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Jump to: navigation, search For other uses, see Exon (disambiguation). This article is about Exxon Mobil Corporation. For subsidiaries, see Exxon and Mobil.
Exxon Mobil Corporation
NYSE: XOM Traded as Dow Jones Component S&P 500 Component
Oil and gas
November 30, 1999
Irving, Texas, United States
Rex Tillerson (Chairman & CEO)
Fuels, lubricants, petrochemicals
US$ 486.429 billion (2011)
US$ 073.257 billion (2011)
income US$ 041.060 billion (2011)
US$ 349.000 billion (2011)
US$ 154.396 billion (2011)
Aera Energy, Esso, Esso Australia, Exxon, Exxon Neftegas, Imperial Oil Subsidiaries
Mobil, Mobil Producing Nigeria,
SeaRiver Maritime, Superior Oil Company, Vacuum Oil Company, XTO Energy
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. ExxonMobil is one of the largest publicly traded companies by market capitalization in the world, having been ranked either No. 1 or No. 2 for the past 5 years, and is the second largest company in the world by market revenue. Exxon Mobil's reserves were 72 billion oilequivalent barrels at the end of 2007 and, at then (2007) rates of production, are expected to last over 14 years. With 37 oil refineries in 21 countries constituting a combined daily refining capacity of 6.3 million barrels (1,000,000 m3), Exxon Mobil is the largest refiner in the world, a title that was also associated with Standard Oil since its incorporation in 1870. ExxonMobil is the largest of the six oil supermajors with daily production of 3.921 million BOE (barrels of oil equivalent). In 2008, this was approximately 3% of world production, which is less than several of the largest state-owned petroleum companies. When ranked by oil and gas reserves it is 14th in the world with less than 1% of the total.
Mobil.6 Synergy 4 Corporate affairs o 4.3 Foreign business practices o 10. and Esso. accounting for approximately 70% of revenue. ExxonMobil markets products around the world under the brands of Exxon.1 Board of directors 5 Joint ventures and other strategic alliances 6 Production 7 Revenue and profits 8 Financial data 9 Environmental record o 9. . Texas.000 people in its Houston upstream headquarters.5 Funding of global warming skeptics 10 Criticism o 10.1 Pre-deal events o 3.1 Operating divisions 2 History 3 Merger o 3.2 Exxon's Brooklyn oil spill o 9. and SeaRiver Maritime.3 Ratios overview o 3.4 Sakhalin-I in the Russian Far East o 9.5 LGBT 11 Headquarters 12 See also 13 Notes 14 References o 14. a petroleum shipping company.5 Valuation o 3. with approximately 4.2 Environment o 10.1 Funding of climate change skepticism o 10. The company employs over 82. as indicated in ExxonMobil's 2006 Corporate Citizen Report.4 Deal structure o 3. The upstream division dominates the company's cashflow. It also owns hundreds of smaller subsidiaries such as Imperial Oil Limited (69.000 people worldwide.4 Human rights o 10.2 Regulators approval o 3.000 employees in its Fairfax downstream headquarters and 27.1 Bibliography 15 External links  Organization The Exxon Mobil Corporation headquarters is located in Irving.1 Exxon Valdez oil spill o 9.3 Yellowstone River oil spill o 9. 1 Organization o 1.6% ownership) in Canada.
and wholesale operations) based in Houston. Texas Operating divisions by category are as follows: Upstream o ExxonMobil Exploration Company o ExxonMobil Development Company o ExxonMobil Production Company o ExxonMobil Gas and Power Marketing Company o ExxonMobil Upstream Research Company o ExxonMobil Upstream Ventures Downstream o ExxonMobil Refining and Supply Company o SeaRiver Maritime o ExxonMobil Fuels Marketing Company o ExxonMobil Lubricants & Specialties Company o ExxonMobil Research and Engineering Company o International Marine Transportation Chemical o ExxonMobil Chemical Company ExxonMobil Global Services Company o ExxonMobil Information Technology o Global Real Estate and Facilities . refining. which are stand alone. though the company also has several ancillary divisions. Chart of the major energy companies dubbed "Big Oil". extraction. and retail operations) based in Fairfax. Operating divisions ExxonMobil is organized functionally into a number of global operating divisions. Texas Downstream (marketing. shipping. Virginia Chemical division based in Houston. such as Coal & Minerals. sorted by latest published revenue Upstream (oil exploration. These divisions are grouped into three categories for reference purposes.
Standard Oil which was established in 1870. leading to a growing outcry for the government to take action against the company. Rockefeller corporation. marketer and pipeline transporter. with public outcry at a climax. It acquired a 50 percent share in Humble Oil & Refining Co. a Texas oil producer. which eventually became Mobil. Jersey Standard. a major refiner. the nation's kerosene output was eclipsed for the first time by gasoline. By 1911. The growing automotive market inspired the product trademark Mobiloil. Over the next few decades. registered by Socony in 1920.. the Supreme Court of the United States ruled that Standard Oil must be dissolved and split into 34 companies. became the largest oil producer in the world. and Socony ("Standard Oil Company of New York"). Socony merged with Vacuum Oil Co. In the same year. led by Walter C.o o Global Procurement Business Support Centers Imperial Oil Infineum Aera Energy XTO Energy  History ExxonMobil Building. which eventually became Exxon.. Two of these companies were Jersey Standard ("Standard Oil Company of New Jersey"). both companies grew significantly. In 1931. Tarbell's classic exposé The History of the Standard Oil Company in 1904. Both Exxon and Mobil were descendants of the John D. Exxon and Mobil. Teagle. ExxonMobil offices in Downtown Houston Exxon Mobil Corporation was formed in 1999 by the merger of two major oil companies. The reputation of Standard Oil in the public eye suffered badly after publication of Ida M. an industry pioneer dating back to 1866 and a growing Standard Oil spin-off in its own right. . Socony purchased a 45 percent interest in Magnolia Petroleum Co..
