Saudi Aramco was founded in 1933 as the California-Arabian Standard Oil Company.
The company began after Saudi Arabia granted an oil concession to Standard Oil of California. Exploration initially produced little, but the Dammam No. 7 well struck commercial oil in 1938, transforming the kingdom's economy and global importance.
The company changed names as ownership evolved. It became the Arabian American Oil Company, commonly called Aramco, before Saudi Arabia progressively acquired ownership. The modern name, Saudi Aramco, reflects the company's Saudi ownership and its original Aramco identity. The 1933 founding date is different from the 1938 date of the first major commercial oil discovery, a common source of confusion.