Saudi Aramco was the first oil producer to be valued at more than $2 trillion on a public stock exchange.
Saudi Aramco briefly reached a market capitalization above $2 trillion during its first days of trading on the Saudi Exchange in December 2019. The valuation followed the partial public listing of the Saudi Arabian Oil Company, while the Saudi government retained the overwhelming majority of shares.
The company traces its origins to a 1933 concession granted to Standard Oil of California. It later became fully owned by the Saudi government in 1980. Saudi Aramco manages huge oil and gas resources and is also involved in refining, chemicals, and other energy activities.
The $2 trillion figure was a market valuation, not a statement that Aramco held $2 trillion in cash. It also differed from the company’s IPO proceeds, which represented the money raised by selling the listed shares. These measures are related but not interchangeable.