ExxonMobil

Tagline

Taking on the world's toughest energy challenges.

Net Worth

$330,000,000,000

Started in (City)

Irving

Started in (Country)

Incorporation Date

30th December, 1999

Bankruptcy Date

Founders

John D. Rockefeller

About

ExxonMobil, one of the world’s largest publicly traded energy providers and chemical manufacturers, develops and applies next-generation technologies to help safely and responsibly meet the world’s growing needs for energy and high-quality chemical products. Access to energy underpins human comfort, mobility, economic prosperity and social progress. It touches nearly every aspect of modern life. Over the course of its long history of more than a century, ExxonMobil has evolved from a regional marketer of kerosene to an advanced energy and chemical innovator, and one of the largest publicly-traded companies in the world. An industry leader in almost every aspect of the energy and chemical manufacturing businesses, we operate facilities or market products in most of the world’s countries, explore for oil and natural gas on six continents, and research and develop next-generation technologies .

Beginning

Both Exxon and Mobil were descendants of Standard Oil, established by John D. Rockefeller and partners in 1870 as the Standard Oil Company of Ohio. In 1882, it together with its affiliated companies was incorporated as the Standard Oil Trust with Standard Oil Company of New Jersey and Standard Oil Company of New York as its largest companies. The Anglo-American Oil Company was established in the United Kingdom in 1888. In 1890, Standard Oil, together with local ship merchants in Bremen established Deutsch-Amerikanische Petroleum Gesellschaft (later: Esso A.G.). In 1891, a sale branch for the Netherlands and Belgium, American Petroleum Company, was established in Rotterdam. At the same year, a sale branch for Italy, Società Italo Americana pel Petrolio, was established in Venice. exposé . Two of these companies were Jersey Standard ("Standard Oil Co. of New Jersey"), which eventually became Exxon, and Socony ("Standard Oil Co. of New York"), which eventually became Mobil. Over the next few decades, Jersey Standard and Socony grew significantly. John Duston Archbold was the first president of Jersey Standard. Archbold was followed by Walter C. Teagle in 1917, who made it the largest oil company in the world. In 1919, Jersey Standard acquired a 50% share in Humble Oil & Refining Co., a Texas oil producer. In 1935, Socony Vacuum Oil opened the huge Mammoth Oil Port on Staten Island, which had a capacity of handling a quarter of a billion gallons of petroleum products a year and could transship oil from ocean-going tankers and river barges. ). In 1998, Exxon and Mobil signed a US$73.7 billion merger agreement forming a new company called Exxon Mobil Corp.

Road to Success

Horizontal merger between Exxon and Mobil, result in 23% increased in market share, according to Fortune 500, ExxonMobil, stands at No1 position in 2006, further mergers are crucial components for the company’s survival and growth in the long term. ExxonMobil adopted a balanced scorecard strategy. In general, however ExxonMobil adopted the differentiation strategy with their operational efficiency. ExxonMobil sought to attract customers that are willing to pay additional premiums for their products and at the same time improving efficiency in the supply chain in order to reduce cost. Moreover, ExxonMobil has focused on its strengths on its core business research and development to e-business and venture capital activities. ExxonMobil, venture to a complete new strategy, apart from their core business such as gasoline related products. ExxonMobil encourages its customers to purchase goods from its convenience stores apart from filling gasoline in the ExxonMobil gas station. Second, with its superior buying experience, the company has also able to provide convenient and fast service, hygiene restrooms and friendly employees to its customers. This exceptional service has made the relationships with its customers to become more bonded than ever before. ExxonMobil focuses on operational efficiency, margin improvement initiatives, and prudent capital management. To achieve this, the company continues to advance its technologies, introducing marketing innovations, expanding the business lines and established markets in overseas, for example, for the refining process ,ExxonMobil has continuously improve health and safety procedures to reduce accidents. This focus strategy on controlling costs has helped the company to reduce costs, thus, becoming more efficient.

Challenges

Low oil prices have an impact throughout Exxon's business. On the one hand, cheap oil actually helps the company's refining and chemicals operations because it means a key feedstock is, well, cheap. That, in turn, helps these businesses widen margins and make more money. But if prices go up, margins will get squeezed. Oil prices have a direct impact on the second big issue facing Exxon: maintaining reserves. From a big-picture point of view, oil companies have a set amount of oil and natural gas in the ground. Every barrel they pull up is one less barrel available for the future. Which is why oil companies are always on the lookout for new sources of oil. In 2016 Exxon replaced only about two-thirds of the oil it produced. That was the first time in more than two decades that it didn't replenish its reserves with at least the amount it drilled. The Permian acquisition is notable because it indicates a shift in the company's thinking. Historically, Exxon has focused on large and expensive projects that took years to complete. That's pretty much the specialty of big integrated oil companies. Although Exxon is hardly abandoning such projects, low oil prices make it harder to justify those investments.

Failures

Exxon Valdez oil spill ,m arch 24, 1989, Exxon Valdez oil spill resulted in the discharge of approximately 11 million US gallons (42,000 cubic meter) of oil into Prince William Sound, oiling 1,300 miles (2,100 km) of the remote Alaskan coastline. Exxon’s Brooklyn oil spill ,New York Attorney General Andrew Cuomo announced on July 17, 2007, that he had filed suit against the Exxon Mobil Corp. and ExxonMobil Refining and Supply Co. to force the cleanup of the oil spill at Greenpoint, Brooklyn, and to restore Newtown Creek. 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. Yellowstone River oil spill 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.

Achievements

The company was ranked third globally in the Forbes Global 2000 list in 2016.
ExxonMobil was the tenth most profitable company in the Fortune 500 in 2017.

Subsidies

Mobil
Exxon
Esso
XTO energy

CEOs

Darren Woods
Rex Tillerson
Lee Raymond
William C. Weldon
Douglas R. Oberhelman
Angela Braly
Joseph L. Hooley
Wan Zulkiflee