ExxonMobil

ExxonMobil Corporation[lower-alpha 1] (commonly shortened to Exxon[5][6][7]) 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,[8] and was formed on November 30, 1999, by the merger of Exxon and Mobil. Both of its predecessors are used as brands for fueling stations and downstream products today, alongside Esso. The vertically-integrated company also has a chemical division, ExxonMobil Chemical, which produces plastic, synthetic rubber, and other chemical products.[9][10] ExxonMobil is incorporated in New Jersey.[11][12]

ExxonMobil Corporation
TypePublic
Traded as
ISINUS30231G1022
IndustryEnergy: Oil and gas
Predecessor
FoundedAugust 5, 1882 (1882-08-05) (as Standard Oil of New Jersey)[2]
FounderSplit 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 (1989-2023)
Spring, Texas (2023–) [3]
,
U.S.
Area served
Worldwide
Key people
Darren Woods (chairman & CEO)
Products
Brands
  • Coolanol
  • Esso
  • Mobil
  • On the Run
  • Speedpass
Revenue US$276.692 billion (2021)[4]
US$24.019 billion (2021)[4]
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
Websitecorporate.exxonmobil.com

ExxonMobil's earliest corporate ancestor was Vacuum Oil Company, though Standard Oil is its largest ancestor prior to its breakup. 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). 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.[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.[14][15] As of 2022, in the most recent rankings released in the Fortune 500, ExxonMobil was ranked sixth, and twelfth on the Fortune Global 500.[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.[17][18] 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.[19] 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.[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 had been criticized for its slow response to cleanup efforts after the 1989 Exxon Valdez oil spill in Alaska,[22] considered to be one of the world's worst oil spills[23] 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 various societies across the world.[24]

History
Big Oil Companies
Company Revenue (USD) Profit Employees Brands
ExxonMobil $286 billion $23 billion 63,000 Mobil
Esso
Imperial Oil
Shell plc $273 billion $20 billion 82,000 Jiffy Lube
Pennzoil
TotalEnergies $185 billion $16 billion 100,309 Bostik
Elf Aquitaine
SunPower
BP $164 billion $7.6 billion 65,900 Amoco
Aral AG
Chevron $163 billion $16 billion 42,595 Texaco
Caltex
Havoline
Marathon $141 billion $10 billion 17,700 ARCO
Phillips 66 $115 billion $1.3 billion 14,000 76
Conoco
JET
Valero $108 billion $0.9 billion 9,804 Texaco (UK)
Eni $77 billion $5.8 billion 32,689
ConocoPhillips $48.3 billion $8.1 billion 9,900

ExxonMobil traces its roots to Vacuum Oil Company, founded in the 1860s. 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.

With the merger, the two companies essentially 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, rather than a new company being created.[25][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.[26]

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.[27]

  • Upstream (oil exploration, extraction, shipping, and wholesale operations)
  • Product Solutions (downstream, chemical)
  • Low Carbon Solutions [28]

Upstream

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

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.[31] 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.[31]

In Argentina, ExxonMobil holds 0.9 million acres (3,600 km2), Germany 4.9 million acres (20,000 km2), 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.[31] In addition, ExxonMobil plans to start exploration activities off the coast of Liberia and the Ivory Coast.[32][33] In the past, ExxonMobil had exploration activities in Madagascar, however these operations were ended due to unsatisfactory results.[34]

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.[31]

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.[31] 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.[35]

Product Solutions

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

Downstream

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.[37]

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.[38]

In Japan, ExxonMobil had a 22% stake in TonenGeneral Sekiyu K.K., a refining company which merged into Eneos in 2017.[39][40]

Retail

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 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. The program, however, has received criticism for offering most of its benefits to those who purchase premium gasoline.[41][42][43]

Chemicals

ExxonMobil Chemical is a petrochemical company that was created by merging Exxon's and Mobil's chemical industries. Its principal products includes 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.[44] Infineum, a joint venture with Royal Dutch Shell, is manufacturing and marketing crankcase lubricant additives, fuel additives, and specialty lubricant additives, as well as automatic transmission fluids, gear oils, and industrial oils.[45]

Sponsorships

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.[46] ExxonMobil is currently in partnerships with Oracle Red Bull Racing in Formula One, Kalitta Motorsports, and Team McLaren.[47][48][49]

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.[50][51][52][53]

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.[54][55]

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. 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.[56][57]

Corporate affairs

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.[58] 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.[59]

