Saudi Aramco was the first state-owned oil producer to surpass a US$2 trillion market value. The company reached that level shortly after its shares began trading on the Saudi Exchange in December 2019.
Saudi Aramco is formally the Saudi Arabian Oil Company and is headquartered in Dhahran, Saudi Arabia. It operates some of the world's largest oil reserves and production systems, giving it an unusual scale among publicly traded companies.
The initial public offering was a major event in global finance. Only a portion of the company was offered to public investors, while the Saudi government retained control. The listing therefore combined a public market valuation with continued state ownership.
Oil prices, production expectations, dividends, and geopolitical developments all affect Saudi Aramco's market capitalization. Its valuation is often compared with technology giants, but its business is rooted primarily in petroleum exploration, production, refining, and chemicals.