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Exxon Mobil Corporation
Company typePublic (NYSE: XOM)
ISINUS30231G1022 Edit this on Wikidata
IndustryOil and Gas
Founded1999 (merger)
1911 (Standard Oil of New Jersey)
1911 (Standard Oil of New York)
1870 (Standard Oil)
HeadquartersUnited States Irving, Texas, USA
Key peopleJohn D. Rockefeller, founder of the original Standard Oil
Rex W. Tillerson, Chairman/CEO
ProductsFuels, Lubricants, Petrochemicals
RevenueIncrease $377.635 Billion USD (2006)
Operating income52,783,000,000 United States dollar (2023) Edit this on Wikidata
Net incomeIncrease $39.50 Billion USD (2006)
9.86% profit margin
Total assets362,597,000,000 United States dollar (2019) Edit this on Wikidata
Number of employees106,100 Including Company Operated Retail Sites ("CORS")
Websitewww.exxonmobil.com
For other uses, see Exon (disambiguation).

Exxon Mobil Corporation or ExxonMobil (NYSE: XOM), a multi-national American corporation, is the largest publicly traded integrated oil and gas company in the world, formed on November 30, 1999, by the merger of Exxon and Mobil. As of 2007, it is the largest company in the world in both market capitalization, at $410.7 billion, and by revenue, at $377.6 billion. It is the largest of the six oil "supermajors" with daily production of 6.5m boe (barrels of oil equivalent), contributing 3% of the world's oil and 2% of the world's energy. Among all private oil companies ExxonMobil ranks 1st in the world in proven oil and gas reserves. Although the largest among corporate oil producers, ExxonMobil is still eclipsed by several of the largest state petroleum producers.

Corporate divisions

The Exxon Mobil Corporation global headquarters are located in Irving, a suburb of Dallas, Texas. ExxonMobil markets products around the world under the brands of Exxon, Mobil, and Esso; it also owns hundreds of smaller subsidiaries such as Imperial Oil Limited (66% ownership) (an oil retailer in Canada) and SeaRiver Maritime.

The corporation is bifurcated into a "Downstream" division (marketing, refining, and retail operations) located in Fairfax, Virginia, an "Upstream" division (oil exploration, extraction, shipping, and wholesale operations) located in Houston, Texas, and a "Chemicals" division also located in Houston, Texas. Although most internal operations are divided along these lines, the company also has several ancillary divisions, such as Coal & Minerals, which are standalone and not part of either the Upstream or the Downstream segments.

The upstream division dominates the company's cashflow, accounting for approximately 70% of revenue. The company employs over 80,000 people worldwide, with approximately 4,000 employees in its Fairfax downstream headquarters and 27,000 people in its Houston upstream headquarters.

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.

Revenue and profits

In 2005, ExxonMobil replaced Wal-Mart as the world's largest publicly held corporation when measured by revenue, although Wal-Mart remains the largest by number of employees.ExxonMobil's $340 billion revenues in 2005 were a 25.5 percent increase over their 2004 revenues.

In 2006, Wal-Mart recaptured the lead with revenues of $348.7 billion against ExxonMobil's $335.1. ExxonMobil continues to lead the world in both profits ($39.5 billion in 2006), and market value ($410.7 billion).

Sponsorship

ExxonMobil (through Mobil 1) is a major, long-term partner of Formula One constructor Team McLaren-Mercedes, Indy Racing League and NASCAR team Penske Racing.

History

The 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 company.

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 1920.

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.

Mobil Chemical Company was established in 1960. 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 specialty lines such as elastomers, plasticizers, solvents, process fluids, oxo alcohols and adhesive resins. The company was an industry leader in metallocene catalyst technology to make unique polymers with improved performance.

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 trademark.

