Who owns Saudi Aramco?
The Government of Saudi Arabia and its entities own approximately 98% of Aramco. The government holds roughly 81.5% directly, with additional stakes held by the Public Investment Fund and Sanabil. A small free float trades on the Saudi Exchange.

Is Saudi Aramco publicly traded?
Yes, partially. Aramco listed on the Saudi Exchange (Tadawul) in December 2019 under ticker 2222 in the largest IPO in history, raising $25.6 billion. Only a small percentage of shares are publicly traded; the state retains overwhelming control.

When was Aramco founded?
The company traces to a 1933 oil concession between Saudi Arabia and Standard Oil of California. Oil was discovered in commercial quantities in 1938, the venture became the Arabian American Oil Company in 1944, and it was fully nationalized and reorganized as the Saudi Arabian Oil Company by 1988.

What is Aramco's market position?
Aramco is the world's largest oil producer, generating 12.9 million barrels of oil equivalent per day in FY2025, and one of the most profitable companies on earth with $93.4 billion in FY2025 net income. It manages proved reserves of approximately 247 billion barrels of oil equivalent.

Does Aramco own Valvoline?
Yes, partially. Aramco acquired Valvoline Inc.'s global products business for $2.65 billion in March 2023, renamed Valvoline Global Operations, and owns the Valvoline brand for motor oil and lubricant products worldwide. Valvoline Inc., the US quick-lube retail chain, remains a separate NYSE-listed company that owns the Valvoline name for retail services.

How much revenue does Aramco generate?
In FY2025 Aramco reported revenue of $415.8 billion and revenue plus other income related to sales of $445.7 billion. Net income was $93.4 billion and adjusted net income was $104.7 billion.

Aramco's origins lie in a 1933 concession agreement between the Saudi government of King Abdulaziz and Standard Oil of California (later Chevron). The American company formed the California Arabian Standard Oil Company (CASOC) to explore the Kingdom's eastern desert. After years of dry wells, drillers struck oil in commercial quantities at Dammam No. 7 in March 1938, beginning the transformation of both the company and the country.

The enterprise grew rapidly during and after World War II. Texaco joined the venture in 1936, and the company was renamed the Arabian American Oil Company (Aramco) in 1944, with Standard Oil of New Jersey (later Exxon) and Socony-Vacuum (later Mobil) joining as partners by 1948. The Ghawar field, discovered in 1948, proved to be the largest conventional oil field ever found, and Aramco became the world's largest oil producer during the 1950s and 1960s.

Saudi Arabia progressively took control. A 1973 agreement gave the government a 25% stake, increased to 60% in 1974, and full ownership was achieved by 1980. The company was reorganized as the Saudi Arabian Oil Company in 1988, retaining the Aramco name. Under state ownership it evolved from an upstream producer into an integrated major, building refineries, expanding into petrochemicals through the SABIC relationship, and developing global marketing operations.

The defining modern event was the December 2019 initial public offering, when the Kingdom sold roughly 1.5% of Aramco on the Tadawul exchange, raising $25.6 billion in the largest IPO in history at a valuation near $1.7 trillion. A secondary offering in June 2024 raised a further $11.2 billion. Even after these sales, the Saudi government and its Public Investment Fund hold approximately 98% of the company.

Downstream expansion has been a strategic priority for two decades. Aramco took full control of Motiva in 2017, acquired a 70% stake in SABIC from the Public Investment Fund in 2020 for $69.1 billion, and in March 2023 completed the $2.65 billion acquisition of Valvoline Inc.'s global products business, renamed Valvoline Global Operations, giving Aramco one of the most recognized retail lubricant brands in the world. Through the mid-2020s the company has invested in lower-carbon initiatives, blue hydrogen, and international gas while navigating OPEC+ production management and volatile crude prices. Amin Nasser has served as President and CEO since 2015.

Aramco publishes an annual sustainability report and has committed to net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly owned operated assets by 2050. Its operating emissions intensity is among the lowest of major producers, a function of reservoir quality rather than mitigation alone.

The company invests in carbon capture, methane reduction, and energy efficiency, and it has announced blue ammonia and hydrogen pilot projects. Critics note that Scope 3 emissions from combustion of its products, the largest category for any oil company, sit outside its net-zero commitment. Human rights and governance scrutiny attaches to Aramco primarily through its state ownership, including the Kingdom's broader human rights record.

Aramco operates under continuous scrutiny as the financial engine of the Saudi state and the largest single corporate emitter of greenhouse gases historically. Specific issues include:

• Climate accountability: Named in analyses and litigation targeting the largest historical carbon producers; the company disputes characterizations of its responsibility while publishing emissions data
• Security incidents: The September 2019 Abqaiq-Khurais drone and missile attack temporarily knocked out half of Saudi production, the largest single disruption in industry history
• Governance: The state's dominant control and the 2018-2019 period surrounding the IPO raised persistent questions about minority shareholder protections and the alignment of corporate decisions with state rather than investor interests
• Human rights proximity: As a state-controlled entity, Aramco is periodically drawn into debates over Saudi Arabia's human rights record