Saudi Aramco became the first energy company to reach a US$2 trillion market capitalization in December 2019.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange, Tadawul, on December 11, 2019, after the company’s initial public offering. On its second trading day, the share price reached the upper limit permitted by the exchange, putting the company’s market value at about US$2 trillion.
The company is Saudi Arabia’s national oil company and one of the world’s largest integrated petroleum businesses. Its operations include oil and gas exploration, production, refining, chemicals, and distribution. Saudi Aramco’s valuation reflected the scale of its reserves and production, as well as investor expectations about energy prices and future profits.
The milestone is separate from the date of the IPO itself. Saudi Aramco was also the first company listed on a public stock exchange to pass US$2 trillion, while Apple achieved that level later, in 2020.