What is Saudi Aramco net worth?
|Net worth||US$329.8 billion|
|Industry||Oil and gas|
|Headquarters||Dhahran, Saudi Arabia|
|Founded||1933; 88 years ago|
Saudi Aramco net worth 2021: Saudi Aramco officially the Saudi Arabian Oil Company formerly Arabian-American Oil Company, is a Saudi Arabian public petroleum and natural gas company based in Dhahran. As of 2020, it is one of the largest companies in the world by revenue. Saudi Aramco has both the world’s second-largest proven crude oil reserves, at more than 270 billion barrels (43 billion cubic metres), and largest daily oil production of all oil producing companies.
Saudi Aramco is headquartered in Dhahran, but its operations span the globe and include exploration, production, refining, chemicals, distribution and marketing. All these activities of the company are monitored by the Saudi Arabian Ministry of Petroleum and Mineral Resources together with the Supreme Council for Petroleum and Minerals. However, the ministry has much more responsibility in this regard than the council.
Saudi Aramco operates the world’s largest single hydrocarbon network, the Master Gas System. Its crude oil production total was 3.4 billion barrels (540 million cubic metres), and it manages over one hundred oil and gas fields in Saudi Arabia, including 288.4 trillion standard cubic feet (scf) of natural gas reserves. Saudi Aramco operates the Ghawar Field, the world’s largest onshore oil field, and the Safaniya Field, the world’s largest offshore oil field.
On 11 December 2019, the company’s shares commenced trading on the Tadawul stock exchange. The shares rose to 35.2 Saudi riyals, giving it a market capitalisation of about US$1.88 trillion, and surpassed the US$2 trillion mark on the second day of trading.
In the 2020 Forbes Global 2000, Saudi Aramco was ranked as the 5th-largest public company in the world. In March 2021, Saudi Aramco announced that earnings in 2020 fell by nearly 45% compared with 2019, as lockdowns around the world following the COVID-19 pandemic curbed demand for oil.
History of Saudi Aramco
Saudi Aramco’s origins trace to the oil shortages of World War I and the exclusion of American companies from Mesopotamia by the United Kingdom and France under the San Remo Petroleum Agreement of 1920.
Saudi Aramco net worth continues
The US administration at the time had popular support for an “Open Door policy”, which Herbert Hoover, secretary of commerce, initiated in 1921. Standard Oil of California (SoCal) was among those US companies seeking new sources of oil from abroad.
Through its subsidiary company, the Bahrain Petroleum Co. (BAPCO), SoCal struck oil in Bahrain in May 1932. This event heightened interest in the oil prospects of the Arabian mainland. On 29 May 1933, the Saudi Arabian government granted a concession to SoCal in preference to a rival bid from the Iraq Petroleum Co.
The concession allowed SoCal to explore for oil in Saudi Arabia. SoCal assigned this concession to a wholly owned subsidiary, California-Arabian Standard Oil (CASOC). In 1936, with the company having had no success at locating oil, the Texas Company (Texaco) purchased a 50% stake of the concession.
After four years of fruitless exploration, the first success came with the seventh drill site in Dhahran in 1938, a well referred to as Dammam No. 7. This well immediately produced over 1,500 barrels per day (240 m3/d), giving the company confidence to continue.
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On 31 January 1944, the company name was changed from California-Arabian Standard Oil Co. to Arabian American Oil Co. (or Aramco).
In 1948, Standard Oil of New Jersey (later known as Exxon) purchased 30% and Socony Vacuum (later Mobil) purchased 10% of the company, with SoCal and Texaco retaining 30% each.
The newcomers were also shareholders in the Iraq Petroleum Co. and had to get the restrictions of the Red Line Agreement lifted in order to be free to enter into this arrangement.
Saudi Aramco Net Worth
Saudi Aramco net worth: Saudi Aramco officially the Saudi Arabian Oil Company formerly Arabian-American Oil Company, is a Saudi Arabian public petroleum and natural gas company based in Dhahran.
The company is a member of the trillion-dollar club, but it isn’t a U.S. giant—it is the Saudi Arabian Oil Company —more commonly known as Aramco earned $6.6 billion in the second quarter and $23.2 billion in the first half of 2020.
Saudi Aramco Oil
A significant portion of the Saudi Aramco workforce consists of geophysicists and geologists. Saudi Aramco has been exploring for oil and gas reservoirs since 1982. Most of this process takes place at the EXPEC Advanced Research Center.
Originally, Saudi Aramco used Cray Supercomputers (CRAY-1M) in its EXPEC Advanced Research Center (ECC) to assist in processing the colossal quantity of data obtained during exploration and in 2001, ECC decided to use Linux clusters as a replacement for the decommissioned Cray systems.
ECC installed a new supercomputing system in late 2009 with a disk storage capacity of 1,050 terabytes the largest storage installation in Saudi Aramco’s history to support its exploration in the frontier areas and the Red Sea.
Saudi Aramco expanded its presence worldwide to include the three major global energy markets of Asia, Europe, and North America. In April 2019, Aramco has signed a deal to acquire a 13% stake in South Korean oil refiner Hyundai Oilbank for US$1.24 billion. Moreover, on 11 April 2019, Aramco signed an agreement with Poland’s leading oil refiner PKN Orlen to supply it with Arabian Crude Oil.