Year Revenue
(mln. US$)		 Net income (loss)
(mln. US$)		 Total assets
(mln. US$)		 Price per share
(US$)		 Employees
2008[60] 477,359 45,220 228,052 82.68 79,900
2009[60] 310,586 19,280 233,323 70.95 80,700
2010[61] 383,221 30,460 302,510 64.99 83,600
2011[62] 486,429 41,060 331,052 79.71 82,100
2012[63] 480,681 44,880 333,795 86.53 76,900
2013[64] 438,255 32,580 346,808 90.50 75,000
2014[65] 411,939 32,520 349,493 97.27 75,300
2015[66] 249,248 16,150 336,758 82.82 73,500
2016[66] 208,114 7,840 330,314 86.22 71,100
2017[67] 244,363 19,710 348,691 81.86 69,600
2018[68] 290,212 20,840 346,196 79.96 71,000
2019[69] 264,938 14,340 362,597 73.73 74,900
2020[59] 181,502 (22,440) 332,750 44.52 72,000
2021[70] 285,640 23,040 338,923 57.96 63,000

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

ExxonMobil's headquarters are located in Irving, Texas, though the company is in the process of moving to a new campus located in Spring, Texas, a suburb of Houston.[71][72]

The company decided to consolidate its Houston operations into one new campus located in northern Harris County and vacating its offices on 800 Bell St. which it occupied since 1963.[73] This includes twenty office buildings totaling 3,000,000 square feet (280,000 m2), a wellness center, laboratory, and three parking garages.[74] It is designed to house nearly 10,000 employees with an additional 1,500 employees located in a satellite campus in Hughes Landing in The Woodlands, Texas.[75]

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.[76]

As of July 28, 2021, the current ExxonMobil board members are:[77]

  • Michael J. Angelakis, chairman and chief executive officer of Atairos Group Inc.
  • Susan Avery, Woods Hole Oceanographic Institution president emerita
  • Angela Braly, former president and CEO of WellPoint (now Anthem)
  • Ursula Burns, Xerox former chairman and CEO
  • Gregory J. Goff, former executive vice chairman, Marathon Petroleum Corporation
  • Kaisa H. Hietala, board professional
  • Joseph L. Hooley, former chairman, president and CEO of State Street Corporation
  • Steven A. Kandarian, chairman, president and CEO of MetLife, Inc.
  • Alexander A. Karsner, senior strategist at X
  • Jeffrey W. Ubben, Founder, Portfolio Manager, and Managing Partner, Inclusive Capital Partners, L.P.
  • Darren W. Woods, chairman of the board and CEO, ExxonMobil Corporation

On March 22, 2022, Frazier, ExxonMobil's lead independent director, announced he would not be standing for reelection to the board. The company announced Hooley would become the new lead independent director.[78] 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.[79]

Key Executives

ExxonMobil's key executives are:[80]

  • 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

Environmental controversies

ExxonMobil's environmental record has faced much criticism for its stance[81] and impact on global warming.[82] In 2018, the Political Economy Research Institute ranks ExxonMobil tenth among American corporations emitting airborne pollutants,[83] thirteenth by emitting greenhouse gases,[84] and sixteenth by emitting water pollutants.[85] A 2017 report places ExxonMobil as the fifth largest contributor to greenhouse gas emissions from 1998 to 2015.[86][87]As of 2005, ExxonMobil had committed less than 1% of their profits towards researching alternative energy,[88] which, according to the advocacy organization Ceres, is less than other leading oil companies.[89] 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.[90]

From the late 1970s through the 1980s and prior to the merger with Mobil, Exxon funded research broadly in line with the developing public scientific approach.[91] After the 1980s, Exxon curtailed its own climate research and became a leader in climate change denial.[92][93][94][95] In 2014, ExxonMobil publicly acknowledged climate change risk.[96] It nominally supports a carbon tax, though that support is weak,[97] and one of the company's lobbyists admitted that ExxonMobil supports it only because it believes the tax will be almost impossible to implement.[98]

ExxonMobil has made several climate pledges. It announced reduce methane emissions by 15% and reduce flaring by 25% by 2020.[99] In November 2021, the company committed to increasing expenditures for various projects that are expected to reduce GHG emissions to $15 billion by 2027. Next month, it made a commitment to zero emissions from its operations in the US Permian Basin by 2030. In January 2022, it made a commitment to eliminate global GHG emissions from all its operations (known in carbon accounting as Scopes 1 and 2), but not from the use of its products (Scope 3), by 2050.[100]

