Dow Jones Industrial Average Component
S&P 500 Component
|Industry||Oil and gas|
November 30, 1999 (Merger)|
1911 (Standard Oil of New Jersey)
1911 (Standard Oil of New York)
1870 (Standard Oil)
|Founder(s)||John D. Rockefeller (Standard Oil)|
|Headquarters||Irving, Texas, United States|
(Chairman & CEO)
(Senior Vice President)
(Senior Vice President)
(Senior Vice President)
(Senior Vice President & Treasurer)
|Products||Fuels, Lubricants, Petrochemicals|
|Revenue||US$ 383.221 billion (2010)|
|Operating income||US$ 52.959 billion (2010)|
|Net income||US$ 30.460 billion (2010)|
|Total assets||US$ 302.510 billion (2010)|
|Total equity||US$ 146.839 billion (2010)|
Exxon Mobil Corporation (NYSE: XOM) or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas. It is affiliated with Imperial Oil which operates in Canada.
ExxonMobil is one of the largest publicly traded companies in the world, having been ranked either No.1 or No.2 for the past 5 years. However they are currently 4th according to Forbes Global 2000. Exxon Mobil's reserves were 72 billion oil-equivalent barrels at the end of 2007 and, at then (2007) rates of production, are expected to last over 14 years. With 37 oil refineries in 21 countries constituting a combined daily refining capacity of 6.3 million barrels, Exxon Mobil is the largest refiner in the world, a title that was also associated with Standard Oil since its incorporation in 1870.
ExxonMobil is the largest of the six oil supermajors with daily production of 3.921 million BOE (barrels of oil equivalent). In 2008, this was approximately 3% of world production, which is less than several of the largest state-owned petroleum companies. When ranked by oil and gas reserves it is 14th in the world with less than 1% of the total.
- 1 Organization
- 2 History
- 3 Corporate affairs
- 4 Joint ventures and other strategic alliances
- 5 Production
- 6 Revenue and profits
- 7 Financial data
- 8 Environmental record
- 9 Criticism
- 10 Headquarters
- 11 See also
- 12 Notes
- 13 References
- 14 External links
The Exxon Mobil Corporation headquarters is located in Irving, Texas. ExxonMobil markets products around the world under the brands of Exxon, Mobil, and Esso. It also owns hundreds of smaller subsidiaries such as Imperial Oil Limited (69.6% ownership) in Canada, and SeaRiver Maritime, a petroleum shipping company.
The upstream division dominates the company's cashflow, accounting for approximately 70% of revenue. The company employs over 82,000 people worldwide, as indicated in ExxonMobil's 2006 Corporate Citizen Report, with approximately 4,000 employees in its Fairfax downstream headquarters and 27,000 people in its Houston upstream headquarters.
ExxonMobil is organized functionally into a number of global operating divisions. These divisions are grouped into three categories for reference purposes, though the company also has several ancillary divisions, such as Coal & Minerals, which are stand alone.
- Upstream (oil exploration, extraction, shipping, and wholesale operations) based in Houston, Texas
- Downstream (marketing, refining, and retail operations) based in Fairfax, Virginia
- Chemical division based in Houston, Texas
Operating divisions by category are as follows:
- ExxonMobil Exploration Company
- ExxonMobil Development Company
- ExxonMobil Production Company
- ExxonMobil Gas and Power Marketing Company
- ExxonMobil Upstream Research Company
- ExxonMobil Upstream Ventures
- ExxonMobil Refining and Supply Company
- SeaRiver Maritime
- ExxonMobil Fuels Marketing Company
- ExxonMobil Lubricants & Specialties Company
- ExxonMobil Research and Engineering Company
- International Marine Transportation
- ExxonMobil Chemical Company
- ExxonMobil Global Services Company
- ExxonMobil Information Technology
- Global Real Estate and Facilities
- Global Procurement
- Business Support Centers
- Aera Energy
Exxon Mobil Corporation was formed in 1999 by the merger of two major oil companies, Exxon and Mobil. Both Exxon and Mobil were descendants of the John D. Rockefeller corporation, Standard Oil which was established in 1870. The reputation of Standard Oil in the public eye suffered badly after publication of Ida M. Tarbell's classic exposé The History of the Standard Oil Company in 1904, leading to a growing outcry for the government to take action against the company.