Board of directors
- Yasir Othman Al-Rumayyan (chairman), member of the Council of Economic and Development Affairs (Saudi Arabia)
- Ibrahim Abdulaziz Al-Assaf, former Minister of Foreign Affairs and Minister of Finance
- Mohammed Al-Jadaan, current Minister of Finance
- Mohammad M. Al-Tuwaijri, former Minister of Economy and Planning
- Nabil Al-Amoudi, former Minister of Transport
- Mark Moody-Stuart, former chairman of Anglo American, HSBC, and the Foundation for the United Nations Global Compact
- Andrew N. Liveris, former chairman and CEO of Dow Chemical
- Lynn Elsenhans, former chairwoman and CEO of Sunoco
- Peter Cella, former president and CEO of Chevron Philips Chemical
- Mark Weinberger, former chairman and CEO of Ernst & Young
- Amin H. Nasser, president and CEO of Saudi Aramco
Saudi Aramco Net Worth Summary
|Net income||US$88.2 billion|
|Total assets||US$398.4 billion|
|Total equity||US$276.0 billion|
Dave Calhoun Net Worth
Dave Calhoun net worth: David L. Calhoun is an American businessman and president and CEO of The Boeing Company. He was appointed after the then CEO, Dennis Muilenburg, was fired amidst safety issues regarding the 737 MAX after two fatal crashes that claimed the lives of 346 passengers and crew on board. Read on to find more information about Dave Calhoun net worth in this article.
Calhoun was born on April 18, 1957 in Philadelphia, Pennsylvania. He grew up in Allentown, Pennsylvania, where he graduated from Parkland High School in 1975. In high school, Calhoun was one of three captains of the varsity basketball team and he played golf In 1979, he graduated from Virginia Tech with a degree in accounting.
After Calhoun graduated from college, he gained employment at General Electric (GE). He decided to work for GE at that time, due to its close proximity to where he lived in Lehigh Valley.
He worked at GE for 26 years, overseeing transportation, aircraft engines, reinsurance, lighting and other GE units, before ultimately being appointed as vice chairman of the company and a member of GE’s Board of Directors in 2005.
Calhoun left GE to join privately held global information services firm VNU as CEO in 2006. Under his leadership the company rebranded itself as Nielsen Holdings, returned to the public markets in 2011, and was added to the S&P 500 Index in 2013.
In 2014, Calhoun became executive chairman of Nielsen and also joined The Blackstone Group as a senior managing director and head of portfolio operations and a member of Blackstone’s management committee. Blackstone had been one of six private equity firms that backed Nielsen’s transformation. During his career, Calhoun was on the board of directors of Caterpillar, Gates Corporation, and Medtronic.
Since 2009, Calhoun has served as a director at Boeing, and was named lead independent director in 2018. In October 2019, he was named chairman of Boeing in the wake of the Boeing 737 MAX groundings, and on December 23, 2019, he stepped down as chairman in preparation for becoming Boeing’s CEO and president, effective January 13, 2020.
Dave Calhoun Net Worth
Dave Calhoun net worth is estimated at $ 30 million. In 2020, Calhoun earned $21.1 million in compensation. Calhoun owns over 5,000 units of Boeing Co stock worth over $4,499,450 and over the last 12 years he sold BA stock worth over $20,667,800.
Oliver Zipse Net Worth
What is Oliver Zipse net worth: Oliver Zipse is a German manager who has been serving as Chairman of the Board of Management (CEO) of BMW. He has been the CEO since 2019. Read on to find Oliver Zipse net worth here.
Early life and education
graduated from high school in Bensheim in 1983. He studied computer science and mathematics at the University of Utah in Salt Lake City from 1983 to 1985 without obtaining a degree. In 1985 he switched to mechanical engineering at the Technische Universität Darmstadt and graduated in 1991 with a degree in mechanical engineering.
In 1999 he also graduated from the Kellogg-WHU Executive MBA Program which is a joint MBA degree from Kellogg School of Management, the USA, and WHU – Otto Beisheim School of Management, Germany.
Zipse has spent his entire professional life at BMW AG. He joined the company in 1991 as a trainee in development, technical planning and production. From 1992 to 1994, he worked as a project engineer in technology development. From 1994 to 2006, he held various leadership positions in development, production and production planning in Munich and South Africa.
From 2007 to 2008 he was the plant manager at the Mini-plant Oxford. From 2009 to 2012, he was head of technical planning before becoming head of group planning and production strategy from 2012 to May 2015.
On May 13, 2015, he was appointed to the board of management of BMW AG, succeeding former chairman Harald Krüger; Zipse moved up to that position from a management role in product strategy and running the Mini assembly plant in England. His primary responsibility in that board role was for production.
One news report summarized his achievement as: “Under Zipse’s watch, BMW’s efficient production network, which he expanded in Hungary, China and the U.S., has helped the company deliver industry-leading profit margins despite its relatively small scale”.
On July 18, 2019, Zipse was appointed chairman of the Board (CEO), effective 16 August 2019. He was described by Norbert Reithofer, chairman of the supervisory board, as “a decisive strategic and analytical leader”.
Oliver Zipse Net Worth
According to mywage, Oliver takes a monthly salary of $290,000 and an annual salary of over $3 million as CEO. Zipse is an advocate of experimenting and pioneering new technologies within the BMW group
Charles Woodburn Net Worth
What is Charles Woodburn net worth?
Charles Woodburn is a British businessman who has been the CEO of BAE Systems since July 2017.
Woodburn earned a bachelor’s degree in electrical sciences from St John’s College at the University of Cambridge in 1992 and a PhD in engineering from Cambridge University, followed by an MBA from Erasmus University Rotterdam.
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Before working for BAE Systems, Woodburn was chief executive of Expro Group, which surveys and manages oil and gas wells around the world. He had also spent 15 years at Schlumberger, an oil services company, overseeing major projects in Thailand, Australia, and the US.
On joining BAE Systems he was to be paid a base salary of £750,000 a year and given more than £1.6m to buy him out of incentive schemes at Expro. It was reported in December 2016 that he was paid a total joining package worth £3 million.
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