On March 24, 1989, shortly after midnight, the Exxon Valdez oil tanker struck Bligh Reef in Prince William Sound, Alaska, spilling more than 11 million gallons (42,000 m³) of crude oil. The 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. Immediately after the spill, Exxon voluntarily paid $300 million to over 11,000 Alaskans and businesses affected by the Valdez spill. In addition, the company paid $2.2 billion to clean up Prince William Sound, a process that lasted until 1992, when the State of Alaska and the U.S. Coast Guard declared the clean-up complete. Exxon paid $1 billion in settlements with the state and federal governments. Virtually all Valdez compensatory damages were paid in full within one year of the accident, and the trial court commended Exxon for coming forward "with its people and its pocketbook and doing what had to be done under difficult circumstances." However, a $4.5 billion punitive ruling against Exxon is still under appeal. The punitive damages were set by a federal court judge in Anchorage, and have twice been vacated by the Ninth Circuit Court of Appeals as excessive.

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.

As a result of the merger, it became 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, surpassing General 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 apparatus, tried to downplay its success in order to avoid consumer criticism by putting up page-long ads in major American newspapers, such as The New York Times, The Washington Post, comparing oil industry profits to those of other large industries such as pharmaceuticals and banking. As an illustration, ExxonMobil's $36 billion in profits came on top of $370.6 billion in revenue, with a profit margin of 9.7%. In other words, Exxon netted 9.7 cents on each dollar of revenue it brought in. By contrast, Microsoft earned 30.8 cents for each dollar of revenue, and Google earned 23.9 cents for each dollar of revenue. Starbucks' profit margin was slightly lower than ExxonMobil's, at 7.8 cents for each dollar of revenue.

Exxon's long-time mascot is a tiger; Mobil's mascot is a red pegasus which dates back to the late 19th century and is one of the oldest marketing symbols still in use.

Controversies

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Foreign business practices

Investigative reporting by Forbes Magazine raised questions about ExxonMobil's dealings with the leaders of oil-rich nations." ExxonMobil controls concessions covering 11 million acres (44,500 km²) off the coast of Angola that hold an estimated 7.5 billion barrels (1.2 km³) of crude. Forbes alleged that "ExxonMobil handed hundreds of millions of dollars to the corrupt regime of President José Eduardo dos Santos in the late 1990s.

In 2003, the Office of Foreign Assets Control reported that ExxonMobil engaged in illegal trade with Sudan and it, along with dozens of other companies, settled with the United States government for $50,000.

In March 2003, James Giffen of the Mercator Corporation was indicted, accused of bribing President Nursultan Nazarbayev of Kazakhstan with $78 million to help ExxonMobil win a 25 percent share of the Tengiz oilfield, the third largest in the world. On April 2, 2003, former-Mobil executive J. Bryan Williams was indicted on tax charges relating to this same transaction. The case is the largest under the Foreign Corrupt Practices Act. This series of events is depicted in the film Syriana.

In a U.S. Department of Justice release dated September 18, 2003, the United States Attorney for the Southern District of New York announced that J. Bryan Williams, a former senior executive of Mobil Oil Corporation, had been sentenced to three years and ten months in prison on charges of evading income taxes on more than $7 million in unreported income, "including a $2 million kickback he received in connection with Mobil's oil business in Kazakhstan." According to documents filed with the court, Williams' unreported income included millions of dollars in kickbacks from governments, persons, and other entities with whom Williams conducted business while employed by Mobil. In addition to his sentence, Williams must pay a fine of $25,000 and more than $3.5 million in restitution to the IRS, in addition to penalties and interest.

Human rights record

ExxonMobil is the target of human rights activists 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. 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. Human rights complaints involving ExxonMobil's relationship with the Indonesian military first arose in 1992; the company denies these accusations and has filed a motion to dismiss the suit, which as of 2006 is still pending.

The company does not provide domestic partnership benefits to same-sex couples, although former Mobil employees receive that benefit. According to a proxy statement from ExxonMobil, the company "has zero tolerance discrimination and harassment policies" on "discrimination and harassment for any reason, including sexual orientation." ExxonMobil scored a 0 out of 100 on the Corporate Equality Index 2006 for lesbian, gay, bisexual, and transgender people.

