exxonmobil

 

  • [24] • Type: Public; Traded as: NYSE: XON (1973-1999)[1], NYSE: XOM (1999-), S&P 100 component, S&P 500 component; ISIN: US30231G1022; Industry: Energy: Oil and gas; Predecessor:
    Standard Oil, Mobil; Founded: August 5, 1882; 140 years ago (as Standard Oil of New Jersey)[2] ; Founder: Split from Standard Oil by the Supreme Court of the United States in 1911; merged with Mobil in 1999 to form present name; Headquarters:
    Irving, Texas, USA (1989-2023), Spring, Texas, USA (2023–) [3] ; Area served: Worldwide; Key people: Darren Woods (chairman & CEO); Products: Crude oil, Oil products, Natural gas, Petrochemicals, Power generation; Brands: Coolanol, Esso, Mobil,
    On the Run, Speedpass; Revenue: US$276.692 billion (2021)[4] ; Operating income: US$24.019 billion (2021)[4] ; Net income: US$23.040 billion (2021)[4] ; Total assets: US$338.923 billion (2021)[4] ; Total equity: US$168.577 billion (2021)[4]
    ; Number of employees: 64,000 (2021)[4] ; Subsidiaries: Aera Energy, Exxon Neftegas, ExxonMobil Australia, ExxonMobil Nigeria, Imperial Oil, SeaRiver Maritime, XTO Energy History ExxonMobil traces its roots to Vacuum Oil Company, founded in
    the 1860s.

  • It is the largest direct descendant of John D. Rockefeller’s Standard Oil,[8] and was formed on November 30, 1999, by the merger of Exxon and Mobil, both of which are used
    as retail brands, alongside Esso, for fueling stations and downstream products today.

  • [26][13] Operations ExxonMobil is the largest non-government-owned company in the energy industry and produces about 3% of the world’s oil and about 2% of the world’s energy.

  • [57][58] Corporate affairs Financial data[edit] According to Fortune Global 500, ExxonMobil was the second largest company, second largest publicly held corporation, and the
    largest oil company in the United States by 2017 revenue.

  • [40][41] Retail[edit] ExxonMobil’s primary retail brands worldwide are Exxon, Esso, Mobil, with the former being used exclusively in the United States and the latter two being
    used in most other countries where ExxonMobil operates.

  • [16] ExxonMobil is the largest investor-owned oil company in the world, the largest oil company headquartered in the Western world, and the largest of the Big Oil companies
    in both production and market value.

  • The entity today known as ExxonMobil grew out of the Standard Oil Company of New Jersey (or Jersey Standard for short), the corporate entity which effectively controlled all
    of Standard Oil prior to its breakup.

  • Jersey Standard grew alongside and with extensive partnership another Standard Oil descendant and its future merger partner, the Standard Oil Company of New York (Socony),
    both of which grew bigger by merging with various third companies like Humble Oil (which merged with Jersey Standard) and Vacuum Oil (merged with Socony).

  • [13] One of the world’s largest companies by revenue, ExxonMobil since its merger varied from the first to tenth largest publicly traded company by revenue, and has one of
    the largest market capitalizations out of any company.

  • [90][needs update] According to the 2021 Arctic Environmental Responsibility Index (AERI), ExxonMobil is ranked as the 6th most environmentally responsible company among 120
    oil, gas, and mining companies involved in resource extraction north of the Arctic Circle.

  • Vacuum Oil later merged with the Standard Oil Company of New York, which later changed its name to Mobil and merged with Exxon (originally the Standard Oil Company of New
    Jersey) in 1999.

  • [51][52][53][54] Low Carbon Solutions[edit] Officially formed with ExxonMobil’s 2022 corporate restructuring, and currently led by former General Motors president Dan Ammann,
    Low Carbon Solutions is the company’s alternative energy division.

  • [55][56] ExxonMobil publicly announced it would be investing $15 billion in what it deemed a “lower carbon future”, and claims to be the world leader in carbon capture and
    storage.