By 1911, with public outcry at a climax, the Supreme Court of the United States ruled that Standard Oil must be dissolved and split into 34 companies. Two of these companies were Jersey Standard ("Standard Oil Company of New Jersey"), which eventually became Exxon, and Socony ("Standard Oil Company of New York"), which eventually became Mobil.
Over the next few decades, both companies grew significantly. Jersey Standard, led by Walter C. Teagle, became the largest oil producer in the world. It acquired a 50 percent share in Humble Oil & Refining Co., a Texas oil producer. Socony purchased a 45 percent interest in Magnolia Petroleum Co., a major refiner, marketer and pipeline transporter. In 1931, Socony merged with Vacuum Oil Co., an industry pioneer dating back to 1866 and a growing Standard Oil spin-off in its own right.
In the Asia-Pacific region, Jersey Standard had oil production and refineries in Indonesia but no marketing network. Socony-Vacuum had Asian marketing outlets supplied remotely from California. In 1933, Jersey Standard and Socony-Vacuum merged their interests in the region into a 50–50 joint venture. Standard-Vacuum Oil Co., or "Stanvac," operated in 50 countries, from East Africa to New Zealand, before it was dissolved in 1962.
Mobil Chemical Company was established in 1950. As of 1999, its principal products included basic olefins and aromatics, ethylene glycol and polyethylene. The company produced synthetic lubricant base stocks as well as lubricant additives, propylene packaging films and catalysts. Exxon Chemical Company (first named Enjay Chemicals) became a worldwide organization in 1965 and in 1999 was a major producer and marketer of olefins, aromatics, polyethylene and polypropylene along with speciality lines such as elastomers, plasticizers, solvents, process fluids, oxo alcohols and adhesive resins. The company was an industry leader in metallocene catalyst technology to make unique polymers with improved performance.
In 1955, Socony-Vacuum became Socony Mobil Oil Co. and in 1966 simply Mobil Oil Corp. A decade later, the newly incorporated Mobil Corporation absorbed Mobil Oil as a wholly owned subsidiary. Jersey Standard changed its name to Exxon Corporation in 1972 and established Exxon as a trademark throughout the United States. In other parts of the world, Exxon and its affiliated companies continued to use its Esso trademark.
On March 24, 1989, the Exxon Valdez oil tanker struck Bligh Reef in Prince William Sound, Alaska and spilled more than 11 million gallons (42,000 m³) of crude oil. The Exxon Valdez oil spill was the second largest in U.S. history, and in the aftermath of the Exxon Valdez incident, the U.S. Congress passed the Oil Pollution Act of 1990. An initial award of $5 billion USD punitive was reduced to $507.5 million by the US Supreme Court in June 2008, and distributions of this award have commenced.
In 1998, Exxon and Mobil signed a US$73.7 billion definitive agreement to merge and form a new company called Exxon Mobil Corporation, the largest company on the planet. After shareholder and regulatory approvals, the merger was completed on November 30, 1999. The merger of Exxon and Mobil was unique in American history because it reunited the two largest companies of John D. Rockefeller's Standard Oil trust, Standard Oil Company of New Jersey/Exxon and Standard Oil Company of New York/Mobil, which had been forcibly separated by government order nearly a century earlier. This reunion resulted in the largest merger in US corporate history.
In 2000, ExxonMobil sold a refinery in Benicia, California and 340 Exxon-branded stations to Valero Energy Corporation, as part of an FTC-mandated divestiture of California assets. ExxonMobil continues to supply petroleum products to over 700 Mobil-branded retail outlets in California.