Environmental record

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Valdez oil spill disaster

The March 24, 1989 Exxon Valdez oil spill was one of the most devastating man made environmental disasters ever to occur at sea. Exxon was widely criticized for its slow response to cleaning up the disaster and John Devens, the Mayor of Valdez, has said his community felt betrayed by Exxon's inadequate response to the crisis. . 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, allegedly under capitalized, stand-alone company, which would have minimal ability to pay out on claims in the event of a further accident.

In 2006, U.S. Congressman Dave Reichert (WA-08) demanded ExxonMobil begin paying punitive damages it owes to 33,000 fishermen, businesses and affected communities waiting compensation agreed to by ExxonMobil as part of a 12-year old court case settling the damages.

The U.S. Supreme Court let stand a $5 billion punitive damage verdict against ExxonMobil for its 1989 Exxon Valdez oil spill, rejecting without comment an appeal by the company on grounds of jury irregularities.

Funding of global warming skeptics

ExxonMobil has drawn criticism as a major funder of organizations campaigning against the scientific opinion that global warming is caused by the burning of fossil fuels, and against the Kyoto Protocol. According to Mother Jones Magazine, the company was a leading member of one of the first such skeptic groups, the Global Climate Coalition, founded in 1989. According to The Guardian, ExxonMobil has funded, among other groups skeptical of global warming, the Competitive Enterprise Institute, George C. Marshall Institute, Heartland Institute, Congress on Racial Equality, TechCentralStation.com, and International Policy Network. ExxonMobil's support for these organizations has drawn condemnation from the Royal Society, the academy of sciences of the United Kingdom. The Union of Concerned Scientists released a report in 2007 which stated that "ExxonMobil has funneled nearly $16 million between 1998 and 2005 to a network of 43 advocacy organizations that seek to confuse the public on global warming science." The report argued that ExxonMobil used disinformation tactics similar to those used by the tobacco industry in its denials of the link between lung cancer and smoking, saying that the company used "many of the same organizations and personnel to cloud the scientific understanding of climate change and delay action on the issue." These charges are consistent with a purported 1998 internal ExxonMobil strategy memo, posted by the the environmental group Environmental Defense, stating

"Victory will be achieved when
  • Average citizens 'understand' (recognize) uncertainties in climate science; recognition of uncertainties becomes part of the 'conventional wisdom' ...
  • Industry senior leadership understands uncertainties in climate science, making them stronger ambassadors to those who shape climate policy
  • Those promoting the Kyoto treaty on the basis of extant science appear out of touch with reality."

In August 2006, the Wall Street Journal revealed that a YouTube video lampooning Al Gore, titled Al Gore's Penguin Army, appeared to be astroturfing by DCI Group, a Washington PR firm with ties to ExxonMobil as well as the Republican Party.

In January 2007, the company appeared to change its position, when vice president for public affairs Kenneth Cohen said "we know enough now — or, society knows enough now — that the risk is serious and action should be taken." Cohen stated that, as of 2006, ExxonMobil had ceased funding of the Competitive Enterprise Institute and "'five or six' similar groups". While the company did not publicly state which the other similar groups were a May 2007 report by Greenpeace does list the five groups it stopped funding as well as a list of 41 other climate skeptic groups which are still receiving ExxonMobil funds.

On February 13, 2007, ExxonMobil CEO Rex W. Tillerson acknowledged that the planet was warming while carbon dioxide levels were increasing, but in the same speech gave an unalloyed defense of the oil industry and predicted that hydrocarbons would dominate the world’s transportation as energy demand grows by an expected 40 percent by 2030. Tillerson stated that there is no significant alternative to oil in coming decades, and that ExxonMobil would continue to make oil and natural gas its primary products, saying: "I'm no expert on biofuels. I don't know much about farming and I don't know much about moonshine. ... There is really nothing can bring to that whole issue. We don't see a direct role for ourselves with today's technology."

