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Website: http://www.exxonmobil.com The world's largest oil and gas company was formed by the merger of Exxon and Mobil in 1999. The company has a presence in over 200 countries around the world. In the United States, ExxonMobil has significant exploration and production, refining and marketing and chemicals operations. ExxonMobil is one of the largest oil and gas producers and reserve holders in the United States, with a portfolio including Alaska, onshore Gulf Coast and deepwater Gulf of Mexico. The company also sells gas worldwide under the Esso brand. ExxonMobil has interests in 37 refineries and markets its products through more than 10,000 retail service stations. ExxonMobil is a leader in the petrochemical industry with interest in 49 wholly owned and joint-venture facilities around the world. In 2015, the company reported revenues of $268.8 billion, down from $411.9 billion the previous year, and net income of $16.1 billion, down 50% from last year. The company had an average of 4.1 million barrels of oil and natural gas production per day, up 3.2% from the previous year. The company completed six new upstream projects in Canada, Indonesia, Norway, the United States and West Africa that added 300,000 oil-equivalent barrels per day of working interest production capacity. Liquids production of 2.3 million barrels per day increased 234,000 barrels per day, with
project ramp-up and entitlement effects partly offset by field decline. The Abu Dhabi onshore concession expiry reduced volumes by 135,000 barrels per day. Excluding this impact, liquids production was up 2 percent, driven by project ramp-up and work programs.
Natural gas production of 10.5 billion cubic feet per day decreased 630 million cubic feet per day from 2014. Rex Tillerson retired as CEO in December 2016 after being nominated Secretary of State by President Donald Trump. Darren Woods, President of ExxonMobil, was named new Chairman and CEO of the company. History Both Exxon and Mobil trace their roots
to the late 19th century, when American industry was booming
in numerous sectors - steel, railroads and banking, to name a
few. The nation's young petroleum industry picked up the pace,
too, to meet the growth in demand for kerosene, lubricants and
greases. John D. Rockefeller acquired a diversity
of petroleum interests during that period and, in 1882, organized
them under the Standard Oil Trust. That same year marked the
incorporation of two refining and marketing organizations --
Standard Oil Co. of New Jersey and Standard Oil Co. of New York.
"Jersey Standard" and "Socony," as they were
commonly known, were the chief predecessor companies of Exxon
and Mobil, respectively. For both companies, the remainder of the
century was a time of expansion beyond America's shores. Large
"kerosene clippers" enabled overseas shipments of products
in bulk quantities. Affiliates and sales offices of the two companies
spread across Europe and Asia. Standard Oil's MEI FOO kerosene
lamps introduced illumination across China and opened a vast
new market. In 1911, the U.S. Supreme Court ordered
the dissolution of the Standard Oil Trust, resulting in the spin-off
of 34 companies, including Jersey Standard and Socony. In the
same year, the nation's kerosene output was eclipsed for the
first time by a formerly discarded byproduct - gasoline. The
growing automotive market ultimately inspired the product trademark
Mobiloil, registered by Socony in 1920. After the Standard Oil breakup, Jersey
Standard and Socony separately faced rising competition with
fewer resources at their disposal. Neither company was fully
integrated. Over the next two decades, each company vigorously
built up every segment of its businesses, from production and
pipelines to refining and research. They also expanded across
the U.S. and abroad. Big acquisitions and mergers helped: Jersey
Standard acquired a 50 percent interest 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. Distribution remained an issue for both
companies. 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. The spirit of expansion was temporarily
interrupted by World War II. Each company beefed up refining
output to supply the Allied war effort. Also aiding the cause
were new technologies, such as Jersey Standard's groundbreaking
process for boosting fuel octane and Socony-Vacuum's synthetic
lubricants. Both companies suffered wartime casualties. Tankers
and their crews were lost on the high seas. Refineries and other
facilities in Europe and Asia were destroyed. In the post-war years, renewed prosperity
in the U.S. and rebuilding in Europe helped put Jersey Standard
and Socony-Vacuum firmly back on their global growth tracks.
New technologies and growing markets also spurred the development
of petrochemicals and an array of derivative products. Over the next years, ExxonMobil's predecessor
companies learned to transform refinery by-products into many
basic petrochemicals and numerous derivatives. Since the end
of World War II, the two companies have each advanced technologies,
expanded business lines and established markets in more than
100 countries. Mobil Chemical Company was established
in 1960. As of 1999, principal products included basic olefins
and aromatics, ethylene glycol and polyethylene. The company
produced synthetic lube base stocks as well as lube additives,
propylene packaging films and catalysts. Manufacturing facilities
were located in 10 countries. Exxon Chemical Company 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 fluids, oxo alcohols and adhesive resins. The company
was an industry leader in metallocene catalyst technology to
make unique polymers with improved performance. Manufacturing
facilities were located in 24 countries. The two chemical companies combined their
operations within ExxonMobil Chemical. In 1955, Socony-Vacuum became Socony Mobil Oil Co. and, in 1966, simply Mobil Oil Corp. A decade later, a newly incorporated Mobil Corporation embraced Mobil Oil as a wholly owned subsidiary. Jersey Standard changed its name to Exxon Corporation in 1972 and established Exxon as an uncontested trademark throughout the United States. In other parts of the world, Exxon and its affiliated companies continued to use its long-time Esso trademark and affiliate name. In the 1970s, the oil industry and the
world were rocked by an Arab oil embargo and by revolution in
Iran. Both events triggered disruptions in oil supplies, extreme
price hikes, conservation efforts and the development of alternative
energy sources. Exxon, Mobil and other companies escalated exploration
and development outside the Middle East - in the North Sea, the
Gulf of Mexico, Africa and Asia. By the early 1980s, oil was
in surplus, and prices fell. In 1998, Exxon and Mobil signed a definitive
agreement to merge and form a new company called Exxon Mobil
Corporation. After shareholder and regulatory approvals, the
merger was completed November 30, 1999. ExxonMobil acquired XTO Energy in 2010 for approximately $41 billion. XTO is a leading driller of natural gas in the U.S. Benefits - Savings Plan Updated January 24, 2017
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