In 2005, ExxonMobil's stock price surged in parallel with rising oil prices, surpassing General Electric as the largest corporation in the world in terms of market capitalization. At the end of 2005, it reported record profits of US $36 billion in annual income, up 42% from the previous year (the overall annual income was an all-time record for annual income by any business, and included $10 billion in the third quarter alone, also an all-time record income for a single quarter by any business). The company and the American Petroleum Institute (the oil and chemical industry's lobbying organization) put these profits in context by comparing oil industry profits to those of other large industries such as pharmaceuticals and banking.
On June 12, 2008, ExxonMobil announced that it was exiting the retail fuel business, citing the increasing difficulty to run gas stations under rising crude oil costs. The multi-year process will gradually phase the corporation out of the direct market, and will affect 820 company-owned stations and approximately 1,400 other stations operated by dealers distributing across the United States. The sale has not resulted in the disappearance of Exxon and Mobil branded stations; the new owners will continue to sell ExxonMobil gasoline and license the appropriate names from ExxonMobil, who will in turn be compensated for use of the brands.
In terms of potential future developments, many gas and oil companies are considering the economic and environmental benefits of Floating Liquefied Natural Gas (FLNG). This is an innovative technology designed to enable the development of offshore gas resources that would otherwise remain untapped, because environmental or economic factors make it unviable to develop them via a land-based LNG operation. ExxonMobil is waiting for an appropriate project to launch its FLNG development, and the only FLNG facility currently in development is being built by Shell, due for completion in around 2017.
The current Chairman of the Board and CEO of Exxon Mobil Corporation is Rex Tillerson. Tillerson assumed the top position on January 1, 2006, on the retirement of long-time chairman and CEO, Lee Raymond, who received a retirement and severance package of approximately $400 million USD, of which some were critical.
Board of directors
- Michael Boskin, professor of economics Stanford University, director of Oracle Corporation, Shinsei Bank, and Vodafone Group
- Larry R. Faulkner, President, Houston Endowment; President Emeritus, the University of Texas at Austin
- William W. George, professor of management practice, Harvard Business School
- James R. Houghton, Chairman of the Board, Corning Incorporated
- Reatha Clark King, former chairman, Board of Trustees, General Mills Foundation
- Philip E. Lippincott, retired Chairman of the Board, Scott Paper Company and Campbell Soup Company
- Marilyn Carlson Nelson, Chairman and CEO, Carlson Companies
- Samuel J. Palmisano, Chairman of the Board, President and CEO, IBM Corporation
- Joaquin Pelayo, Chairman of the Board and President, McGraw Hill.
- Steven S Reinemund, retired Executive Chairman of the Board, PepsiCo
- Walter V. Shipley, retired Chairman of the Board, Chase Manhattan Corporation
- Rex Tillerson, Chairman of the Board and Chief Executive Officer, Exxon Mobil Corporation
- Edward E. Whitacre, retired Chairman of the Board and Chief Executive Officer, AT&T
Joint ventures and other strategic alliances
- Imperial Oil 70% Ownership in Imperial Oil
- Infineum is a joint venture between ExxonMobil and Royal Dutch Shell for manufacturing and marketing lubricant and fuel additives.
ExxonMobil is the largest non-government owned company in the energy industry and produces about 3 percent of the world's oil and about 2 percent of the world's energy.
ExxonMobil, like other oil companies, is struggling to find new sources of oil. According to Wall Street Journal, for every 100 barrels of oil it has pumped, it has replaced only 95. This stands in contrast to natural gas, where, for every 100 cubic feet of gas extracted, Exxon has found or bought an additional 158.
Revenue and profits
In 2005, ExxonMobil surpassed Wal-Mart as the world's largest publicly held corporation when measured by revenue, although Wal-Mart remained the largest by number of employees. ExxonMobil's $340 billion revenues in 2005 were a 25.5 percent increase over their 2004 revenues.
In 2006, Wal-Mart recaptured the lead with revenues of $348.7 billion against ExxonMobil's $335.1. ExxonMobil continued to lead the world in both profits ($39.5 billion in 2006) and market value ($460.43 billion).
In 2007, ExxonMobil had a record net income of $40.61 billion on $404.552 of revenue, an increase largely due to escalating oil prices as their actual oil equivalent production decreased by 1%, in part due to expropriation of their Venezuelan assets by the Chavez government.
