October 2026
Largest Energy Production Public Companies in Saudi Arabia
Benchmark revenue and EBITDA valuation multiples for public comps like
Aramco, Saudi Energy, Luberef, ADES Holding and ALDREES Petroleum.
 | Aramco, officially the Saudi Arabian Oil Company, is the majority state-owned national oil and gas company of Saudi Arabia, headquartered in Dhahran. It explores for, produces, refines and markets crude oil, natural gas, refined products, petrochemicals and lubricants, and has the world's largest proven crude oil reserves, at more than 270 billion barrels, and the largest daily oil production of any company. It manages over one hundred oil and gas fields, including Ghawar, the largest onshore oil field, and Safaniya, the largest offshore field, and operates the Master Gas System; its 2024 production totalled 12.7 million barrels of oil equivalent a day. It also owns 70% of the chemicals maker SABIC, bought from the Public Investment Fund in 2020, and refining ventures in Saudi Arabia and abroad. In 2024 it reported revenue of US$480.4 billion and net income of US$106.2 billion, with more than 75,000 employees. The company began on 29 May 1933 as California-Arabian Standard Oil, a subsidiary of Standard Oil of California, struck commercial oil at Dammam No. 7 in 1938 and was renamed Arabian American Oil Co. in 1944; a November 1988 royal decree created the Saudi Arabian Oil Company to take over the former Aramco assets. Its shares have traded on the Saudi Exchange since December 2019, with the government owning about 82%, the Public Investment Fund 12% and Sanabil 4%. | $7 | -2% | $1.6T | $1.7T | 3.9x | 8.1x | ||
| Saudi Energy Co is principally engaged in the generation, transmission, Distribution and Subscriber Services. The company provides its services to governmental, industrial, agricultural, commercial, and residential sectors. The company provides services such as Electricity Service Connection, Electricity Service Management, Billing &Consumption, and Account Management. | $4 | -9% | $16B | $78B | 2.9x | 7.0x | ||
| Saudi Aramco Base Oil Co - Luberef is engaged in constructing, owning, and operating refineries of lubricating oils and in purchasing, selling, transporting, marketing, importing and exporting lubricating oils, additives, lubricating oil blending stocks, byproducts, and other related petroleum products. Geographically, the company operates in the Kingdom of Saudi Arabia, the United Arab Emirates, India, Egypt, Singapore, and other countries. The company derives the majority of its revenue from sales of Base oils in the Kingdom of Saudi Arabia. | $30 | +15% | $5B | $4.8B | 2.2x | 15.1x | ||
| Ades Holding Co is a company whose main purpose is oil and gas drilling and production services in the MENA region. The Company’s main activities are as follows which is Contracting services for excavation and maintenance of onshore and offshore wells, Services related to oil extraction, Excavation and onshore and offshore maintenance services. Provision of contracted offshore and onshore excavation services Provision of maintenance and production services. | $4 | -8% | $4.6B | $9.5B | 5.3x | 10.3x | ||
| ALDREES Petroleum & Transport Services Co is predominantly engaged in the petroleum and transport services businesses. It is involved in various business activities such as; the wholesale and retail trading of fuel, gasoline, oil, and lubricants; providing transportation services for liquid and dry materials; establishing vehicle workshops and carwashes; acquisition of land to construct buildings for sale or lease; and the development, operation, and renting of take away centers for beverages and food. The company has two reportable segments; Petroleum Services and Transport Services. A majority of its revenue is derived from the Petroleum Services segment which includes income generated from the sale of fuel on its fuel stations. Geographically, it operates in the Kingdom of Saudi Arabia. | $29 | -28% | $2.9B | $4.1B | 0.6x | 12.5x | ||
| Median | $7 | -8% | $5B | $9.5B | 2.9x | 10.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.