Saudi Aramco was the first energy company to exceed a $2 trillion market capitalization.
The company briefly reached the $2 trillion level in December 2019, soon after its stock-market debut in Riyadh. The valuation was closely watched because Saudi Arabia had promoted the listing as part of a plan to broaden investment and reduce dependence on oil revenue.
Saudi Aramco is one of the world’s largest integrated energy companies. It produces crude oil and natural gas, operates refineries, and has chemical and distribution businesses. Its enormous reserves and production capacity distinguish it from most publicly traded oil companies.
The $2 trillion figure was a market valuation, not the company’s annual revenue or the value of all oil reserves underground. Market capitalization can change daily with share prices, and Saudi Aramco’s valuation has moved above and below major round-number thresholds.