As of July 1, 2010, ExxonMobil occupied 8 out of 10 slots for Largest Corporate Quarterly Earnings of All Time. Furthermore, it occupies 5 out of 10 slots on Largest Corporate Annual Earnings.
|Total revenue||358 955||365 467||390 328||459 579||301 586||383 221|
|Net income||36 130||39 500||40 610||45 220||19 280||30 460|
|Total assets||208 335||219 015||242 082||228 052||233 323|
|Total debt||7 991||8 347||9 566||9 425||9 605|
ExxonMobil has been a contributor to environmental causes (the company donated $6.6 million to environmental and social groups in 2007). Its environmental record has been a target of critics from outside organizations such as the environmental lobby group Greenpeace as well as some institutional investors who disagree with its stance on global warming. The Political Economy Research Institute ranks ExxonMobil sixth among corporations emitting airborne pollutants in the United States. The ranking is based on the quantity (15.5 million pounds in 2005) and toxicity of the emissions. In 2005, ExxonMobil had committed less than 1% of their profits towards researching alternative energy, less than other leading oil companies.
Exxon Valdez oil spill
The March 24, 1989 Exxon Valdez oil spill resulted in the discharge of approximately 11 million gallons of oil (240,000 barrels) into Prince William Sound, oiling 1,300 miles (2,100 km) of the remote Alaskan coastline. The State of Alaska's Exxon Valdez Oil Spill Trustee Council stated that the spill "is widely considered the number one spill worldwide in terms of damage to the environment", but many larger spills have occurred.
Exxon was widely criticized for its slow response to cleaning up the disaster. John Devens, the Mayor of Valdez, has said his community felt betrayed by Exxon's inadequate response to the crisis. Exxon later removed the name "Exxon" from its tanker shipping subsidiary, which it renamed "SeaRiver Maritime." The renamed subsidiary, though wholly Exxon-controlled, has a separate corporate charter and board of directors, and the former Exxon Valdez is now the SeaRiver Mediterranean. The renamed tanker is legally owned by a small, stand-alone company, which would have minimal ability to pay out on claims in the event of a further accident.
After a trial, a jury ordered Exxon to pay $5 billion in punitive damages, though an appeals court reduced that amount by half. Exxon appealed further, and on June 25, 2008, the United States Supreme Court lowered the amount to $500 million.
In 2009, Exxon still uses more single-hull tankers than the rest of the largest ten oil companies combined, including the Valdez's sister ship, the SeaRiver Long Beach.
Exxon's Brooklyn oil spill
New York Attorney General Andrew Cuomo announced on July 17, 2007 that he had filed suit against the Exxon Mobil Corporation and ExxonMobil Refining and Supply Company to force cleanup of the oil spill at Greenpoint, Brooklyn, and to restore Newtown Creek.
A study of the spill released by the US Environmental Protection Agency in September 2007 reported that the spill consists of approximately 17 to 30 million gallons of petroleum products from the mid-19th century to the mid-20th century. The largest portion of these operations were by ExxonMobil or its predecessors. By comparison, the Exxon Valdez oil spill was approximately 11 million gallons. The study reported that in the early 20th century Standard Oil of New York operated a major refinery in the area where the spill is located. The refinery produced fuel oils, gasoline, kerosene and solvents. Naptha and gas oil, secondary products, were also stored in the refinery area. Standard Oil of New York later became Mobil, a predecessor to Exxon/Mobil.
Sakhalin-I in the Russian Far East
Scientists and environmental groups voice concern that the Sakhalin-I oil and gas project in the Russian Far East, operated by an ExxonMobil subsidiary, Exxon Neftegas Limited (ENL), threatens the critically endangered western gray whale population. In February, 2009, independent scientists, convened by the International Union for the Conservation of Nature issued an urgent call for a "...moratorium on all industrial activities, both maritime and terrestrial, that have the potential to disturb gray whales in summer and autumn on and near their main feeding areas" following a sharp decline in observed whales in the main feeding area in 2008, adjacent to ENL's project area. The scientists also criticized ENL’s unwillingness to cooperate with the scientific panel process, which “certainly impedes the cause of western gray whale conservation.”