  • [87][88]As of 2005, ExxonMobil had committed less than 1% of their profits towards researching alternative energy,[89] which, according to the advocacy organization Ceres,
    is less than other leading oil companies.

  • However, the structure of the merger provided that Exxon was the surviving company, rather than a new company being created.

  • The company’s activities, along with other operations and refineries in the area, have been the source of increased cancer infections, lower air quality, and as seen by some,
    potential environmental racism committed by the company.

  • [11][12] ExxonMobil’s earliest corporate ancestor was Vacuum Oil Company, though Standard Oil is its largest ancestor prior to its breakup.

  • ExxonMobil additionally acquired biofuel company Biojet AS in 2022, and its Canadian subsidiary Imperial Oil is moving ahead with plans to produce a renewable diesel biofuel.

  • [38] Outside of the United States, Esso and Mobil are primarily used, with Esso operating in 14 countries and Mobil operating in 29 countries and regions.

  • With the merger, the two companies practically merged, with the new company’s name containing both of the trade names of its immediate predecessors.

  • Exxon is the primary brand in the rest of the United States, with the highest concentration of retail outlets located in New Jersey, Pennsylvania, Texas (shared with Mobil),
    and in the Mid-Atlantic and Southeastern states.

  • Since 2018, the company additionally has operated a loyalty program, ExxonMobil Rewards+, where customers earn rewards points when filling up at its stations in the US and
    later the UK.

  • [32] In California, it has a joint venture called Aera Energy LLC with Shell Oil.

  • The company is vertically-integrated across the entire oil and gas industry, and within it is also a chemicals division which produces plastic, synthetic rubber, and other
    chemical products.

  • [46] Sponsorships[edit] Main article: Mobil 1 Mobil 1, a brand of synthetic motor oil, is a major sponsor of multiple racing teams and as the official motor oil of NASCAR
    since 2003.

  • It also owns hundreds of smaller subsidiaries such as XTO Energy and SeaRiver Maritime.

  • [28] • Upstream (oil exploration, extraction, shipping, and wholesale operations) • Product Solutions (downstream, chemical) • Low Carbon Solutions [29] Upstream[edit] The
    upstream division makes up the majority of ExxonMobil’s revenue, accounting for approximately 70% of it.

  • ExxonMobil Corporation[a] (commonly shortened to Exxon[5][6][7]) is an American multinational oil and gas corporation headquartered in Irving, Texas.

  • Mobil is ExxonMobil’s primary retail gasoline brand in California, Florida, New York, New England, the Great Lakes, and the Midwest.

  • [36] Product Solutions[edit] ExxonMobil formed its Product Solutions division in 2022, combining its previously-separate Downstream and Chemical divisions into a single company.

  • The company announced Hooley would become the new lead independent director.

  • [20][21] Approximately 55.56% of the company’s shares are held by institutions, the largest of which as of 2019 were The Vanguard Group (8.15%), BlackRock (6.61%), and State
    Street Corporation (4.83%).

  • ExxonMobil also has a majority ownership stake in Imperial Oil.

  • Both companies underwent rebranding in the 1960s and early 1970s, and by the time of the 1999 merger, Jersey Standard had been known as Exxon, and Socony known as Mobil.

  • These divisions are grouped into three categories for reference purposes, though the company also has several standalone divisions, such as Coal & Minerals.

  • [91] The company’s activities gained international notoriety from many incidents, most notably the Exxon Valdez oil spill in 1979.

  • ExxonMobil’s largest refinery in the United States is its Baytown Refinery, located in Baytown, Texas, and its largest refinery overall is its Jurong Island facility in Singapore;
    these two refineries combined output over 1.15 million barrels of oil per day.

  • The company’s corporate ancestors are also blamed for the outbreak of the 1954 Jebel Akhdar War, which was sparked by the Iraq Petroleum Company’s activities.

  • Esso is the only one of its brands not used widely in the United States.

  • In 2021, ExxonMobil’s global average refining capacity was 4.6 million barrels per day, with the United States producing a plurality of the company’s refining capacity at
    about 1.77 million barrels per day.

 

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the company’s retail rewards program.
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Photo credit:
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