About Company
ExxonMobil Corporation (usually abbreviated to Exxon) is a US-based international gas and oil conglomerate with its head office in Irving, Texas.
Exxon ranks as the biggest straight successor of Standard Oil founded by John D. Rockefeller. It was set up on 30th November 1999, as a result of the merger between Mobil and Exxon.
Both of its forerunners have been used as labels for downstream goods and gas filling stations currently, together with Esso. ExxonMobil is a vertically-integrated firm. Besides, it has ExxonMobil Chemical, which is its chemical segment. ExxonMobil manufactures artificial rubber, plastic, and other varieties of chemical goods. The company is registered in New Jersey.
The oldest business forerunner of ExxonMobil was Vacuum Oil Company. However, Standard Oil is its biggest precursor before its split.
The organization presently named ExxonMobil developed from the Standard Oil Company of New Jersey (which was in short known as Jersey Standard), the commercial enterprise which efficiently regulated the whole of Standard Oil before its split.
Jersey Standard expanded together with all-embracing collaboration with one more Standard Oil successor, the Standard Oil Company of New York (Socony), which is also its unification associate for the future. Both of them expanded themselves through amalgamation with different third-party firms such as Vacuum Oil (which unified with Socony) and Humble Oil (which amalgamated with Jersey Standard).
Both firms went through relabeling in the 1960s and the beginning of the 1970s. By the time the two firms went for unification in 1999, Socony had been named Mobil and Jersey Standard as Exxon.
The amalgamation arrangement between Mobil and Exxon specified that Exxon would acquire Mobil and it would be relabeled as ExxonMobil, and the CEO of Mobil would become the vice chairman of the firm.
In terms of revenue, ExxonMobil ranks as one of the biggest firms in the world, because its amalgamation differed from the 1st to the 10th biggest publicly-traded firm in terms of revenue. It features one of the biggest market caps beyond any firm.
Till 2022, in the latest ratings published by the Fortune 500, ExxonMobil achieved the 6th rank and 12th rank on the Fortune Global 500 list.
ExxonMobil ranks as the biggest investor-held oil firm across the world, and the biggest oil trading firm with its head office in the West. It is also the biggest among the Big Oil firms in terms of both manufacturing and market worth.
By the close of 2016, the stock of ExxonMobil touched 20 billion BOE (Barrel of oil equivalent) and the frequencies of manufacturing in 2007 were anticipated to stay for over fourteen years. With twenty-one oil refineries forming a collective per day refining capacity of 780,000 m3 (4.9 million barrels), ExxonMobil ranks as the 2nd biggest oil refining firm in the world, just behind Sinopec.
About 55.56% of the stocks of the firm are owned by various business establishments. The biggest among them till 2019 was the following:
- BlackRock – 6.61%
- The Vanguard Group – 8.15%
- State Street Corporation – 4.83%
Criticism
The company has faced severe censure for its sluggish reply to tidying up campaigns following the Exxon Valdez oil spill that took place in 1989 in Alaska, regarded as one of the most devastating oil spills in the world by loss to the environment.
ExxonMobil has a past of advocating for climate change refusal versus the technological accord that global warming is a result of fossil fuels burning. Besides, the firm has been the aim of charges with inappropriately handling human rights concerns, sway on US international policy, and its effect on different communities throughout the world.
Timeline in short
ExxonMobil draws its origins from the Vacuum Oil Company, set up in the 1860s. Subsequently, Vacuum Oil underwent an amalgamation with the Standard Oil Company of New York. This new company afterward modified its name to Mobil and unified with Exxon, initially known as the Standard Oil Company of New Jersey in 1999.
With the amalgamation, the two firms fundamentally united, with the new firm name including both the commercial names of its instant forerunners. Nonetheless, the constitution of the amalgamation rendered that Exxon was the subsisting firm, instead of a new firm being formed.
What type of firm is ExxonMobil?
ExxonMobil is a publicly-traded company.
How many staff work for ExxonMobil?
As of 2021, the oil and gas behemoth recruits approximately 64,000 people around the world.
To which industry does ExxonMobil belong?
ExxonMobil belongs to the oil and gas industry.
When was ExxonMobil set up?
The US-based multinational oil and gas giant came into existence on 5 August 1882; one hundred and forty years back. The name of the company was Standard Oil of New Jersey.
How was ExxonMobil founded?
The company was formed as a result of the breaking up of Standard Oil following the Supreme Court of the US verdict in 1911 circa.
Where is the main office of ExxonMobil located?
The company has its central office in Irving, Texas.
Who are the top competitors of ExxonMobil?
The top competitors of ExxonMobil are:
- TotalEnergies
- Shell plc
- Chevron
- BP (British Petroleum)
- Phillips 66
- Marathon
- Valero
- ConocoPhillips
- Eni
Which territory does ExxonMobil serve?
The firm enjoys a global client base. Beyond the US, Mobil and Esso are mostly sold, with Mobil running in 29 nations and territories and Esso running in 14 nations.
Which companies were the forerunners of ExxonMobil?
The forerunners of the company were the following:
- Mobil
- Standard Oil
What are the different products and services offered by ExxonMobil?