Funding of global warming skeptics
ExxonMobil has drawn criticism from the environmental lobby for funding organizations critical of the Kyoto Protocol and skeptical of the scientific opinion that global warming is caused by the burning of fossil fuels. According to Mother Jones Magazine, the company was a member of one of the first such skeptic groups, the Global Climate Coalition, founded in 1989. According to The Guardian, ExxonMobil has funded, among other groups skeptical of global warming, the Competitive Enterprise Institute, George C. Marshall Institute, Heartland Institute, Congress on Racial Equality, TechCentralStation.com, and International Policy Network. ExxonMobil's support for these organizations has drawn criticism from the Royal Society, the academy of sciences of the United Kingdom. The Union of Concerned Scientists released a report in 2007 accusing ExxonMobil of spending $16 million, between 1998 and 2005, towards 43 advocacy organizations which dispute the impact of global warming. The report argued that ExxonMobil used disinformation tactics similar to those used by the tobacco industry in its denials of the link between lung cancer and smoking, saying that the company used "many of the same organizations and personnel to cloud the scientific understanding of climate change and delay action on the issue." These charges are consistent with a purported 1998 internal ExxonMobil strategy memo, posted by the environmental group Environmental Defense, stating
Victory will be achieved when
- Average citizens [and the media] 'understand' (recognize) uncertainties in climate science; recognition of uncertainties becomes part of the 'conventional wisdom' …
- Industry senior leadership understands uncertainties in climate science, making them stronger ambassadors to those who shape climate policy
- Those promoting the Kyoto treaty on the basis of extant science appear out of touch with reality.
In August 2006, the Wall Street Journal revealed that a YouTube video lampooning Al Gore, titled Al Gore's Penguin Army, appeared to be astroturfing by DCI Group, a Washington PR firm with ties to ExxonMobil.
In January 2007, the company appeared to change its position, when vice president for public affairs Kenneth Cohen said "we know enough now—or, society knows enough now—that the risk is serious and action should be taken." Cohen stated that, as of 2006, ExxonMobil had ceased funding of the Competitive Enterprise Institute and "'five or six' similar groups". While the company did not publicly state which the other similar groups were, a May 2007 report by Greenpeace does list the five groups it stopped funding as well as a list of 41 other climate skeptic groups which are still receiving ExxonMobil funds.
On February 13, 2007, ExxonMobil CEO Rex W. Tillerson acknowledged that the planet was warming while carbon dioxide levels were increasing, but in the same speech gave an unqualified defense of the oil industry and predicted that hydrocarbons would dominate the world’s transportation as energy demand grows by an expected 40 percent by 2030. Tillerson stated that there is no significant alternative to oil in coming decades, and that ExxonMobil would continue to make petroleum and natural gas its primary products, saying: "I'm no expert on biofuels. I don't know much about farming and I don't know much about moonshine. ... There is really nothing ExxonMobil can bring to that whole biofuels issue. We don't see a direct role for ourselves with today's technology." However, recently Exxonmobil has announced that it will plan on spending up to 600 million dollars within the next 10 years to fund biofuels that come from algae. On July 14, 2010 Exxonmobil announced that, a year after teaming with Synthetic Genomics, Inc., they had opened a greenhouse to research algae as a possible biofuel.
A survey carried out by the UK's Royal Society found that in 2005 ExxonMobil distributed $2.9m to 39 groups that the society said "misrepresented the science of climate change by outright denial of the evidence".
On July 1, 2009, The Guardian newspaper revealed that ExxonMobil has continued to fund organizations including the National Center for Policy Analysis (NCPA) along with the Heritage Foundation, despite a public pledge to cut support of lobby groups who deny climate change.
The Exxon Valdez oil spill in Prince William Sound, Alaska, on March 24, 1989, was a watershed moment for environmental critics of the oil industry.
