ExxonMobil

ExxonMobil Corporation[lower-alpha 1] (commonly shortened to Exxon[4][5][6]) is an American multinational oil and gas corporation and the largest direct descendant of John D. Rockefeller's Standard Oil. The company, which took its present name in 1999 per the merger of Exxon and Mobil, 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. ExxonMobil is headquartered near the Houston suburb of Spring, Texas, though officially incorporated in the U.S. state of New Jersey.[7][8]: 1 

ExxonMobil Corporation
Formerly
  • Standard Oil of New Jersey (1882[1]–1973)
  • Exxon Corporation (1973–1999)
TypePublic
ISINUS30231G1022
IndustryEnergy: Oil and gas
Predecessor
FoundedAugust 5, 1882 (1882-08-05) (as Standard Oil of New Jersey)[1]
FounderSplit from Standard Oil by the US Supreme Court in 1911; merged with Mobil in 1999 to form present name
HeadquartersUnincorporated Harris County near Spring, Texas, U.S.
Area served
Worldwide
Key people
Darren Woods
(chairman & CEO)
Products
Brands
RevenueIncrease US$413.68 billion (2022)[3]
Increase US$77.753 billion (2022)[3]
Increase US$55.740 billion (2022)[3]
Total assetsIncrease US$369.07 billion (2022)[3]
Total equityIncrease US$195.05 billion (2022)[3]
Number of employees
Decrease 62,300 (2022)[3]
ParentStandard Oil (1882–1911)
Subsidiaries
Websitecorporate.exxonmobil.com

ExxonMobil's history traces its earliest roots to 1866 with the formation of the Vacuum Oil Company, itself acquired by Standard Oil in 1879. The company that is 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). 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. The merger agreement between Exxon and Mobil stipulated that Exxon would buy Mobil and rebrand as ExxonMobil, with Mobil's CEO becoming the vice-chairman of the company.[9]

ExxonMobil is one of the world's largest and most powerful companies. 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.[10][11] As of 2023, in the most recent rankings released in the Fortune 500, ExxonMobil was ranked third, and twelfth on the Fortune Global 500.[12] 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.[13][14] 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.[15] With 21 oil refineries constituting a combined daily refining capacity of 4.9 million barrels (780,000 m3), ExxonMobil is the second largest oil refiner in the world, trailing only Sinopec.[16][17] 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 has been widely criticized, mostly for environmental incidents and its history of climate change denial against the scientific consensus that fossil fuels significantly contribute to global warming. The company is responsible for many oil spills, the largest and most notable of which was the Exxon Valdez oil spill in Alaska and itself considered to be one of the world's worst oil spills in terms of damage to the environment.[18][19] The company has also been the target of accusations of human rights violations, excessive influence on America's foreign policy, and its impact on various societies across the world.[20]

History
Main article: History of ExxonMobil

ExxonMobil traces its roots to Vacuum Oil Company, founded in 1866. Vacuum Oil later was acquired by Standard Oil in 1879, divested from Standard in 1911 with its breakup, and merged by the Standard Oil Company of New York (Socony), later known as Mobil, in 1931. After the 1911 breakup, Standard Oil continued to exist through its New Jersey subsidiary, sometimes shortened to Jersey Standard, and retained the Standard Oil name in much of the eastern United States. Jersey Standard grew by acquiring Humble Oil in the 1930s and became the dominant oil company on the world stage. The company's lack of ownership over the Standard Oil name across the United States, however, prompted a name change to unify all of its brands under one name, choosing to name itself Exxon in 1972 over continuing to use three distinct brands of Esso, Enco, and Humble.[21][9]

In 1998, the two companies agreed to merge and form ExxonMobil, with the deal closing on November 30, 1999. The two companies cited lower oil prices and a better ability to compete with other state-owned oil companies outside of the United States like Pemex and Aramco. With the deal, the two companies practically merged, with the new company's name containing both of the trade names of its immediate predecessors. However, the structure of the merger provided that Exxon was the surviving company and bought Mobil, rather than a new company being created.[9][22][23][24]

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.[25]

ExxonMobil is vertically integrated into a number of global operating divisions. These divisions are grouped into three categories for reference purposes, though the company also has several standalone divisions, such as Coal & Minerals. It also owns hundreds of smaller subsidiaries such as XTO Energy and SeaRiver Maritime. ExxonMobil also has a majority ownership stake in Imperial Oil.[26]

