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ExxonMobil

ExxonMobil

ExxonMobil is an american multinational oil and gas corporation founded in 1999 by John D. Rockefeller.

Exxon Mobil Corporation, stylized as ExxonMobil, is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil, and was formed on November 30, 1999, by the merger of Exxon (formerly the Standard Oil Company of New Jersey) and Mobil (formerly the Standard Oil Company of New York). ExxonMobil's primary brands are Exxon, Mobil, Esso, and ExxonMobil Chemical. ExxonMobil is incorporated in New Jersey.

One of the world's largest companies by revenue, ExxonMobil from 1996 to 2017 varied from the first to sixth largest publicly traded company by market capitalization. The company was ranked third globally in the Forbes Global 2000 list in 2016. ExxonMobil was the tenth most profitable company in the Fortune 500 in 2017. As of 2018, the company ranked second in the Fortune 500 rankings of the largest United States corporations by total revenue. Approximately 55.56% of the company's shares are held by institutions. As of March 2019, ExxonMobil's largest shareholders include The Vanguard Group (8.15%), BlackRock (6.61%), and State Street Corporation (4.83%).

ExxonMobil is one of the largest of the world's Big Oil companies. As of 2007, it had 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. ExxonMobil's reserves were 20 billion BOE at the end of 2016 and the 2007 rates of production were expected to last more than 14 years. With 37 oil refineries in 21 countries constituting a combined daily refining capacity of 6.3 million barrels (1,000,000 m3), ExxonMobil is the seventh largest refiner in the world, a title that was also associated with Standard Oil since its incorporation in 1870.

ExxonMobil had been criticized for its slow response to cleanup efforts after the 1989 Exxon Valdez oil spill in Alaska, considered to be one of the world's worst oil spills in terms of damage to the environment. ExxonMobil has a history of lobbying for climate change denial and against the scientific consensus that global warming is caused by the burning of fossil fuels. The company has also been the target of accusations of improperly dealing with human rights issues, influence on American foreign policy, and its impact on the future of nations.

Timeline

January 2022
ExxonMobil stated that it was consolidating and restructuring certain elements of its business, the most prominent being the consolidation of its chemical and refinery sectors. ExxonMobil additionally formalized the creation of a new low-carbon sector, which will handle the company's biofuel and carbon capture ventures. Concurrently, the company announced it would be closing its headquarters in Irving, Texas, a suburb of Dallas, and moving to its recently-opened campus in the Houston suburb of Spring. The company released its 2021 Q4 Earnings early the next day on February 1, recording a 3-month profit of $8.9 Billion USD, jumping over 80%. ExxonMobil that day additionally announced that both its total debt was now around pre-pandemic levels, and it would begin buying back some of its shares.
December 2021
ExxonMobil announed it was committing to net-zero Scope I and Scope II emissions from its Permian Basin emissions by 2030. Later, in January 2022, ExxonMobil additionally announced it was going to meet net zero emissions for Scope I and Scope II emissions across its entire business by 2050. Despite these committments, the company was criticized for not fully committing to net zero Scope III emissions, leading to criticism from environmentalists.
October 2020
ExxonMobil announced that it will cut over 1,600 jobs in Europe as a result of the COVID-19 pandemic. According to the company, the job cuts are necessary in order to produce cost cuts and they will be implemented by the end of 2021. The number of job cuts represents one-tenth of the company's workforce, which was estimated at nearly 75,000 by the end of 2019.
August 2020
Exxonmobil was removed from the Dow Jones 30, reflecting a change of time in which oil companies have lost much of their value and influence. ExxonMobil has been in some form part of the Dow 30 since 1928.
June 2019
Following Washington D.C.'s increased sanctions on Iran, a rocket landed near the residential headquarters of ExxonMobil, Royal Dutch Shell, and ENI SpA. It came after two separate attacks on United States Military bases in Iraq and one week after two oil tankers being hit by a 'flying object' in the Gulf of Oman. The U.S. Navy's investigation has led to reasonable suspicion to believe Tehran's connection to the attacks.
2018
ExxonMobil created Exxchange, an online site where the company posts content in support of "smarter regulations" with regard to the oil and gas business and in defense of oil and gas jobs. The site attracted considerable controversy targeted towards both ExxonMobil and Edelman PR for their activities described by many as climate change denial.
July 2017
ExxonMobil filed a lawsuit against the Trump administration challenging the finding that the company violated sanctions imposed on Russia. William Holbrook, a company spokesman, said that the ExxonMobil had followed "clear guidance from the White House and Treasury Department when its representatives signed [in May 2014] documents involving ongoing oil and gas activities in Russia with Rosneft".
April 2017
Donald Trump's administration denied a request from ExxonMobil to allow it to resume oil drilling in Russia. Representative Adam Schiff (D-California) said that the "Treasury Department should reject any waiver from sanctions which would allow Exxon Mobil or any other company to resume business with prohibited Russian entities."
January 9, 2017
It was revealed that Infineum, a joint venture of ExxonMobil and Royal Dutch Shell headquartered in England, conducted business with Iran, Syria, and Sudan while those states were under US sanctions. ExxonMobil representatives said that because Infineum was based in Europe and the transactions did not involve any U.S. employees, this did not violate the sanctions.
January 2017
Federal climate investigations of ExxonMobil were considered less likely under the new Trump administration.

Products

Patents

Further Resources

Title
Author
Link
Type
Date

Celebrating 50 Years Of Supplier Diversity | ExxonMobil

Web

January 21, 2022

One-of-a-kind partners working on breakthrough innovations

Web

October 25, 2019

The Next Generation of STEM

Web

March 30, 2020

News

Title
Author
Date
Publisher
Description
By MICHAEL R. BLOOD
December 1, 2021
AP NEWS
LOS ANGELES (AP) -- A proposal to replace an oil pipeline that was shut down in 2015 after causing California's worst coastal spill in 25 years is inching though a government review, even as the state moves toward banning gas-powered vehicles and oil drilling.
By MATTHEW DALY
October 28, 2021
AP NEWS
WASHINGTON (AP) -- Top executives at ExxonMobil and other oil giants are set to testify at a landmark House hearing Thursday as congressional Democrats investigate what they describe as a decades-long, industry-wide campaign to spread disinformation about the role of fossil fuels in causing global warming.
Isabella Kaminski
October 9, 2021
the Guardian
Over the last five years, the 100 top law firms in the US represented fossil fuel clients in 358 legal cases and transactions worth $1.36tn
Joseph Winters
October 6, 2021
Grist
A new complaint from the Sauk-Suiattle tribe adds to the list, alleging Seattle's "green" hydropower kills fish.
Antonia Juhasz and Reuters
August 18, 2021
the Guardian
Country's vice-president's remarks after investigation highlighted concerns about ExxonMobil deal
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References

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