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About Exxon Mobil:
The Exxon Mobil Corporation, or ExxonMobil, is an
American multinational oil and gas corporation. It is a direct descendant of John D.
and was formed on November 30, 1999, by the merger of Exxon
and Mobil. Its headquarters are in
ExxonMobil is one of the largest publicly traded companies in the world, having been ranked
either #1 or #2 for the past 5 years. However they are currently 6th 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
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.
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
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.
In the same year, the nation's kerosene output was eclipsed for the first time
by gasoline. The
growing automotive market inspired the product trademark Mobiloil, registered by Socony in
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.
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
alcohols and adhesive resins. The company was an industry
leader in metallocene catalyst technology to make unique polymers with improved
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
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,
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
States. The sale will not result 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 brand.
In 2010, ExxonMobil bought XTO Energy,
the company focused on development and production of unconventional resources.
Mobil Properties For Sale Across the