Saudi Aramco became the first oil company to reach a $2 trillion market capitalization during trading in 2022.
The Saudi Arabian Oil Company briefly reached the milestone on May 11, 2022, as its share price rose on the Saudi Exchange. The valuation reflected both the company’s enormous oil-production scale and a period of high energy prices.
Saudi Aramco is majority-owned by the government of Saudi Arabia. Its initial public offering took place in 2019 on the Tadawul, making a portion of the company publicly traded while the state retained control.
The company is often compared with technology leaders such as Apple and Microsoft in market-cap rankings. Rankings can change quickly, however, because energy companies are especially sensitive to crude-oil prices, while technology companies are more influenced by growth expectations and investor sentiment.