ExxonMobil currently ranks sixth on the Toxic 100 list of corporate air polluters in the United States.

Corporate governance

The current Chairman of the Board and CEO of Exxon Mobil Corporation is Rex Tillerson. Tillerson assumed the top position on January 1, 2006, on the retirement of long-time chairman and CEO, Lee Raymond, who received a highly controversial retirement and severance package of approximately $400 Million.

Board of directors

As of January 29, 2007, the current Exxon Mobil board members are:

Organization

ExxonMobil is organized functionally into a number of global operating divisions. These divisions are grouped into three categories for reference purposes:

  • Upstream
  • Downstream
  • Chemical

Operating divisions by category are as follows:

  • Upstream
    • ExxonMobil Exploration Company
    • ExxonMobil Development Company
    • ExxonMobil Production Company
    • ExxonMobil Gas and Power Marketing Company
    • ExxonMobil Upstream Research Company
  • Downstream
    • ExxonMobil Refining and Supply Company
    • ExxonMobil Fuels Marketing Company
    • ExxonMobil Lubricants & Specialties Company
    • ExxonMobil Research and Engineering Company
    • ExxonMobil Global Services Company
  • Chemical
    • ExxonMobil Chemical Company

Upstream and Chemical operations are headquartered in Houston, Texas, and the downstream operations are headquartered at the heritage-Mobil headquarters in Fairfax, Virginia.

Largest shareholders

As of March 30, 2007:

Owner Percent
Barclays Global Investors 3.4
State Street Global Advisors 3.1
Vanguard Group 2.6
Fidelity Management and Research 1.7
Northern Trust Company 1.3
AllianceBernstein 1.3
Wellington Management Company 1.0
Capital Research & Management Company 1.0
JPMorgan Chase 0.9
BlackRock 0.9
Columbia Management Advisors 0.9
Mellon Financial 0.9
TIAA-CREF Investment Management 0.7
Goldman Sachs 0.6
Lord Abbett 0.6

Financial Data

Financial Data USD millions
Year-end 2002 2003 2004 2005
Sales 204 506 237 054 291 252 358 955
EBITDA 26 038 41 220 51 646 70 181
Net income 11 460 21 510 25 330 36 130
Total Debt 10 748 9 545 8 293 7 991

Subsidiaries

Aera Energy LLC is an E&P joint venture with Shell Oil operating in California.