ExxonMobil sold a refinery in Benicia. The company produced synthetic lubricant base stocks as well as lubricant additives.S. The company and the American Petroleum Institute (the oil and chemical industry's lobbying organization) put these profits in context by comparing . Congress passed the Oil Pollution Act of 1990. the largest company on the planet.. After shareholder and regulatory approvals. Mobil Chemical Company was established in 1950. California and 340 Exxon-branded stations to Valero Energy Corporation. polyethylene and polypropylene along with speciality lines such as elastomers. Standard Oil Company of New Jersey/Exxon and Standard Oil Company of New York/Mobil.5 million by the US Supreme Court in June 2008.S. before it was dissolved in 1962. also an all-time record income for a single quarter by any business). In 2005. In 1933." operated in 50 countries. and distributions of this award have commenced. Rockefeller's Standard Oil trust. In 1955. ethylene glycol and polyethylene. The merger of Exxon and Mobil was unique in American history because it reunited the two largest companies of John D. the U. and in the aftermath of the Exxon Valdez incident. Standard-Vacuum Oil Co. up 42% from the previous year (the overall annual income was an all-time record for annual income by any business. As of 1999. from East Africa to New Zealand. its principal products included basic olefins and aromatics. 1989. history. and in 1966 simply Mobil Oil Corp. Jersey Standard had oil production and refineries in Indonesia but no marketing network. surpassing General Electric as the largest corporation in the world in terms of market capitalization. Exxon and Mobil signed a US$73. it reported record profits of US $36 billion in annual income. the merger was completed on November 30.000 m3) of crude oil. the Exxon Valdez oil tanker struck Bligh Reef in Prince William Sound. Jersey Standard and Socony-Vacuum merged their interests in the region into a 50–50 joint venture. solvents. At the end of 2005. The Exxon Valdez oil spill was the second largest in U. An initial award of $5 billion USD punitive was reduced to $507. ExxonMobil continues to supply petroleum products to over 700 Mobil-branded retail outlets in California. A decade later. Socony-Vacuum became Socony Mobil Oil Co. In other parts of the world. 1999. propylene packaging films and catalysts. aromatics. the newly incorporated Mobil Corporation absorbed Mobil Oil as a wholly owned subsidiary.7 billion definitive agreement to merge and form a new company called Exxon Mobil Corporation. ExxonMobil's stock price surged in parallel with rising oil prices. In 2000. The company was an industry leader in metallocene catalyst technology to make unique polymers with improved performance. Jersey Standard changed its name to Exxon Corporation in 1972 and established Exxon as a trademark throughout the United States. This reunion resulted in the largest merger in US corporate history. Exxon and its affiliated companies continued to use its Esso trademark. and included $10 billion in the third quarter alone. which had been forcibly separated by government order nearly a century earlier. oxo alcohols and adhesive resins. Alaska and spilled more than 11 million US gallons (42. process fluids. plasticizers. or "Stanvac.In the Asia-Pacific region. Exxon Chemical Company (first named Enjay Chemicals) became a worldwide organization in 1965 and in 1999 was a major producer and marketer of olefins. On March 24. as part of an FTC-mandated divestiture of California assets. Socony-Vacuum had Asian marketing outlets supplied remotely from California. In 1998.
The multi-year process will gradually phase the corporation out of the direct-served retail market. In 2010. ExxonMobil confirmed a deal for production and exploration activities in the Kurdistan region of Iraq. ExxonMobil bought XTO Energy. and the only FLNG facility currently in development is being built by Shell. The sale has not resulted in the disappearance of Exxon and Mobil branded stations.400 other stations operated by dealers distributing across the United States. On June 12. In terms of potential future developments.  Merger  Pre-deal events Exxon-Mobil pre-merger scope (1997 data) . the new owners will continue to sell Exxon and Mobil-branded gasoline and license the appropriate names from ExxonMobil. citing the increasing difficulty of running gas stations under rising crude oil costs. who will in turn be compensated for use of the brands. because environmental or economic factors make it unviable to develop them via a land-based LNG operation. and will affect 820 company-owned stations and approximately 1. This is an innovative technology designed to enable the development of offshore gas resources that would otherwise remain untapped.oil industry profits to those of other large industries such as pharmaceuticals and banking. due for completion in around 2017. ExxonMobil is waiting for an appropriate project to launch its FLNG development. In 2012. ExxonMobil announced that it was transitioning out of the direct-served retail market. the company focused on development and production of unconventional resources. many gas and oil companies are considering the economic and environmental benefits of Floating Liquefied Natural Gas (FLNG). 2008.
Lee R. including a possible merger with Exxon. the management of Mobil asked Goldman Sachs to undertake an analysis of strategic alternatives available to Mobil. Virginia. During November 1998. On the evening of November 30. Mr. Noto. Messrs. Following the approval of their Boards. Raymond. met with Mr. Raymond. 30 1999. Shareholders of both Exxon and Mobil approved the merger in May 1999.On June 16. In November. Exxon-Mobil pre-merger events  Date Event 06/16/98 CEOs’ meeting Description Type Preliminary discussions about the possibility of the Private . Raymond spoke by telephone to discuss reports that had appeared in the media about a possible transaction between Exxon and Mobil. Over the course of the weekend of November 27. Raymond and Noto reached agreement in principle. On November 27. prior to the opening of NYSE trading. The British Petroleum Company p. Matthews. On August 11. subject to Board approval. 1998. 1998. on the exchange ratio and the resulting exercise price in the stock option agreement. Goldman Sachs presented to the Mobil Board its analyses regarding the various possible transactions. 1998. Exxon and Mobil officially signed an agreement and plan of merger on December 1. at Mobil's headquarters in Fairfax. Exxon and Mobil representatives and outside counsel continued discussions towards resolving open issues. accounting and financial due diligence. Exxon and Mobil issued a joint statement confirming that the two companies were in discussions of a possible business combination. The combined company changed its name to Exxon Mobil Corporation. On September 14. Lucio A. and Amoco Corporation announced the terms of their merger agreement. On November 26. Noto and Mr. A reciprocal confidentiality agreement was entered into on November 12. In September 29 of that year the European Commission granted antitrust approval. At a meeting on October 19. the historic merger was completed. Raymond and Mr. In midAugust 1998. Exxon's CEO. Mobil's CEO. Mr. Shortly thereafter. 1998. Raymond and Mr. Noto resumed their discussions taking into account this new pricing benchmark. Mr. Mobil became a wholly owned subsidiary of Exxon. Exxon and Mobil exchanged due diligence request lists and representatives and their advisors participated in a video conference and numerous telephone calls and meetings to conduct reciprocal legal. Later management continued discussions and permanently informed the Boards. Noto and Gillespie. Noto had preliminary discussions about the possibility of a combination of the two companies. At the meeting.c.l. 1998 at Exxon's headquarters attended by Messrs. Mr. 1998. business. the parties reviewed the possible relative ownership ranges and expanded the discussions to include such issues as the representation of current Mobil directors on the board of the combined company.
