604 million in the previous year. Revenue increased to $2.67 billion in 2022 from $2.27 billion in 2021. In a regulatory filing, the company said its results were largely driven by new rigs entering its operational fleet, now consisting of 115 rigs. The company also presented strong guidance for 2023, with revenue projected at between $3 billion and $3.2 billion, representing year-on-year growth of up to 20%. It is expecting record net profit in 2023 of $850 million to $1 billion in the same period, it said.
ADNOC Drilling's Chief Financial Officer Esa Ikaheimonen said in a post-earnings call that the forecasts are underpinned by ADNOC Group's plans to bring forward its five million barrel per day oil production capacity expansion to 2027 from a previous target of 2030, to meet rising global energy demand.
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