Saudi Aramco became the first Middle Eastern firm to join the world’s $2 trillion market-capitalization group.
Saudi Aramco reached that valuation during its initial public offering on the Saudi Exchange in December 2019. The offering valued the company at about $1.7 trillion at first, and its share price then rose above the level needed for a $2 trillion market capitalization.
The company is formally Saudi Arabian Oil Company and is controlled by the government of Saudi Arabia. It grew from the discovery and development of major oil fields in the Kingdom and is one of the world’s largest integrated energy companies.
The $2 trillion figure refers to equity value, calculated by multiplying the share price by the number of shares. It is different from revenue, profit, reserves, or the value of all assets. Saudi Aramco’s market ranking can move as oil prices, production expectations, and investor sentiment change.