Exxon Mobil Corporation (NYSE: XOM) or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas. It is affiliated with Imperial Oil which operates in Canada.
Under Raymond, Exxon truly did become a private empire, conducting its own foreign policy, using its own metrics to report its financial performance and oil reserves, and policing employee behavior to an almost Singaporean degree (good: church, being married, golf; bad: bohemianism, gay-friendliness, extreme sports). The corporation’s guiding principals were A) that, for all the talk of alternative and renewable energy, fossil fuels shall remain the primary and most remunerative energy source for decades to come; and B) that Exxon must do whatever it takes to discover or buy new oil and natural-gas reserves to replace what the company produces annually.
There’s a startling scene early in Steve Coll’s Private Empire in which Lee Raymond, then the chief executive of ExxonMobil, speaks with offhanded candor about where his loyalties lie. Asked by an industry colleague if his company might consider building more refineries domestically, the better to protect the U.S. from potential gasoline shortages and security crises, Raymond shrugs off the question. “I’m not a U.S. company,” Raymond says, “and I don’t make decisions based on what’s good for the U.S.”
The world's largest publicly-traded oil company outlined a long list of new investments and strategies to financial analysts at a presentation at the New York Stock Exchange.
Exxon (XOM, Fortune 500) said it brought eight major oil production projects on line in 2008 and that it will bring another nine on line in 2009. During peak production, it expects the new projects to pump about 745,000 barrels of oil a day. The company currently produces approximately 2.5 million barrels of oil each day.
Exxon, like other oil companies, needs the added production to offset declines in its existing fields.
In 1979, while the poor were taking cuts, the salary of the chairman of Exxon Oil was being raised to $830,000 a year and that of the chairman of Mobil Oil to over a million dollars a year. That year, while Exxon's net income rose 56 percent to more than $4 billion, three thousand small independent gasoline stations went out of business.
ExxonMobil Corporation — the world's largest nongovernmental producer of oil and natural gas, and soon to become the largest corporation of any kind headquartered in the United States — formally came into existence on December 1, 1999. During its first year of combined operations, the corporation would earn $228 billion in revenue, more than the gross domestic product — the total of all economic activity — of Norway. If its revenue were counted strictly as gross domestic product, the corporation would rank as the twenty-first-largest nation-state in the world.
On March 24, 1989, shortly after midnight, the oil tanker Exxon Valdez struck Bligh Reef in Prince William Sound, Alaska, spilling more than 11 million gallons of crude oil. The spill was the largest in U.S. history and tested the abilities of local, national, and industrial organizations to prepare for, and respond to, a disaster of such magnitude.
The descendants of John D. Rockefeller, the founder of Standard Oil, which later became Exxon, are significant shareholders in the company, although the size of their share isn't publicly known. In recent years, they have been pushing Exxon to invest more in renewable energy, to study the impact of carbon emissions on developing countries, and to change its corporate structure to allow more internal debate. The changing energy landscape and the pollution problems associated with oil threaten the company, its shareholders, and the environment, they say. And they believe the responsible thing, from a business and moral standpoint, is for Exxon to be proactive and to help shape the clean energy future, rather than waiting for the market to whip it in that direction.
Rex W Tillerson has been CEO of ExxonMobil (XOM) for 6 years. Mr. Tillerson has been with the company for 37 years.
1999 Exxon and Mobil signed a definitive agreement to merge and form a new company called Exxon Mobil Corporation.
John D. Rockefeller and partners formed the Standard Oil Company of Ohio in 1870, after having entered the oil business in 1863 with the founding of Andrews, Clark & Company and later Rockefeller, Andrews & Flagler in 1867. Standard Oil quickly began partnering with or purchasing many other Northeastern companies responsible for refining, transporting and marketing petroleum products. In 1882, after determining the feasibility of setting up a joint-stock corporation, Rockefeller and partners formed the Standard Oil Trust to unify what then numbered about 40 companies.
It looks as if Exxon Mobil has it all. It's not only No. 1 on this year's Fortune 500 list, it has also topped our list of most profitable companies. With a total profit of $41 billion for 2011, Exxon surpassed all of its Big Oil competitors, including BP, Chevron, ConocoPhillips, and Shell.