Mobil became merger completion a wholly owned subsidiary of Exxon Public Private Private Private Private Public Public Public Public Public Public Mobil cumulative abnormal return (11/16/1998 – 12/14/1998) .2 % of Mobil shares European Commission granted an antitrust EU Commission approval with requirement of divestitures and approval breakup of BP Amoco/Mobil joint venture FTC accepted an antitrust settlement with large FTC approval and retail divestiture. Merger completed. accounting and financial due diligence CEOs spoke by telephone to discuss reports in the CEOs’ phone media about a possible transaction between Exxon discussion and Mobil Exxon and Mobil issued a joint statement Joint statement confirming that the two companies were in discussions of a possible merger Following the approval of their Boards. 1998 11/26/98 11/27/98 12/01/98 04/19/99 05/27/99 09/29/99 11/30/99 merger Companies announced the terms of their merger BP-Amoco merger agreement Mobil asked Goldman Sachs to undertake an Mobil hires Goldman analysis of strategic alternatives available to Mobil. as were 98. Sachs Merger with Exxon presented as one of the main options Parties reviewed the possible relative ownership ranges and expanded the discussions to include CEOs’ meeting such issues as the representation of current Mobil directors on the board of the combined company Exchanged due diligence request lists and Due diligence representatives. Exxon and Official merger Mobil officially signed an agreement and plan of agreement merger FTC approval of BP. business.FTC granted approvals for two large oil industry Amoco merger and mergers BP-Amoco and Shell-Texaco with Shell-Texaco merger divestitures and other relief to preserve competition Shareholders of both Exxon and Mobil approved the merger. More than 99 % of the shares in Exxon Shareholders’ approval were voted in favor of the deal.08/11/98 08/15/98 10/19/98 Nov. Conducted reciprocal legal.
8% for Mobil. California (360). The settlement required the largest retail divestiture in Commission history . 10-day cumulative abnormal return (CAR) before this date was +14% for Mobil and +0.the sale or assignment of approximately 2. Mobil wanted to maintain its relationship with BP Amoco.5% for Mobil and +1. about the value of the assets that Mobil contributed when the deal was established. Total 20-day CAR (10 days before plus 10 days after the announcement) amounted +19. All these signaled that market positively assessed the merger as economically sound and value creating.431 Exxon and Mobil gas stations in the Northeast and MidAtlantic (1.Exxon cumulative abnormal return (11/16/1998 – 12/14/1998) The event analysis is very limited because there was no bidding process.3% for Exxon and 6.65 billion.4% for Exxon.4% for Exxon. Mobil also got around $1. a pipeline and other assets were also subject for sale. BP Amoco bought Mobil's 30% interest in their R&M JV for $1. Market also positively reacted on EU Commission approval: 3-day CAR was +2. Exxon and Mobil sold part of their lubricant base oil manufacturing capacity. In addition. The main spike in share prices appeared during November 25 – November 30 and negative returns were on the announcement day. terminals. 1998). i. Mobil was also ordered to sell its share in a large chain of gasoline stations (Aral). 1999 EU Commission granted its approval of the merger with requirement of vast divestitures and breakup of the European refining and marketing joint venture of BP Amoco and Mobil.07% for Exxon. 1999 that it accepted a proposed settlement of charges that Exxon Corp’s acquisition of Mobil Corp would violate federal antitrust laws. Texas (319) and Guam (12). The only important public information was merger announcement (December 1. an Exxon refinery in California.08 billion for its interest in Aral. rumors in the media influenced the pricing.e. The US FTC announced on November 30. but EC officials feared that the recent rash of mega mergers could kill off downstream competition in member countries.740). Market was very positive on Exxon and Mobil on April 19 and April 21 1999 when FTC approved other two big oil mergers – BP-Amoco and Shell-Texaco.  Regulators approval On September 29.2% for Mobil and +2. 3-day CAR reached 5. .
57%) ratios (Mobil’s were 3. But in some cases low operating expenses can damage long-term profitability and competitiveness of the company. while Mobil was more volatile and risky. Companies had equal gross margin (38. Liquidity ratios definitely show that both companies were financially stable.57 and 0. Exxon was more stable and effective in using its assets.9%) and profit margin (5. when tanker Exxon Valdez disaster happened and cut profits of the company.67 correspondingly) and merged . but Exxon had higher gross operating margin (7.91 correspondingly) were higher than the Mobil’s (0. The Exxon’s current and quick ratios (0.95% and 9.75%) and return on equity (14.01% correspondingly). This situation represented Exxon’s better efficiency at using investment funds (shareholder’s equity) to generate earnings growth.56% and 3.52%). 38.Exxon Mobil ratios comparison  Ratios overview Exxon and Mobil return on assets. but Exxon was in better situation that Mobil.48 and 0.4%) ratios than Mobil (6.18% correspondingly) which means that Exxon was better in cost-cutting and controlling its expenses. During 1983-1999 Exxon was superior with the exception of 1989. 1983-1999 Exxon had better return on assets (6.7% vs.