  • Upstream (oil exploration, extraction, shipping, and wholesale operations)
  • Product Solutions (downstream, chemical)
  • Low Carbon Solutions [27]

Upstream

The upstream division makes up the majority of ExxonMobil's revenue, accounting for approximately 70% of it.[28] In 2021, ExxonMobil had about 30 billion barrels of oil and oil equivalents, as well as 38.1 billion cubic feet of natural gas.[29]

In the United States, ExxonMobil's petroleum exploration and production activities are concentrated in the Permian Basin, Bakken Formation, Woodford Shale, Caney Shale, and the Gulf of Mexico. In addition, ExxonMobil has several gas developments in the regions of Marcellus Shale, Utica Shale, Haynesville Shale, Barnett Shale, and Fayetteville Shale. All natural gas activities are conducted by its subsidiary, XTO Energy. As of December 31, 2014, ExxonMobil owned 14.6 million acres (59,000 km2) in the United States, of which 1.7 million acres (6,900 km2) were offshore, 1.5 million acres (6,100 km2) of which were in the Gulf of Mexico.[30] In California, it has a joint venture called Aera Energy LLC with Shell Oil. In Canada, the company holds 5.4 million acres (22,000 km2), including 1 million acres (4,000 km2) offshore and 0.7 million acres (2,800 km2) of the Kearl Oil Sands Project.[30]

In Argentina, ExxonMobil holds 0.9 million acres (3,600 km2) and 4.9 million acres (20,000 km2) in Germany. In the Netherlands ExxonMobil owns 1.5 million acres (6,100 km2), in Norway it owns 0.4 million acres (1,600 km2) offshore, and the United Kingdom 0.6 million acres (2,400 km2) offshore. In Africa, upstream operations are concentrated in Angola, where it owns 0.4 million acres (1,600 km2) offshore, Chad where it owns 46,000 acres (19,000 ha), Equatorial Guinea, where it owns 0.1 million acres (400 km2) offshore, and Nigeria, where it owns 0.8 million acres (3,200 km2) offshore.[30] In addition, ExxonMobil plans to start exploration activities off the coast of Liberia and the Ivory Coast.[31][32] In the past, ExxonMobil had exploration activities in Madagascar, however these operations were ended due to unsatisfactory results.[33]

In Asia, it holds 9,000 acres (3,600 ha) in Azerbaijan, 1.7 million acres (6,900 km2) in Indonesia, of which 1.3 million acres (5,300 km2) are offshore, 0.7 million acres (2,800 km2) in Iraq, 0.3 million acres (1,200 km2) in Kazakhstan, 0.2 million acres (810 km2) in Malaysia, 65,000 acres (26,000 ha) in Qatar, 10,000 acres (4,000 ha) in Yemen, 21,000 acres (8,500 ha) in Thailand, and 81,000 acres (33,000 ha) in the United Arab Emirates.[30]

Until the 2022 Russian invasion of Ukraine, ExxonMobil held 85,000 acres (34,000 ha) in the Sakhalin-I project through its subsidiary Exxon Neftegas. Together with Rosneft, it has developed 63.6 million acres (257,000 km2) in Russia, including the East-Prinovozemelsky field. In Australia, ExxonMobil held 1.7 million acres (6,900 km2), including 1.6 million acres (6,500 km2) offshore. It also operates the Longford Gas Conditioning Plant, and participates in the development of Gorgon LNG project. In Papua New Guinea, it holds 1.1 million acres (4,500 km2), including the PNG Gas project.[30] After Russia's 2022 invasion began, though, ExxonMobil announced it was fully pulling out of both Russia and Sakhalin-I, and launched a lawsuit against Russia's federal government on August 30.[34]

Product Solutions
An ExxonMobil gas station in Hiawassee, Georgia

ExxonMobil formed its Product Solutions division in 2022, combining its previously separate Downstream and Chemical divisions into a single company.[35]

Downstream and Retail

ExxonMobil markets products around the world under the brands of Exxon, Mobil, and Esso. Mobil is ExxonMobil's primary retail gasoline brand in California, Florida, New York, New England, the Great Lakes, and the Midwest. 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. ExxonMobil has stations in 46 states, just behind Shell USA and ahead of Phillips 66, lacking a presence only in Alaska, Hawaii, Iowa, and Kansas.[36]

