![]() In 1950, King Abdulaziz threatened to nationalize his countrys oil facilities, thus pressuring Aramco to agree to share profits 5050. On 31 January 1944, the company name was changed from California-Arabian Standard Oil Co. This well immediately produced over 1,500 barrels per day (240 m 3 d), giving the company confidence to continue. In 1936, with the company having had no success at locating oil, the Texas Company (Texaco) purchased a 50 stake of the concession.Īfter 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. SoCal assigned this concession to a wholly owned subsidiary, California-Arabian Standard Oil (CASOC). The concession allowed SoCal to explore for oil in Saudi Arabia. On, the Saudi Arabian government granted a concession to SoCal in preference to a rival bid from the Iraq Petroleum Co. This event heightened interest in the oil prospects of the Arabian mainland. ![]() ![]() Standard Oil of California (SoCal) was among those US companies seeking new sources of oil from abroad. 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. In the 2020 Forbes Global 2000, Saudi Aramco was ranked as the 5th-largest public company in the world. The shares rose to 35.2 Saudi riyals, giving it a market capitalisation of about US 1.88 trillion, 16 and surpassed the US2 trillion mark on the second day of trading. ![]()
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