029. an Exxon subsidiary would merge into Mobil so that Mobil becomes a wholly owned subsidiary of Exxon Mobil. and that it was accounted for on a ―pooling of interests‖ basis.96. the option could prevent an alternative business combination with Mobil from being accounted for as a ―pooling of interests‖.4 million its shares for Mobil or $74.7 billion market value).78) Generally speaking the better interest coverage ratio means less risk but also might be bad for future performance because of the failure of the management to use additional funds for development. With the exchange ratio 1. which proved the correlation between positive market reaction on the announcement event and success of the merger. entitling Exxon to receive the termination fee payable by Mobil. working capital to total assets) was distorted after the merger (1.431 million shares outstanding ($175 billion market value) compared with $75. The termination fee and option were intended to make it more likely that the merger would be completed on the agreed terms and to discourage proposals for alternative business combinations. Ratio of net current assets as a % of total assets (i.5 million shares (14. Although companies introduced protection against hostile takeover.9 a share. Though Exxon again showed its financial supremacy with much higher interest coverage ratio (93. In addition.e.9%) of Mobil common stock at a strike price of $95.48) probably due to large divestitures that followed the deal.32015 shares of Exxon common stock for each share of Mobil common stock. After the price run-up Exxon shareholders would own approximately 70% of the combined Exxon Mobil entity.5 billion. Combined company showed even superior results after the merger. Exxon could exercise the option after the occurrence of an event. Exxon would hold 100% of Mobil’s issued and outstanding voting securities. Holders of Mobil common stock would receive 1. Exxon paid 1. Solvency status of companies also looked good.41 compared to Mobil’s 7.8 million shares outstanding for Mobil ($58. Exxon and Mobil also entered into an option agreement that granted Exxon the option to purchase up to 136.32015. Debt to equity ratio was safe and stable in both companies. This was a $15. while Mobil shareholders would own approximately 30%.company had significantly improved these results. Exxon Mobil deal structure 5 days before the announcement Exxon shares price was $72 and 2. they didn’t use any collar to protect . the merger agreement provided for payment of termination fees of $1. As a result.25 a share and 779. Among other effects.4 billion (26.  Deal structure Under the merger agreement. The merger qualified as a tax-free reorganization in the US.1 billion.2%) premium over Mobil’s market value or $94.
8. Morgan performed traditional P/E analysis. J. So Mobil intrinsic value for this deal was $95-$118.8 a share depending on growth rate. Exxon's shareholders would have enjoyed a greater proportion of the value creation if no premium were paid by Exxon in the merger. Morgan's analysis indicated that if Mobil were to be valued at price to earnings multiples comparable to those of Exxon. Morgan's review suggested that over the long term. and Skadden. J. P/E multiple for these firms ranged 19. the potential for value creation from these elements could be as much as $47-57 billion. Texaco Inc. this potential value creation was instead shared in approximately equal proportions between the companies' shareholders and such sharing was deemed to be a reasonable allocation of value creation.P. By offering a premium to Mobil's shareholders. Such analysis indicated that Mobil had been trading at an 8% to 15% discount to Exxon.8-79. Chevron Corporation. J. value creation and differences. and Davis. Summary of Exxon Mobil merger valuation Since Exxon's market capitalization was significantly larger than Mobil's. DFC analysis. Shell Transport & Trading Co.3-23.P. Exxon. there would be an enhancement of value to its shareholders of approximately $11 billion. plc. Meagher & Flom advised Mobil. J.P.P.  Valuation J.P. It’s needed to notice that comparables analysis couldn’t capture the synergy effect.shareholders. a .5 billion or $76. Polk & Wardwell advised Exxon. and Goldman Sachs & Co. Arps.7-102 per share depending on cash flow growth rate. based on the estimated pre-tax synergies of $2. Morgan & Co.8 billion expected to result from the merger. suggested a potential value creation in the short term of approximately $22-25 billion. Simple DCF analysis of Mobil as a standalone company gives range of intrinsic value of $59. Morgan's analysis showed that for transactions involving smaller companies with a relative market capitalization comparable to that of Mobil pre-announcement. Royal Dutch Petroleum Company. Goldman Sachs also reviewed and compared ratios and public market multiples relating to Mobil to following six publicly traded companies: British Petroleum Company plc. The analysis showed that Mobil was undervalued 5-16% relative to comparables with fair price $79-89 a share.
  Synergy The motivations for the Exxon-Mobil merger reflected the industry forces. A year later. and sharing of best management practices. their proprietary technology focused on refining and chemical catalysts. These improvements were realized due to efficiencies of scale. Pro forma market value of merged company was $261. Generally. During the first two years. Lee Raymond. the Exxon-Mobil deal was a move by the dominant partner to increase its asset base by 30% while raising capital productivity. In the exploration and production area.7 billion. The benefits of the merger fell broadly in two categories: near-term operating synergies and capital productivity improvements. Management expected to realize the full benefits by the third year after the merger.8 billion. 10 days before the completion of the merger. South America. cost savings. In comparison. gas-to-liquids processing. heavy oil. Exxon’s lube base stocks production fitted well with Mobil's leadership in lubes marketing. Tillerson assumed the top position on January 1. of which some were critical. Right after the merger was completed. the Caspian region. pre-tax annual savings were re-assessed and increased to $3.  Corporate affairs The current Chairman of the Board and CEO of Exxon Mobil Corporation is Rex Tillerson. LNG. Near-term operating synergies. sales and efficiency. . for example.5 million shares outstanding. In downstream. the benefits should had been partly offset by one-time costs at $2 billion for business integration. decreases in unit costs and combining complementary operations).000 jobs. Capital productivity improvements. This figure would be even higher if we consider pre-announcement pro forma combined market value of $233.8 billion market value or $17. Exxon market value was $184. Management also believed the combined company could use its capital more profitably than either company on its own. Exxon and Mobil owned proprietary technologies in the areas of: deepwater and arctic operations.premium of 15% to 25% matched market precedent.461. with minimal overlap.5 billion ($76 a share) and Mobil – $77. on the retirement of long-time chairman and CEO. with combined sales of about 14 bcfd. and high-strength steel. The firms also had a presence in natural gas. who received a retirement and severance package of approximately $400 million USD. Companies needed a secure presence in the regions with high potential for oil/gas discoveries and stronger position to make large investments. And Mobil contributed its LNG assets and experience to the venture. which gave $278. The businesses and assets of Exxon and Mobil were highly complementary in key areas. Mobil's and Exxon's respective strengths in West Africa. There were technology synergies as well. In upstream. and North America lined up well. The firms also planned to eliminate about 9. 2006. In this case created value reaches $45. the share price of combined Exxon-Mobil was $80.1 billion.5 a share).2 billion of additional value created.8 billion in annual pre-tax benefits from operating synergies (increases in production.1 billion ($98.56 with 3. Russia. BP paid 35% premium for Amoco.6 billion. $2.
