Saudi Aramco became the first non-American company to reach a $2 trillion market value.
The Saudi Arabian oil company briefly reached approximately $2 trillion in market capitalization in May 2022, as higher oil prices lifted energy-sector valuations. It had already made history in December 2019, when its initial public offering made it the world’s most valuable listed company at the time.
Saudi Aramco is formally known as Saudi Arabian Oil Company. It is majority owned by the Saudi government and is one of the world’s largest integrated energy companies, with operations spanning crude-oil production, refining, petrochemicals, and distribution.
Its valuation can move sharply because oil prices affect expectations for revenue and profit. A market-cap ranking therefore does not simply measure the amount of oil a company owns or produces. It represents what investors collectively value the publicly traded shares at on a particular date. Apple was the first company overall to pass $2 trillion.