Saudi Aramco became the first publicly traded company headquartered in Saudi Arabia to reach a US$1 trillion market capitalization.
Saudi Aramco began trading on the Saudi Exchange in December 2019 after the initial public offering of a portion of the Saudi Arabian Oil Company. The listing gave public investors access to a small part of the state-controlled energy giant, while the Saudi government retained the overwhelming majority of shares.
The company is one of the world’s largest integrated oil and gas businesses. Its operations include crude-oil production, refining, petrochemicals, shipping, and distribution. Because of its scale and the importance of petroleum to global markets, the listing attracted intense international attention.
Saudi Aramco’s market value has moved with oil prices, production expectations, and global interest rates. Its later rise above US$2 trillion is a separate milestone from its initial trillion-dollar valuation. Market cap also differs from enterprise value, which includes debt and subtracts cash.