Foreign business practices
Investigative reporting by Forbes Magazine raised questions about ExxonMobil's dealings with the leaders of oil-rich nations. ExxonMobil controls concessions covering 11 million acres (44,500 km²) off the coast of Angola that hold an estimated 7.5 billion barrels (1.2 km³) of crude.
In 2003, the Office of Foreign Assets Control reported that ExxonMobil engaged in illegal trade with Sudan and it, along with dozens of other companies, settled with the United States government for $50,000.
In March 2003, James Giffen of the Mercator Corporation was indicted, accused of bribing President Nursultan Nazarbayev of Kazakhstan with $78 million to help ExxonMobil win a 25 percent share of the Tengiz oilfield, the third largest in the world. On April 2, 2003, former-Mobil executive J. Bryan Williams was indicted on tax charges relating to this same transaction. The case is the largest under the Foreign Corrupt Practices Act. This series of events is depicted in the film Syriana.
In a U.S. Department of Justice release dated September 18, 2003, the United States Attorney for the Southern District of New York announced that J. Bryan Williams, a former senior executive of Mobil Oil Corporation, had been sentenced to three years and ten months in prison on charges of evading income taxes on more than $7 million in unreported income, "including a $2 million kickback he received in connection with Mobil's oil business in Kazakhstan." According to documents filed with the court, Williams' unreported income included millions of dollars in kickbacks from governments, persons, and other entities with whom Williams conducted business while employed by Mobil. In addition to his sentence, Williams must pay a fine of $25,000 and more than $3.5 million in restitution to the IRS, in addition to penalties and interest.
ExxonMobil is the target of human rights activists for actions taken by the corporation in the Indonesian territory of Aceh. In June 2001 a lawsuit against ExxonMobil was filed in the Federal District Court of the District of Columbia under the Alien Tort Claims Act. The suit alleges that the ExxonMobil knowingly assisted human rights violations, including torture, murder and rape, by employing and providing material support to Indonesian military forces, who committed the alleged offenses during civil unrest in Aceh. Human rights complaints involving Exxon's (Exxon and Mobil had not yet merged) relationship with the Indonesian military first arose in 1992; the company denies these accusations and filed a motion to dismiss the suit, which was denied in 2008 by a federal judge, but then dismissed in August 2009 by a different federal judge. The dismissal is currently under appeal.
When Exxon Corporation merged with Mobil Corporation in 1999, the newly merged company ended enrollment in Mobil Corporation's domestic partner benefits for same-sex partners of employees, and it rescinded formal prohibitions against discrimination based on sexual orientation by removing it from the company's Equal Employment Opportunity policy. In 2010 the Human Rights Campaign, an LGBT lobbying group and political action committee, gave Exxon Mobil a score of "0" in its Corporate Equality Index, a scorecard that rated 590 companies on several criteria including diversity training that covers gender identity issues, transgender-inclusive medical coverage including surgical procedures, and "positively engaging the external LGBT community." On May 26, 2010 ExxonMobil shareholders voted down LGBT benefits for its employees – only 22% of shareholders voted yes for the issue.
ExxonMobil's headquarters are located in Irving, Texas. As of January 2010, the company is conducting an internal study regarding possible consolidation of facilities to the northern Houston suburb of Spring, at the intersection of Interstate 45 and the Hardy Toll Road. Architectural documents obtained by the Houston Chronicle outline an elaborate corporate campus, including twenty office buildings totaling three million square-feet, a wellness center, laboratory, and multiple parking garages. Alan Jeffers, a spokesperson for the company, did not say whether the consolidation study includes the Irving headquarters, but definitely includes the Fairfax headquarters. Chris Wallace, the chief executive of the Greater Irving-Las Colinas Chamber of Commerce, said that he believed that it does include the headquarters. In October 2010 the company stated that it would not move its headquarters to Greater Houston.
- Baton Rouge Refinery (in Louisiana, United States)
- Exxon Corp. v. Exxon Insurance Consultants International Ltd
- Kivalina v. ExxonMobil Corp., Et al.
- List of companies by revenue
- Save the Tiger Fund
- The July 2011 Yellowstone river oil spill
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