Saudi Aramco operates Saudi Arabia’s oil fields and became the first non-American company valued above $2 trillion.
Saudi Aramco is the common name of Saudi Arabian Oil Company. It is headquartered in Dhahran and is majority owned by the Saudi Arabian government. The company’s roots trace to the concession granted to Standard Oil of California in 1933, with oil discovered in commercial quantities at Dammam in 1938.
Saudi Aramco began trading publicly on the Saudi Exchange in December 2019. Its initial public offering was the largest in history at the time, raising about $25.6 billion before an additional share sale increased the total. The company briefly reached a market valuation above $2 trillion during its debut period.
Market value is separate from oil reserves or annual production. Saudi Aramco is a vertically integrated energy company involved in exploration, production, refining, chemicals, and distribution. Its listing is on Tadawul, Saudi Arabia’s stock exchange.