Commonly referred to as Saudi Aramco, the oil and gas giant saw its profits increase nearly 50% from $110 billion in 2021 to a record $161.1 billion for 2022, the company announced Sunday.

The potential sales coincide with Crown Prince Mohammed bin Salman's efforts to diversify the Saudi economy from oil.

LONDON/HOUSTON (Reuters) -Oil giant Saudi Aramco is in talks with Commonwealth LNG to buy liquefied natural gas from the U.S.