Exxon Valdez oil spill
Main article: Exxon Valdez oil spill
Exxon Valdez oil spill cleanup

The March 24, 1989, Exxon Valdez oil spill resulted in the discharge of approximately 11 million US gallons (42,000 m3) of oil into Prince William Sound,[101] 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".[101] Carcasses were found of over 35,000 birds and 1,000 sea otters. Because carcasses typically sink to the seafloor, it is estimated the death toll may be 250,000 seabirds, 2,800 sea otters, 300 harbor seals, 250 bald eagles, and up to 22 killer whales. Billions of salmon and herring eggs were also killed.[102] It had a devastating effect on the local Alaska Native populations, many of which had for centuries relied largely on fishing to survive.[103]

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.[104] 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.[105]

After a trial, a jury ordered ExxonMobil to pay $5 billion in punitive damages, though an appeals court reduced that amount by half. ExxonMobil appealed further, and on June 25, 2008, the United States Supreme Court lowered the amount to $500 million.[106]

Exxon's Brooklyn oil spill

New York Attorney General Andrew Cuomo announced on July 17, 2007, that he had filed suit against the ExxonMobil Corp. and ExxonMobil Refining and Supply Co. to force cleanup of the oil spill at Greenpoint, Brooklyn, and to restore Newtown Creek.[107]

A study of the spill released by the US Environmental Protection Agency in September 2007 reported[108] that the spill consists of 17 to 30 million US gallons (64,000 to 114,000 m3) of petroleum products from the mid-19th century to the mid-20th century.[109] The largest portion of these operations were by ExxonMobil or its predecessors. By comparison, the Exxon Valdez oil spill was approximately 11 million US gallons (42,000 m3).[101] 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.[110]

Baton Rouge Refinery pipeline oil spill

In April 2012, a crude oil pipeline, from the Exxon Corp Baton Rouge Refinery, burst and spilled at least 1,900 barrels of oil (80,000 gallons) in the rivers of Point Coupee Parish, Louisiana, shutting down the Exxon Corp Baton Refinery for a few days. Regulators opened an investigation in response to the pipeline oil spill.[111]

Baton Rouge Refinery benzene leak

On June 14, 2012, a bleeder plug on a tank in the Baton Rouge Refinery failed and began leaking naphtha, a substance that is composed of many chemicals including benzene.[112] ExxonMobil originally reported to the Louisiana Department of Environmental Quality (LDEQ) that 1,364 pounds of material had been leaked.[113]

On June 18, Baton Rouge refinery representatives told the LDEQ that ExxonMobil's chemical team determined that the June 14 spill was actually a level 2 incident classification, which means that a significant response to the leak was required.[114] On the day of the spill the refinery did not report that their estimate of spilled materials was significantly different from what was originally reported to the department. Because the spill estimate and the actual amount of chemicals spilled varied drastically, the LDEQ launched an in-depth investigation on June 16 to determine the actual amounts of chemicals spilled as well as to find out what information the refinery knew and when they knew it.[115] On June 20, ExxonMobil sent an official notification to the LDEQ saying that the leak had actually released 28,688 pounds of benzene, 10,882 pounds of toluene, 1,100 pounds of cyclohexane, 1,564 pounds of hexane and 12,605 pounds of additional volatile organic compound.[114][115] After the spill, people living in neighboring communities reported adverse health impacts such as severe headaches and respiratory difficulties.[116]

ExxonMobil refinery in Baton Rouge

Yellowstone River oil spill
Map of the Yellowstone River watershed

The July 2011 Yellowstone River oil spill was an oil spill from an ExxonMobil pipeline running from Silver Tip to Billings, Montana, which ruptured about 10 miles west of Billings on July 1, 2011, at about 11:30 pm.[117] The resulting spill leaked an estimated 1,500 barrels of oil into the Yellowstone River for about 30 minutes before it was shut down, resulting in about $135 million in damages.[118] As a precaution against a possible explosion, officials in Laurel, Montana evacuated about 140 people on Saturday (July 2) just after midnight, then allowed them to return at 4 am.[117]

A spokesman for ExxonMobil said that the oil is within 10 miles of the spill site. However, Montana Governor Brian Schweitzer disputed the accuracy of that figure.[119] The governor pledged that "The parties responsible will restore the Yellowstone River."[120]