2 billion joint venture with Russian oil company Rosneft to develop two offshore oil fields in Russia. George. retired Chairman of the Board. former chairman. the University of Texas at Austin William W.  Production ExxonMobil is the largest non-government owned company in the energy industry and produces about 3 percent of the world's oil and about 2 percent of the world's energy. retired Executive Chairman of the Board. Faulkner. but in January 2012 TonenGeneral Sekiyu KK agreed to acquire 99 percent of ExxonMobil Yugen Kaisha for 302 billion yen ($3. Carlson Companies Samuel J. Palmisano. President Emeritus. 2009. professor of economics Stanford University. the EastPrinovozemelsky field in the Kara Sea and the Tuapse field in the Black Sea. AT&T  Joint ventures and other strategic alliances Imperial Oil 70% Ownership in Imperial Oil Infineum is a joint venture between ExxonMobil and Royal Dutch Shell for manufacturing and marketing lubricant and fuel additives. Scott Paper Company and Campbell Soup Company Marilyn Carlson Nelson. retired Chairman of the Board and Chief Executive Officer. Chairman of the Board. Steven S Reinemund. Board of directors As of February 5. ExxonMobil announced a $3. but the Japanese refiner will retain exclusive rights to use its brands. Houston Endowment. Chairman of the Board and Chief Executive Officer. and Vodafone Group Larry R. operating in California. Chairman and CEO.K. Lippincott. Whitacre. Exxon Mobil Corporation Edward E. It is the biggest divesture for Exxon since the 1999 deal with Mobil Corporation and Exxon stake in TonenGeneral decline to 22 percent from 50 percent. McGraw Hill. .9 billion). Chairman of the Board and President. retired Chairman of the Board.02 percent stake in TonenGeneral Sekiyu K. Houghton. professor of management practice. Chairman of the Board. General Mills Foundation Philip E. IBM Corporation Joaquin Pelayo. On 30 August 2011. Aera Energy LLC is an E&P joint venture with Shell Oil. Chase Manhattan Corporation Rex Tillerson. director of Oracle Corporation. the current ExxonMobil board members are: Michael Boskin. PepsiCo Walter V. ExxonMobil Yugen Kaisha holds a 50. Corning Incorporated Reatha Clark King. Shinsei Bank. Harvard Business School James R. President. Board of Trustees.. Shipley.
is struggling to find new sources of oil. Furthermore. ExxonMobil had committed less than 1% of their profits towards researching alternative energy. In 2006.61 billion on $404. In 2007. Wal-Mart recaptured the lead with revenues of $348. ExxonMobil surpassed Wal-Mart as the world's largest publicly held corporation when measured by revenue. According to Wall Street Journal it replaces only 95% by volume of the oil it pumps. 2010. it occupies 5 out of 10 slots on Largest Corporate Annual Earnings. ExxonMobil occupied 8 out of 10 slots for Largest Corporate Quarterly Earnings of All Time.5 billion in 2006) and market value ($460. ExxonMobil continued to lead the world in both profits ($39. although Wal-Mart remained the largest by number of employees. The Political Economy Research Institute ranks ExxonMobil sixth among corporations emitting airborne pollutants in the United States.1.43 billion).  Revenue and profits In 2005. like other oil companies.5 percent increase over their 2004 revenues. . Its environmental record has been a target of critics from outside organizations such as the environmental lobby group Greenpeace as well as some institutional investors who disagree with its stance on global warming. This stands in contrast to natural gas.ExxonMobil.552 of revenue. an increase largely due to escalating oil prices as their actual oil equivalent production decreased by 1%.  Financial data Financial Data in USD millions Year-end 2005 2006 2007 2008 2009 2010 Total revenue 358 955 365 467 390 328 459 579 301 586 383 221 Net income 36 130 39 500 40 610 45 220 19 280 30 460 Total assets 208 335 219 015 242 082 228 052 233 323 Total debt 7 991 8 347 9 566 9 425 9 605  Environmental record ExxonMobil has been a contributor to environmental causes (the company donated $6. As of July 1. ExxonMobil's $340 billion revenues in 2005 were a 25.5 million pounds in 2005) and toxicity of the emissions.7 billion against ExxonMobil's $335. The ranking is based on the quantity (15. less than other leading oil companies.6 million to environmental and social groups in 2007). in part due to expropriation of their Venezuelan assets by the Chavez government. In 2005. ExxonMobil is a signatory participant of the Voluntary Principles on Security and Human Rights. ExxonMobil had a record net income of $40. where it replaces 158% by volume through purchases or finds.
 The study reported that in the early 20th century Standard Oil of New York operated a major refinery in the area where the spill is located. and the former Exxon Valdez is now the SeaRiver Mediterranean. 2008. Naptha and gas oil. John Devens. but many larger spills have occurred.000 m3). has a separate corporate charter and board of directors. which it renamed "SeaRiver Maritime. Exxon was widely criticized for its slow response to cleaning up the disaster. secondary products. which would have minimal ability to pay out on claims in the event of a further accident. though an appeals court reduced that amount by half. oiling 1. Exxon appealed further.000 m3) of oil into Prince William Sound. By comparison.  Yellowstone River oil spill . kerosene and solvents. a jury ordered Exxon to pay $5 billion in punitive damages. Standard Oil of New York later became Mobil. has said his community felt betrayed by Exxon's inadequate response to the crisis.000 to 110. Brooklyn.300 miles (2. and on June 25. The largest portion of these operations were by ExxonMobil or its predecessors. the Exxon Valdez oil spill was approximately 11 million US gallons (42. The refinery produced fuel oils.  Exxon's Brooklyn oil spill Main article: Greenpoint oil spill New York Attorney General Andrew Cuomo announced on July 17. After a trial. Exxon Valdez oil spill Main article: Exxon Valdez oil spill The March 24. The renamed tanker is legally owned by a small. a predecessor to Exxon/Mobil. The State of Alaska's Exxon Valdez Oil Spill Trustee Council stated that the spill "is widely considered the number one spill worldwide in terms of damage to the environment"." The renamed subsidiary. Exxon later removed the name "Exxon" from its tanker shipping subsidiary. A study of the spill released by the US Environmental Protection Agency in September 2007 reported that the spill consists of 17 to 30 million US gallons (64. 1989 Exxon Valdez oil spill resulted in the discharge of approximately 11 million US gallons (42. and to restore Newtown Creek. including the Valdez's sister ship. the Mayor of Valdez. the SeaRiver Long Beach. the United States Supreme Court lowered the amount to $500 million. In 2009. Exxon still uses more single-hull tankers than the rest of the largest ten oil companies combined. though wholly Exxoncontrolled. stand-alone company. 2007 that he had filed suit against the Exxon Mobil Corporation and ExxonMobil Refining and Supply Company to force cleanup of the oil spill at Greenpoint. gasoline. were also stored in the refinery area.100 km) of the remote Alaskan coastline.000 m3) of petroleum products from the mid-19th century to the mid-20th century.
