Saudi Aramco was the first publicly traded energy producer to reach a $2 trillion market capitalization.
Saudi Aramco briefly reached the $2 trillion level in December 2019, soon after its shares began trading on the Saudi Exchange. The initial public offering made the company the world’s most valuable listed company at that moment, although the share price later moved below the milestone.
Saudi Aramco is Saudi Arabia’s state-controlled oil company and one of the largest integrated energy businesses in the world. Its operations include crude-oil production, refining, chemicals, pipelines, and energy marketing.
The company’s valuation was closely connected to its enormous hydrocarbon reserves and production capacity, as well as oil-price expectations. The $2 trillion figure should not be confused with the IPO’s proceeds: the offering raised about $25.6 billion, while the market capitalization measured the value of all outstanding shares.