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.[37]

In Japan, ExxonMobil had a 22% stake in TonenGeneral Sekiyu K.K., a refining company that merged into Eneos in 2017.[38][39]

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. Esso is the only one of its brands not used widely in the United States. Since 2008, Mobil is the only brand for the company lubricants. Since 2018, ExxonMobil has operated a loyalty program, ExxonMobil Rewards+, where customers earn rewards points when filling up at its stations in the United States and later the United Kingdom.[40][41][42]

Chemicals

ExxonMobil Chemical is a petrochemical company that was created by merging Exxon's and Mobil's chemical industries in 1999. Its principal products include basic olefins and aromatics, ethylene glycol, polyethylene, and polypropylene along with speciality lines such as elastomers, plasticizers, solvents, process fluids, oxo alcohols and adhesive resins. The company also produces synthetic lubricant base stocks as well as lubricant additives, propylene packaging films and catalysts. ExxonMobil is the largest producer of butyl rubber.[43] Infineum, a joint venture with Shell plc, is manufacturing and marketing crankcase lubricant additives, fuel additives, and specialty lubricant additives, as well as automatic transmission fluids, gear oils, and industrial oils.[44]

Sponsorships
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.[45] ExxonMobil is currently in partnerships with Oracle Red Bull Racing in Formula One and Kalitta Motorsports.[46][47][48]

Refineries

ExxonMobil operates 21 refineries worldwide, and the company claims 80% of its refining capacity is integrated with chemical or lube basestocks. 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. 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. ExxonMobil's corporate website claims it refines almost 5 million barrels per day.[49][50][51][52]

Low Carbon Solutions

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. The division intends to lower emissions in hard-to-decarbonize sectors such as heavy industry, commercial transportation, and power generation using a combination of lower-emission fuels, hydrogen, and carbon capture and storage. Low Carbon Solutions conducts research on clean energy technologies, including algae biofuels, biodiesel made from agricultural waste, carbonate fuel cells, and refining crude oil into plastic by using a membrane and osmosis instead of heat.[53][54] The company speculated in April 2023 that pending good economic conditions, the low-carbon solutions business could eclipse the value of its oil and gas operations.[55]

The company is in the process of designing its inaugural large-scale plant dedicated to producing low-carbon hydrogen, situated within its refining and petrochemical complex in Baytown, Texas. This project is set to become the world's largest low-carbon hydrogen project.[56][57]

Carbon capture and storage

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 (CCS). The company additionally plans that its Scope 1 and Scope 2 emissions will be carbon neutral by 2050. 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.[58][59] In July 2023, Exxon agreed to acquire Denbury Resources for $4.9 billion to further its low-carbon efforts.[60]

Corporate affairs
Big Oil companies[lower-alpha 2]
Company Revenue (USD)[61] Profit (USD) Brands
ExxonMobil $286 billion $23 billion Mobil
Esso
Imperial Oil
Shell plc $273 billion $20 billion Jiffy Lube
Pennzoil
TotalEnergies $185 billion $16 billion Elf Aquitaine
SunPower
BP $164 billion $7.6 billion Amoco
Aral AG
ARCO
Chevron $163 billion $16 billion Texaco
Caltex
Havoline
Marathon $141 billion $10 billion —
Phillips 66 $115 billion $1.3 billion 76
Conoco
JET
Valero $108 billion $0.9 billion Texaco
Eni $77 billion $5.8 billion —
ConocoPhillips $48.3 billion $8.1 billion —

Financial data

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.[62] For the fiscal year 2020, ExxonMobil reported a loss of US$22.4 billion, with an annual revenue of US$181.5 billion, a decline of 31.5% over the previous fiscal cycle.[63]

