Saudi Aramco became the world’s largest oil producer and conducted one of the largest initial public offerings in 2019.
Saudi Aramco is the national petroleum and natural-gas company of Saudi Arabia. Its origins trace to the concession granted to Standard Oil of California in 1933, with oil discovered commercially at Dammam Well No. 7 in 1938.
The company was formerly known as the Arabian American Oil Company. Saudi Arabia gradually increased its ownership, and the government completed nationalization in the 1980s. The company now operates across exploration, production, refining, chemicals, and energy distribution.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. Its listing made it one of the world’s most valuable publicly traded companies, although its market value can move with oil prices and changes in investor expectations.