Montana Governor Brian Schweitzer disputed the accuracy of that figure. However."  Sakhalin-I in the Russian Far East Main article: Sakhalin-I Scientists and environmental groups voice concern that the Sakhalin-I oil and gas project in the Russian Far East. The resulting spill leaked an estimated 750 to 1. which ―certainly impedes the cause of western gray whale conservation. According to Mother Jones Magazine. threatens the critically endangered western gray whale population.Map of the Yellowstone River watershed The July 2011 Yellowstone River oil spill was an oil spill from an ExxonMobil pipeline running from Silver Tip to Billings. A spokesman for Exxon Mobil said that the oil is within 10 miles of the spill site.‖  Funding of global warming skeptics ExxonMobil has been accused of paying to fuel skepticism of anthropogenic global warming (i.. caused primarily by increased levels of carbon dioxide released in the burning of coal and petroleum-based fuels). the company .moratorium on all industrial activities. that have the potential to disturb gray whales in summer and autumn on and near their main feeding areas" following a sharp decline in observed whales in the main feeding area in 2008.e. adjacent to ENL's project area. 2011 at about 11:30 p. Exxon Neftegas Limited (ENL). which ruptured about 10 miles west of Billings on July 1. officials in Laurel.m. In February. both maritime and terrestrial. the belief that an increase in the temperature of the earth's atmosphere is due to the greenhouse effect. As a precaution against a possible explosion. The scientists also criticized ENL’s unwillingness to cooperate with the scientific panel process.m. independent scientists. then allowed them to return at 4 a. The governor pledged that "The parties responsible will restore the Yellowstone River..000 barrels of oil into the Yellowstone River for about 30 minutes before it was shut down. ExxonMobil has drawn criticism from the environmental lobby for funding organizations critical of the Kyoto Protocol and skeptical of the scientific opinion that global warming is caused by the burning of fossil fuels. 2009. Montana. Montana evacuated about 140 people on Saturday just after midnight. operated by an ExxonMobil subsidiary. convened by the International Union for the Conservation of Nature issued an urgent call for a ".
I don't know much about farming and I don't know much about . In January 2007. and International Policy Network. the Competitive Enterprise Institute." Cohen stated that. a Washington PR firm with ties to ExxonMobil. appeared to be astroturfing by DCI Group." These charges are consistent with a purported 1998 internal ExxonMobil strategy memo. the academy of sciences of the United Kingdom. but in the same speech gave an unqualified 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. Congress on Racial Equality. recognition of uncertainties becomes part of the 'conventional wisdom' … Industry senior leadership understands uncertainties in climate science. saying: "I'm no expert on biofuels. ExxonMobil CEO Rex W. among other groups skeptical of global warming. titled Al Gore's Penguin Army. George C. the company appeared to change its position. On February 13. 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. While the company did not publicly state which the other similar groups were. society knows enough now—that the risk is serious and action should be taken. as of 2006. 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. posted by the environmental group Environmental Defense. Tillerson acknowledged that the planet was warming while carbon dioxide levels were increasing. ExxonMobil's support for these organizations has drawn criticism from the Royal Society. the Wall Street Journal revealed that a YouTube video lampooning Al Gore. and that ExxonMobil would continue to make petroleum and natural gas its primary products. TechCentralStation. ExxonMobil had ceased funding of the Competitive Enterprise Institute and "'five or six' similar groups". towards 43 advocacy organizations which dispute the impact of global warming. Tillerson stated that there is no significant alternative to oil in coming decades. stating Victory will be achieved when Average citizens [and the media] 'understand' (recognize) uncertainties in climate science. ExxonMobil has been reported as having plans to invest up to US$100m over a ten year period in Stanford University's Global Climate and Energy Project.com. when vice president for public affairs Kenneth Cohen said "we know enough now—or. Heartland Institute. ExxonMobil has funded. In August 2006. between 1998 and 2005. The Union of Concerned Scientists released a report in 2007 accusing ExxonMobil of spending $16 million. Marshall Institute. 2007. 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. founded in 1989. According to The Guardian. 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.channeled more than $8 million to forty different organizations that challenged the scientific evidence of global warming and that the company was a member of one of the first such skeptic groups. the Global Climate Coalition.