Year Revenue
(mln. US$)		 Net income (loss)
(mln. US$)		 Total assets
(mln. US$)		 Price per share
(US$)		 Employees
2008[64] 477,359 45,220 228,052 82.68 79,900
2009[64] 310,586 19,280 233,323 70.95 80,700
2010[65] 383,221 30,460 302,510 64.99 83,600
2011[66] 486,429 41,060 331,052 79.71 82,100
2012[67] 480,681 44,880 333,795 86.53 76,900
2013[68] 438,255 32,580 346,808 90.50 75,000
2014[69] 411,939 32,520 349,493 97.27 75,300
2015[70] 249,248 16,150 336,758 82.82 73,500
2016[70] 208,114 7,840 330,314 86.22 71,100
2017[71] 244,363 19,710 348,691 81.86 69,600
2018[72] 290,212 20,840 346,196 79.96 71,000
2019[73] 264,938 14,340 362,597 73.73 74,900
2020[63] 181,502 (22,440) 332,750 44.52 72,000
2021[74] 285,640 23,040 338,923 57.96 63,000
2022[3] 413,680 55,740 369,067 110.30 62,300

Headquarters and offices
ExxonMobil Building. Former ExxonMobil offices in Downtown Houston were vacated in early 2015.

ExxonMobil's headquarters are located in Spring, Texas, a suburb of Houston.[75][76]

The company decided to consolidate its Houston operations into one new campus located in northern Harris County and vacate its offices on 800 Bell St. which it had occupied since 1963.[77] The new operation complex includes twenty office buildings totaling 3,000,000 square feet (280,000 m2), a wellness center, laboratory, and three parking garages.[78] It is designed to house nearly 10,000 employees.

Board of directors

The current chairman of the board and CEO of ExxonMobil Corp. is Darren W. Woods. Woods was elected chairman of the board and CEO effective January 1, 2017, after the retirement of former chairman and CEO Rex Tillerson. Before his election as chairman and CEO, Woods was elected president of ExxonMobil and a member of the board of directors in 2016.[79]

As of July 28, 2021, the current ExxonMobil board members are:[80]

Hooley is presently the lead independent director, having succeeded former Merck CEO Kenneth Frazier upon his retirement in May 2022.[81] Three of the directors nominated at the last Annual General Meeting were nominated after a proxy battle against hedge fund Engine No.1 and were nominated against the suggestion of the board.[82]

Key Executives

ExxonMobil's key executives are:[83]

  • Darren Woods, chairman and CEO
  • Neil Chapman, Senior Vice President
  • Kathryn Mikells, CFO and Senior Vice President
  • Jack Williams, Senior Vice President
  • James Spellings, General Tax Counsel and Vice President

Controversies
Main article: Criticism of ExxonMobil
Extinction Rebellion protestors demonstrating against ExxonMobil

Climate change denial
Further information: ExxonMobil climate change denial

ExxonMobil's environmental record has faced much criticism for its stance[84] and impact on global warming.[85] In 2018, the Political Economy Research Institute ranks ExxonMobil tenth among American corporations emitting airborne pollutants,[86] thirteenth by emitting greenhouse gases,[87] and sixteenth by emitting water pollutants.[88] A 2017 report places ExxonMobil as the fifth largest contributor to greenhouse gas emissions from 1988 to 2015.[89][90] As of 2005, ExxonMobil had committed less than 1% of their profits towards researching alternative energy,[91] which, according to the advocacy organization Ceres, is less than other leading oil companies.[92] According to the 2021 Arctic Environmental Responsibility Index (AERI), ExxonMobil is ranked as the sixth most environmentally responsible company among 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle.[93] The company's activities gained international notoriety from many incidents, most notably the Exxon Valdez oil spill in 1989. As of 2020, ExxonMobil has been responsible for more than 3,000 oil spills and leakages which resulted in a loss of more than one barrel of oil, with the most in a single year being 484 spills in 2011.[94] Additionally, since 1965, ExxonMobil has released more than 40 billion tons of carbon dioxide pollution.[95]

In 2023, Science journal published a paper reporting that the global warming projections and models created by ExxonMobil's own scientists between 1977 and 2003 had "accurately" projected and "skillfully" modeled global warming due to fossil fuel burning, and had reasonably estimated how much CO2 would lead to dangerous warming. The authors of the paper concluded: "Yet, whereas academic and government scientists worked to communicate what they knew to the public, ExxonMobil worked to deny it."[96][97]

Between the 1980s and 2014, ExxonMobil was a notable denier of climate change, though the company officially changed its position in 2014 to acknowledge the existence of climate change. ExxonMobil's prolonged response incited the creation of the Exxon Knew movement, which aims to hold the company accountable for various climate-related incidents. ExxonMobil has used its own website to attack Exxon Knew, claiming that it is a coordinated effort to defame the company.[98][99][100][101]