External links

General information

Funding given by ExxonMobil

Websites critical of ExxonMobil

ExxonMobil responses to issues

References

  1. http://finance.yahoo.com/q/pr?s=XOM
  2. Associated Press (April 3, 2006). "Exxon dethrones Wal-Mart atop Fortune 500". MSNBC. Retrieved 2007-05-09. {{cite news}}: Check date values in: |date= (help)
  3. Associated Press (April 16, 2007). "Wal-Mart returns to top of the Fortune 500 list". MSNBC. Retrieved 2007-05-09. {{cite news}}: Check date values in: |date= (help)
  4. ExxonMobil. Press release.
  5. Forbes Magazine. "Dangerous Liaisons." April 28, 2003.
  6. In May 2002, human rights advocates began calling for an investigation of the role of US oil companies and the Bush administration in Angola’s "Arms for Oil" scandal. According to a report by the British-based non-governmental organization Global Witness, Bush and US oil interests had ties to some of the key figures in the arms-for-oil scandal. Global Witness alleged that in exchange for profitable off-shore oil concessions, ExxonMobil and other American and western European oil companies funded Angolan president Jose Eduardo dos Santos. After transferring an alleged $770 million in oil revenues to their own private bank accounts, dos Santos and his administration began a violent offensive against rebel groups in the country in which many human rights abuses were inflicted on the Angolan people. from Co-op America
  7. Violation of the Bribes & Foreign Corrupt Practices Aact (ExxonMobil controls concessions covering 11 million acres (44,500 km²) off the coast of <Angola that hold an estimated 7.5 billion barrels (1.2 km³) of crude. from Search.com
  8. Even though Angola is the most effective of Africa's oil producers at retaining a high percentage of its oil wealth, its people get the least benefit from it. Much of that wealth has been mortgaged to pay for a long and destructive civil war. The lack of transparency of Angola's Government and its oil corporation, Sonangol, with the complicity of big oil companies, causes the rest to disappear without leaving much trace among Angola's poor. from Africa Files
  9. How Angolan State corruption and the lack of oil company and banking transparency has contributed to Angola's humanitarian and development catastrophe. from Africa Action
  10. CNN. "Wal-Mart, NY Yankees, others settle charges of illegal trading." April 14, 2003.
  11. Foley & Lardner, LLP. "SEC and DOJ Enforcement Actions and Opinions." May 30, 2003.
  12. International Labor Rights Fund. "ExxonMobil: How the Company is Linked with Indonesian Military Killings, Torture and other Severe Abuse in Aceh, Indonesia."
  13. http://money.cnn.com/2006/05/09/news/companies/pluggedin_fortune/index.htm
  14. http://sec.edgar-online.com/2004/04/14/0001047469-04-011934/Section10.asp
  15. http://www.hrc.org/Template.cfm?Section=Get_Informed2&Template=/ContentManagement/ContentDisplay.cfm&ContentID=33909
  16. The Baltimore Sun. "Even Renamed, Exxon Valdez can't Outlive Stain on its Past." October 15, 2002.
  17. U.S. Congressman Dave Reichert. "Reichert Demands Compensation for Exxon Valdez Spill." March 24, 2006.
  18. | Supreme Court Rejects Appeal Bid by ExxonMobil
  19. "Some Like It Hot". Mother Jones. May 2005. Retrieved 2007-04-29.
  20. "Royal Society Letter to Exxon". The Guardian. September 20, 2006. Retrieved 2006-10-18.
  21. "Claims by think-tank outrage eco-groups". The Guardian. November 28, 2004. Retrieved 2007-01-16.
  22. "Royal Society tells Exxon: stop funding climate change denial" (PDF). The Royal Society. September 4, 2006. Retrieved 2006-10-18. {{cite news}}: Check date values in: |date= (help)
  23. ^ "Scientists' Report Documents ExxonMobil's Tobacco like Disinformation Campaign on Global Warming Science" (Press release). Union of Concerned Scientists. January 3, 2006. Retrieved 2007-01-04. {{cite press release}}: Check date values in: |date= (help)
  24. ExxonMobil. "Global Climate Science Communications." April 3, 1998. See also Environmental Defense commentary "Guess who's funding the global warming doubt shops?" and Cooperative Research history commons chronology of Exxon's PR efforts
  25. Antonio Regalado and Dionne Searcey (August 3, 2006). "Where did that video spoofing Gore's film come from?". {{cite news}}: Check date values in: |date= (help)
  26. Chris Ayres (August 5, 2006). "Slick lobbying is behind penguin spoof of Al Gore". The Times. {{cite news}}: Check date values in: |date= (help)
  27. "Exxon cuts ties to global warming skeptics". MSNBC. January 12, 2007. Retrieved 2007-05-09. {{cite news}}: Check date values in: |date= (help)
  28. http://www.greenpeace.org/usa/assets/binaries/exxon-secrets-analysis-of-fun.pdf
  29. "Exxon Chief Cautions Against Rapid Action to Cut Carbon Emissions". New York Times. February 14, 2007. {{cite news}}: Check date values in: |date= (help)
  30. "Exxon Mobil CEO: climate policy would be prudent". Reuters. February 13, 2007. {{cite news}}: Check date values in: |date= (help)
  31. Toxic 100 list http://www.peri.umass.edu/Toxic-100-Table.265.0.html
  32. "Exxon Mobil Corporation Board of Directors". Exxon Mobil Corporation.
  33. http://www.opesc.org/siteFiches/fiche.php?entreprise=EXXON

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