ExxonMobil offers the following products and services:
- Oil products
- Crude oil
- Petrochemicals
- Natural gas
- Power generation
What are the various brands under ExxonMobil?
The various brands under the company are as follows:
- Coolanol
- Mobil
- Esso
- Speedpass
- On the Run
What are the various subsidiaries of ExxonMobil Corporation?
The various subsidiaries of the company are:
- Exxon Neftegas
- Aera Energy
- ExxonMobil Nigeria
- ExxonMobil Australia
- SeaRiver Maritime
- Imperial Oil
- XTO Energy
ExxonMobil Operations
ExxonMobil ranks as the biggest non-government-held firm in the power sector and manufactures approximately 3% of the oil in the world and around 2% of the energy in the world.
ExxonMobil Corporation is a vertically-integrated firm split into a set of worldwide functional segments. These segments are categorized into three groups for orientation reasons, albeit the firm has various unconnected segments as well, like Coal and Minerals.
ExxonMobil is also the proprietor of various minor subsidiary companies like SeaRiver Maritime and XTO Energy. Besides, it enjoys a bulk proprietary stake holding in Imperial Oil.
- Upstream (searching for oil, mining, transportation, and wholesale functions)
- Low Carbon Solutions
- Goods Solutions (chemical, downstream)
What are the notable oil spills and leaks that happened under ExxonMobil?
The oil spills and leaks that struck ExxonMobil’s reputation hard include the following:
- Exxon’s Brooklyn oil spill
- Exxon Valdez oil spill
- Baton Rouge Refinery benzene leak
- Baton Rouge Refinery pipeline oil spill
- Mayflower oil spill
- Yellowstone River oil spill
- Sakhalin-I
Besides, there was a New Jersey wetlands environmental contamination issue that finally settled for US $225 million.
ExxonMobil Management
Darren Woods (CEO & Chairman)
In 1992, Mr. Darren Woods became a part of Exxon Company International in the role of a planning analyst in the Florham Park office, New Jersey. Woods advanced via a series of inland and overseas projects for ExxonMobil Chemical Company, Exxon Company International, as well as ExxonMobil Refining and Supply Company.
In 2005, Darren got an appointment as the VP of ExxonMobil Chemical Company in Houston, TX. There he had to handle worldwide specialty-chemical trades. In 2008, Woods was nominated as the director of refining for ExxonMobil Refining and Supply Company for Africa, Europe, and the Middle East region. He was working from Brussels at that time. In 2010, Darren got the appointment of the VP of supply and transportation segment, situated in Fairfax, VA.
In 2012, Mr. Darren got an appointment as the VP of Exxon Mobil Corporation and ExxonMobil Refining and Supply Company president. In 2014, Darren got the nomination for the senior VP position of Exxon Mobil Corporation.
With effect from 1st January 2016, Darren was nominated as Exxon Mobil Corporation president and also a member of the board of directors of the company.
The Board of Directors of ExxonMobil chose Mr. Darren as the Chief Executive Officer and Chairman, with effect from 1st January 2017.
Presently, Mr. Woods serves as the National Petroleum Council vice chairman, and he is also a part of the American Petroleum Institute board of directors and the Center for Strategic and International Studies board of trustees. Besides, he is an affiliate of the Business Council, the Business Roundtable, as well as the Texas A&M University Engineering Advisory Council.
Darren Woods has a graduation degree from Texas A&M University, where he achieved a B.Sc degree in electrical engineering. Woods has a Master of Business Administration degree as well from Kellogg School of Management at Northwestern University in Evanston, Illinois.
ExxonMobil stock performance
The common stocks of ExxonMobil are bought and sold on the New York Stock Exchange with the ticker symbol XOM. The stocks are constituents of the following indices:
- Standard & Poor 500
- Standard & Poor 100
On September 23, 2022, ExxonMobil Corporation (XOM) closed trading at US $85.75 with the data given below at 4:03 pm Eastern Daylight Time (EDT).
Stock chart
ExxonMobil Corporation Financial Performance
Second Quarter Financial Results Summary
Financial highlights
- Higher Permian gas and oil generation by around 130,000 BOE (oil-equivalent barrels) every day. Refining throughput has gone up by 180,000 barrels per day compared to the 1st half of 2021 for fulfilling recuperating goods requirements.
- The gross amount of capital investments was US $9.5 billion for the 1st half of 2022; on course with whole-year supervision.
- Produced earnings of US $17.9 billion. Cash flow from operational processes amounted to US $20 billion in 2022 Q2 as a consequence of higher manufacturing, increased revenue collections and profits, and hard-line cost regulation.
- Fresh lower-discharge endeavors incorporated 4 big-scale carbon capture and storing prospects.
Disclaimer
This write-up has not been created by the blogger to generate investment awareness. His primary goal is rather to spread knowledge. Therefore, interested readers and surfers need to keep in mind that they should not use this data for any type of investment venture. If you are zealous about investing some of your hard-earned funds, you can carry out your investment activities after adopting a lot of precautions. Talking with an investment professional is the wisest move that you can make in these circumstances. Stay away from any type of hasty decision-making so that you can pave the path toward a brighter financial future. Market risks are always linked with investment. To combat these risks, one always has to keep himself in a rational state.