In December 2022, U.S. House Oversight and Reform Committee Chair Carolyn Maloney and U.S. House Oversight Environment Subcommittee Chair Ro Khanna sent a memorandum to all House Oversight and Reform Committee members summarizing additional findings from the committee's investigation into the fossil fuel industry disinformation campaign to obscure the role of fossil fuels in causing global warming. Upon reviewing internal company documents, they accused ExxonMobil along with BP, Chevron, and Shell of greenwashing their Paris Agreement carbon neutrality pledges while continuing long-term investment in fossil fuel production and sales, for engaging in a campaign to promote the use of natural gas as a clean energy source and bridge fuel to renewable energy, and of intimidating journalists reporting about the companies' climate actions and of obstructing the committee's investigation, which ExxonMobil, Shell, and the American Petroleum Institute denied.[102][103][104]

Oil spills and plastic pollution
Exxon Valdez oil spill cleanup

ExxonMobil's operations have been subject to numerous oil spills both before and after the 1999 merger. The most widely publicized oil spill was the 1989 Valdez oil spill, where an Exxon tanker discharged approximately 11 million U.S. gallons (42,000 m3) of oil into Prince William Sound,[105] oiling 1,300 miles (2,100 km) of the remote Alaskan coastline. The spill remains the second largest in American history, only trailing BP's Deepwater Horizon spill in the Gulf of Mexico.[106]

ExxonMobil was also responsible for various other oil spills across the world. Some of Exxon's largest and most notable oil spills in the United States include long-lasting oil leaks totaling into an estimated 30 million gallon spill into New York City's Newtown Creek over the course of a century by Exxon and other Standard Oil predecessors,[107] a 2011 oil spill which leaked 1,500 barrels of oil into the Yellowstone River (resulting in about $135 million in damages),[108] and a 2012 1,900 barrel (80,000 gallon) spill from the company's Baton Rouge Refinery in the rivers of Point Coupee Parish, Louisiana.[109] ExxonMobil's actives in Louisiana in particular, especially its Baton Rouge Refinery, have given the area the nickname of Cancer Alley. 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.[110][111]

In May 2021, ExxonMobil topped the Plastic Waste Makers Index report published by the Minderoo Foundation of 20 petrochemical companies that manufactured 55 percent of the single-use plastic waste in the world in 2019 (which were part of a larger group of 100 petrochemical companies that manufactured 90 percent of the waste),[112][113] while in April 2022, California Attorney General Rob Bonta issued a subpoena to ExxonMobil for information related to the company's role in overstating the effectiveness of plastic recycling in reducing plastic pollution as part of an industry campaign to promote plastic usage.[114][115][116]

Geopolitical influence and human rights violations
See also: Conflict in the Niger Delta
Former CEO Rex Tillerson as Secretary of State, with Saudi Crown Prince Mohammed bin Salman, May 2017

ExxonMobil has also been accused of human rights violations and abusing its geopolitical influence.[20] In the book Private Empire by Steve Coll, ExxonMobil is described as extremely powerful "corporate state within the American state" in dealing with the countries in which it drills, going to the point as describing such countries' governments as "constrained".[117] 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.[118][119]

Indonesia
Main article: Accusations of ExxonMobil human rights violations in Aceh

Beginning in the late 1980s, ExxonMobil (through predecessor Mobil) hired military units of the Indonesian National Army to provide security for their gas extraction and liquefaction project in Aceh, Indonesia, and these military units were accused of committing human rights violations. ExxonMobil eventually pulled out from Indonesia completely in 2001, while denying any wrongdoing.[120]

Other controversies

During a 2022 surge in profits among ExxonMobil and other large oil companies, partly due to the war in Ukraine,[121][122] U.S. President Joe Biden criticized ExxonMobil. In June 2022, amid record oil prices, he said that "Exxon made more money than God this year".[123] When the oil giant reported its second quarter earnings in 2022, CNN reported that Exxon made US$2,245.62 per second in profit across the 92-day long second quarter.[124]

See also

Notes
  1. In official SEC filings, the company is split into two words and phrased as Exxon Mobil Corporation. However, in most media and communications, the two names are merged into a single word. Occasionally, the company is also abbreviated to EM, especially with regard to the company's retail rewards program.
  2. Data is based on the 2022 Fortune 500.

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