On July 14. an ExxonMobil funded think tank.9m to 39 groups that the society said "misrepresented the science of climate change by outright denial of the evidence". Koch industries is the second largest privately held company in the US.. In 2003. ExxonMobil controls concessions covering 11 million acres (45. The Guardian newspaper revealed that ExxonMobil has continued to fund organizations including the National Center for Policy Analysis (NCPA) along with the Heritage Foundation. Idso.moonshine. on March 24." However. 2010 Exxonmobil announced that.000 dollars in spreading awareness of research which discredits global warming. they have invested more than 50. A survey carried out by the UK's Royal Society found that in 2005 ExxonMobil distributed $2. a year after teaming with Synthetic Genomics.000. .19×109 m3) of crude.000. The results showed that out of the 938 papers cited by climate sceptics. We don't see a direct role for ourselves with today's technology. 1989.000 km2) off the coast of Angola that hold an estimated 7. who personally authored 67 of them. On July 1. Idso is the president of the Center for the Study of Carbon Dioxide and Global Change. and in the past 50 years. was a watershed moment for environmental critics of the oil industry. according to Greenpeace. settled with the United States government for $50.  Criticism  Funding of climate change skepticism A recent analysis by Carbon Brief from 2011 concluded that 9 out of 10 climate scientists who claim that climate change is not happening. Inc. The second most prolific was Dr Patrick Michaels. a senior fellow at the Cato Institute. 186 of them were written by only ten men. the Office of Foreign Assets Control reported that ExxonMobil engaged in illegal trade with Sudan and it. despite a public pledge to cut support of lobby groups who deny climate change.. This goes in parallel with the work of the Koch industries. have ties to ExxonMobil. along with dozens of other companies. 2009. Alaska.  Environment The Exxon Valdez oil spill in Prince William Sound. and foremost among them was Dr Craig D. There is really nothing ExxonMobil can bring to that whole biofuels issue..  Foreign business practices Investigative reporting by Forbes Magazine raised questions about ExxonMobil's dealings with the leaders of oil-rich nations. recently Exxonmobil has announced that it will plan on spending up to 600 million dollars within the next 10 years to fund biofuels that come from algae. who receives roughly 40% of his funding from the oil industry. they had opened a greenhouse to research algae as a possible biofuel. .5 billion barrels (1.
persons. including torture. 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. which was denied in 2008 by a federal judge. Bryan Williams. the company denies these accusations and filed a motion to dismiss the suit. The suit alleges that the ExxonMobil knowingly assisted human rights violations. transgender-inclusive medical coverage including surgical procedures. and "positively engaging the external LGBT community.000 and more than $3. 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 United States Attorney for the Southern District of New York announced that J. Williams' unreported income included millions of dollars in kickbacks from governments.5 million in restitution to the IRS. the third largest in the world.  Headquarters . Bryan Williams was indicted on tax charges relating to this same transaction." On May 26. former-Mobil executive J. Williams must pay a fine of $25." According to documents filed with the court. "including a $2 million kickback he received in connection with Mobil's oil business in Kazakhstan. The case is the largest under the Foreign Corrupt Practices Act.S. 2003.In March 2003. and other entities with whom Williams conducted business while employed by Mobil. who committed the alleged offenses during civil unrest in Aceh. 2003.  Human rights Main article: ExxonMobil violations in Indonesia ExxonMobil is the target of human rights activists for actions taken by the corporation in the Indonesian territory of Aceh. an LGBT lobbying group and political action committee. The dismissal is currently under appeal. and it rescinded formal prohibitions against discrimination based on sexual orientation by removing it from the company's Equal Employment Opportunity policy. 2010 ExxonMobil shareholders voted down LGBT benefits for its employees – only 22% of shareholders voted yes for the issue. On April 2. murder and rape. a scorecard that rated 590 companies on several criteria including diversity training that covers gender identity issues. In 2010 the Human Rights Campaign. In a U.  LGBT When Exxon Corporation merged with Mobil Corporation in 1999. James Giffen of the Mercator Corporation was indicted. by employing and providing material support to Indonesian military forces. gave Exxon Mobil a score of "0" in its Corporate Equality Index. Human rights complaints involving Exxon's (Exxon and Mobil had not yet merged) relationship with the Indonesian military first arose in 1992. Department of Justice release dated September 18. in addition to penalties and interest. accused of bribing President Nursultan Nazarbayev of Kazakhstan with $78 million to help ExxonMobil win a 25 percent share of the Tengiz oilfield. This series of events is depicted in the film Syriana. but then dismissed in August 2009 by a different federal judge. a former senior executive of Mobil Oil Corporation. the newly merged company ended enrollment in Mobil Corporation's domestic partner benefits for same-sex partners of employees. In addition to his sentence.
(October 2009) . TX. TX and Spring. a wellness center. and ending some time in 2015. and life. just north of Houston. Please help improve this article by adding citations to reliable sources. For the current corporate entity. search This article is about the fuel brand. This campus will be built to house 8. did not say whether the consolidation study includes the Irving headquarters. Architectural documents obtained by the Houston Chronicle outline an elaborate corporate campus. TX.Construction Citizen As of January 2010. and multiple parking garages. Beginning early in 2014. A picture of the 'Project Delta' construction site in Spring. ExxonMobil hopes to install this as its permanent corporate headquarters. the chief executive of the Greater Irving-Las Colinas Chamber of Commerce. For the unrelated genetic term.000. see ExxonMobil. a spokesperson for the company. including twenty office buildings totaling 3. Chris Wallace. the corporation has acknowledged a move to a suburb between The Woodlands. This article needs additional citations for verification. see Exon.000 employees. and will be an environment that is suitable for work. laboratory.: Credits . but definitely includes the Fairfax headquarters. [97 Exxon From Wikipedia.000 m2). Unsourced material may be challenged and removed. In October 2010 the company stated that it would not move its headquarters to Greater Houston.000 square feet (280. at the intersection of Interstate 45 and the Hardy Toll Road. said that he believed that it does include the headquarters. the company is conducting an internal study regarding possible consolidation of facilities to the northern Houston suburb of Spring. the free encyclopedia Jump to: navigation. employees will move into the campus and begin work. play. Alan Jeffers. TX. Since then. Texas.ExxonMobil's headquarters are located in Irving.