Mayflower oil spill

On March 29, 2013, the Pegasus Pipeline, owned by ExxonMobil and carrying Canadian Wabasca heavy crude, ruptured in Mayflower, Arkansas, releasing about 3,190 barrels (507 m3) of oil and forcing the evacuation of 22 homes.[121][122] The Environmental Protection Agency has classified the leak as a major spill.[123] In 2015, ExxonMobil settled charges that it violated the federal Clean Water Act and state environmental laws, for $5.07 million, including $4.19 million in civil penalties. It did not admit liability.[121]

Sakhalin-I

Scientists and environmental groups have voiced concern that the Sakhalin-I oil and gas project in the Russian Far East, operated by an ExxonMobil subsidiary Exxon Neftegas, threatens the critically endangered western gray whale population.[124][125] Particular concerns were caused by the decision to construct a pier and to start shipping in Piltun Lagoon.[126] ExxonMobil has responded that since 1997 the company has invested over $40 million to the western whale monitoring program.[127]

ExxonMobil announced it would be fully pulling out of Sakhalin-I in March 2022, in response to the 2022 Russian invasion of Ukraine.[128]

New Jersey wetlands

In 2004, the New Jersey Department of Environmental Protection sued ExxonMobil for $8.9 billion for lost wetland resources at Constable Hook in Bayonne and Bayway Refinery in Linden.[129] Although a New Jersey Superior Court justice was believed to be close to a ruling, the Christie Administration repeatedly asked the judge to wait, since they were reaching a settlement with ExxonMobil's attorneys.[130] On Friday, February 19, 2015, lawyers for the Christie administration informed the judge that a deal had been reached. Details of the $225 million settlement – roughly 3% of what the state originally sought – were not immediately released. Christopher Porrino served as Chief Counsel to the Christie administration from January 2014 through July 2015 and handled negotiations in the case.[131][132]

Willie Soon

In February 2015, it was revealed that climate denier Willie Soon had been paid by several fossil fuel interest groups.[133] Over the course of 14 years, he had received a total of $1.25m from ExxonMobil, Southern Company, the American Petroleum Institute (API) and a foundation run by the Koch family, the documents obtained by Greenpeace show.[134] The scientist described his studies to fossil fuel executives as "deliverables", and permitted anonymous pre-publication reviews.[135] Soon advanced the widely discredited theory that changes in solar activity are to blame for climate change, and called into question the severity and extent of climate change in all his studies, never revealing his backers.[135]

Other controversies

Human rights violations

ExxonMobil is the target of human rights violations accusations 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.[136] 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.[137] 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, though granted by another federal judge in August 2009.[138][139] ExxonMobil was ranked as the 12th best of 92 oil, gas, and mining companies on indigenous rights in its Arctic operations.[140][141]

Geopolitical influence

A July 2012 Daily Telegraph review of Steve Coll's book, Private Empire: ExxonMobil and American Power, says that he thinks that ExxonMobil is "able to determine American foreign policy and the fate of entire nations".[24] ExxonMobil increasingly drills in terrains leased to them by dictatorships, such as those in Chad and Equatorial Guinea.[24] Steve Coll describes Lee Raymond, the corporation's chief executive until 2005, as "notoriously skeptical about climate change and disliked government interference at any level".[24]

The book was also reviewed in The Economist, according to which "ExxonMobil is easy to caricature, and many critics have done so.... It is to Steve Coll's credit that Private Empire, his new book about ExxonMobil, refuses to subscribe to such a simplistic view." The review describes the company's power in dealing with the countries in which it drills as "constrained". It notes that the company shut down its operations in Indonesia to distance itself from the abuses committed against the population by that country's army and that it decided to drill in Chad only after the World Bank agreed to ensure that the oil royalties were used for the population's benefit. The review closes by noting that "A world addicted to ExxonMobil's product needs to look in the mirror before being too critical of how relentlessly the company supplies it."[142]

In 1937, Iraq Petroleum Company (IPC), 23.75 percent owned by a corporate ancestor of ExxonMobil,[143] signed an oil concession agreement with the Sultan of Muscat. IPC offered financial support to raise an armed force that would assist the Sultan in occupying the interior region of Oman, an area that geologists believed to be rich in oil. This led to the 1954 outbreak of Jebel Akhdar War in Oman that lasted for more than 5 years.[144][145]

See also
  • Esso
  • History of ExxonMobil
  • Litigation involving ExxonMobil:
    • Connecticut v. ExxonMobil Corp.
    • Exxon Corp. v Exxon Insurance Consultants International Ltd
    • Kivalina v. ExxonMobil Corp.

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. Occasionally, the company is also abbreviated to EM, especially with regard to the company's retail rewards program.

References
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