Actually, It's the most valuable publicly traded company by market cap. Saudi Aramco's worth trillions (some estimates go as high as 15 trillion)! :D

They have at least 260 billion barrels of oil, most of which are easily recoverable for less than $3 per barrel: http://www.forbes.com/2010/07/09/worlds-biggest-oil-companie... - That's a lot of money...

The consensus definition of market capitalization is the value of all outstanding shares of publicly traded companies, expressly. At least that is the context in which I was referring.

Hmm... I guess you're right. My bad!