Saudi Aramco is currently the world's largest oil company by market capitalization.
Saudi Aramco, formally the Saudi Arabian Oil Company, is Saudi Arabia's national oil company and one of the world's most important petroleum producers. Its shares began trading on the Saudi Exchange, or Tadawul, in December 2019 in what became one of the largest initial public offerings in history. The Saudi government remains its majority owner.
Aramco's enormous valuation reflects more than its oil production. The company controls extensive Saudi petroleum resources, operates major refining and chemicals businesses, and benefits from some of the industry's lowest production costs. It also has a large natural-gas division and is expanding into downstream and lower-carbon technologies.
A common mix-up is confusing “largest by market capitalization” with “largest by revenue, reserves, or daily production.” Those rankings can differ, and market capitalization changes with share prices and currency values. ExxonMobil, Chevron, Shell, and PetroChina are major competitors, but Aramco remains the market-cap leader among publicly traded oil and gas companies.