Saudi Aramco's net income in 2019 was greater than the combined total net income of the world's 12 largest oil companies, according to data gathered by Anadolu Agency.
Saudi Arabia's national oil company had a net income of $88.2 billion last year, according to its financial results statement.
The world's 12 largest oil companies, on the other hand, had a total net income of $63.9 billion in 2019, according to their financial results.
In 2019, the U.S.' ExxonMobil had a net income of $14.34 billion, Chevron had $2.92 billion, while ConocoPhillips posted an annual income of $7.2 billion.
For oilfield service companies, the U.S.' Baker Hughes posted earnings of $128 million in 2019, but Halliburton had a net loss of $1.13 billion and Schlumberger posted a net loss of $10.14 billion.
Last year, British energy giant BP had a net income of $10 billion, Royal Dutch Shell had $15.84 billion, and France's Total posted a net income of $11.83 billion.
Italy's Eni posted earnings of $163 million, Norway's Equinor earned $1.85 billion, while Russia's Rosneft had $10.9 billion.
Saudi Aramco's net income in the first half of 2019 stood at $46.9 billion, which also surpassed the combined first-half earnings -- $44.9 billion -- of the 12 oil giants.
- Low oil prices hit Aramco value
Low crude oil prices, however, had a negative impact on Aramco's market capitalization.
Global oil consumption and crude demand remain low due to the coronavirus pandemic that started in China last December and has now brought the world to a grinding halt.
In addition, the failure of the Saudi Arabia-led OPEC and Russia-spearheaded non-OPEC groups to agree on crude oil production cuts at a March 6 meeting in Vienna, Austria, has also created the risk of excess supply in the global oil market, pushing crude prices lower.
International benchmark Brent crude plummeted from $45 per barrel on March 6 to $27 per barrel on March 23, a 40% decline in just over two weeks, according to official data.
During that period, in the Saudi exchange Tadawul, Aramco shares fell by 13.3% from 33 Saudi riyals ($8.79) to 28.6 Saudi riyals ($7.62).
Saudi Aramco's market value decreased by 870 billion Saudi riyals ($230 billion) over that period, falling from 6.53 trillion Saudi riyals ($1.74 trillion) to 5.66 trillion Saudi riyals ($1.51 trillion).
Saudi Aramco's initial public offering (IPO) took place in Tadawul on Dec. 5, 2019, and a week later on Dec. 12, the company's share price soared to 38.7 Saudi riyals ($10.3), pushing Aramco's market value to $2.05 trillion -- the first time in history that a company passed the $2 trillion market cap.
Due to low oil prices, the world's most valuable company said on May 15 last year that it expected capital spending in 2020 to range between $25 billion and $30 billion "in light of current market conditions and recent commodity price volatility".
That level is approximately down $3 billion-$8 billion from Aramco's capital spending of $32.8 billion in 2019.
(1 Saudi riyal equals $0.27 on March 27, 2020)
By Ovunc Kutlu