Saudi Arabia

Comparing Saudi Aramco’s $1.9 Trillion Valuation to Its Rivals

As of May 2024, there are just six trillion-dollar companies in the world, and only one of them is an oil company.

In this graphic, we put Saudi Aramco’s market cap into perspective by comparing it to the rest of the world’s largest oil companies. Numbers were sourced from Companiesmarketcap.com, and are as of May 24, 2024.

The data we used to create this graphic are listed in the table below.

CompanyMarket Cap
(as of May 24, 2024)
🇸🇦 Saudi Aramco$1,914B
🇺🇸 Exxon Mobil$509B
🇺🇸 Chevron$288B
🇨🇳 Petro China$243B
🇳🇱 Shell$225B
🇫🇷 TotalEnergies$165B
🇺🇸 ConocoPhillips$137B
🇬🇧 BP$103B
🇨🇳 Sinopec$102B

Saudi Aramco launched its initial public offering (IPO) on December 11, 2019. It remains the largest IPO in history, raising $25.6 billion and valuing the company at $1.7 trillion. Aramco is also the only trillion-dollar company that isn’t based in the United States.

As of 2022, Aramco had proven reserves equal to 259 billion barrels of oil equivalent, which is massively greater than rivals like ExxonMobil (17.7 billion) and Chevron (11.2 billion).

It should be noted that the Saudi government directly owns 90% of the company, while another 8% is held by the country’s sovereign wealth fund. With only 2% of shares available to the public, some believe that the company’s current valuation carries little weight.

For example, a Bloomberg op-ed from 2023 described Aramco’s valuation as an “illusion” due to its very low trading volume. Over a one year period, Aramco’s average daily turnover was just $51 million, compared to $1.9 billion for ExxonMobil and $1.4 billion for Chevron.

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Visual Capitalist

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