Exxon Products: Gasoline Convenience store At some locations: Diesel fuel Car wash Automobile repair shop Parent: ExxonMobil Sister Companies: Mobil Esso 1882 Creation: Official Website Official Website .
as those . Exxon's headquarters was located in Darien. 1973. Jersey Standard was restricted from using Esso in the U. the company marketed under the Humble or Enco brands. CT. As a result. From 1972 to 1999. except in those states awarded to it in the 1911 Standard Oil antitrust settlement.. Standard Oil. Contents [hide] 1 History 2 Logo 3 See also 4 Notes 5 External links  History This section needs additional citations for verification. and Humble brands in the United States on January 1. The Humble brand was used at Texas stations for decades. The Esso name was a trademark of Jersey Standard Oil. Exxon was the corporate name of the company previously known as Standard Oil Company of New Jersey or Jersey Standard. In states where it was restricted from using the Esso name. Enco. (May 2009) Exxon formally replaced the Esso.Exxon Building (1251 Avenue of Americas). Please help improve this article by adding citations to reliable sources.S. former headquarters of Exxon Exxon branded gas station in California. In the early 21st century. operated by Valero. and attracted protests from other Standard Oil spinoffs because of its similarity to the name of the parent company. Unsourced material may be challenged and removed. Exxon is a chain of gas stations as well as a brand of motor fuel and related products by ExxonMobil.
and uniform designs for all stations regardless of brand. Humble Oil's Esso stations in the Southeast were rebranded to Enco.operations were under the direction of Jersey Standard affiliate Humble Oil & Refining Company. in 1969. . Phillips Petroleum Company bought Tidewater's western properties and rebranded all Flying A outlets to Phillips 66. Enco was created as an abbreviation of the phrase "ENergy COmpany. Justice Department ordered Humble Oil to "cease and desist" from using the Esso brand at stations in several southeastern states. California. After the Enco brand was discontinued in Ohio. following protests from Standard Oil of Kentucky (Kyso). but Standard Oil Company of Ohio (Sohio) protested that the Enco name and logo (a white oval with blue border and red lettering) too closely resembled that of Esso. Finally. to market nationwide under the Enco. Humble Oil was a major promoter and broadcast sponsor for college football in the Pacific-8 (now Pac-12) and Southwestern conferences. greatly increasing Enco's presence in California. Humble Oil purchased all remaining Signal stations from Standard Oil Company of California (Chevron) and rebranded them as Enco outlets. the Justice Department objected to the sale on anti-trust grounds. use of the Humble name in all Enco and Esso advertising. introduced in 1959 to promote Enco Extra and Esso Extra gasolines. Oklahoma and Texas were rebranded to Enco. In 1959. the nation's fastest-growing gasoline market. it was moved to other non-Esso states. (In 1966. despite a number of high-profile marketing strategies. which was a Standard of California subsidiary in the process of rebranding its Standard stations to Chevron. Humble also tried marketing under Enco in Ohio. But Humble Oil still faced stiff competition from such national brands such as Shell and Texaco. These included the popular "Put a Tiger in Your Tank" advertising campaign and accompanying tiger mascot. New Mexico. Jersey Standard gained full control of Humble Oil and restructured it into its U. the U.S. adding California to its marketing territory. In 1961. In 1967. Humble Oil opened a new refinery in Benicia. and Oklahoma. The sale would have given Humble Oil a large number of existing Flying A stations and distributorships. Humble Oil also used similar logotypes. In the middle to late 1950s. marketing and refining division. However. In 1963. including Arizona. Humble officials realized that the time had come to develop a new brand name that could be used nationwide. Enco appeared on former Carter stations in the Midwest and the Pacific Northwest. By 1967. Humble Oil continued to have difficulties promoting itself as a nationwide marketer of petroleum products. In 1966. In addition. In the 1960s and early 1970s. New Mexico. Consequently.S. Esso and Humble brands. to replace Humble's subsidiary Oklahoma and Pate brands. Humble stations in Arizona. stations in Ohio were rebranded as Humble." Humble introduced the Enco brand in 1960 in Oklahoma and surrounding states. building a large number of new Enco stations and rebranding others. That same year. use of the Humble brand spread to other southwestern states. Humble Oil and Tidewater Oil Company began negotiating a sale of Tidewater's West Coast refining and marketing operations. which at that time was the only company to market under one brand name in all 50 states.) Humble Oil continued to expand its West Coast operations. By the late 1960s. as well as a refinery in California. and remained so until the Exxon brand came into use.
in the fall and winter of 1971-72. Ltd."  In 1972. consideration was given to simply rebranding all stations as Enco. The company is fueling its growth story by diversification. and repressive human resource management. oil spills and gas leakages. while the ROE is 27.850. New York City to the Las Colinas area of Irving. over years.7. it has been plagued by a strongly negative public image on account of factors. The company initially planned to change its name to "Exon. but that was shelved when it was learned that the word "Enco" is similar in pronunciation to a Japanese term for "stalled car. unified brand name for all former Enco and Esso outlets. under two experimental logos.7 10. However. such as bribery. its former headquarters in Rockefeller Center. The rebranding came after successful test-marketing of the Exxon name. Exxon’s ROI is 17.At first. Valuation EV ($) EBITDA ($) EV / EBITDA Price / Free Cashflows Forward PE Ratio PB Ratio Earning Yield 387. monopolistic practices. and the second "x" was added to the new name and logo. it was noted that James Exon was the governor of Nebraska. against the industry average of 9.8 for the industry. Along with the new name. violence. the company changed its corporate name from Standard Oil of New Jersey to Exxon Corporation.760. Return on assets is 13. president of Exxon subsidiary Friendswood Development Company. similar to the familiar color scheme on the old Enco and Esso logos. Others.000 5. such as Chevron.S.5 against 7. At the same time. political collusion. Renaming the company after a sitting governor seemed ill-advised. illegal activities. innovation and investments. However. maintain a few Standard-branded stations in specific states in order to retain their trademarks and prevent others from using them. in 1986 for $610 million.6% . to a unit of Mitsui Real Estate Development Co. during the planning process.6. Exxon settled on a rectangular logo using red lettering and blue trim on a white background. John Walsh. In 1989 Exxon announced that it was moving its headquarters and around 300 employees from Manhattan. Exxon was unveiled as the new. Esso is the only widely used Standard Oil descendant brand left in existence. Texas." in keeping with the four-letter format of Enco and Esso.9.2 against average 12. Exxon sold the Exxon Building (1251 Avenue of the Americas).1 9. The unrestricted international use of the popular Esso brand prompted Exxon to continue using it outside the U.5 2.000 69. stated that Exxon left New York because the costs were too high.6 14.
85 .Free Cash Flows Yield 5 -Years EBITA Growth PEPG 7.1% 0.4% 22.