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This article is about Exxon Mobil Corp. For the company's subsidiaries, see Exxon and Mobil.

Exxon Mobil Corp.
Company typePublic
NYSE: XOM
Dow Jones Industrial Average Component
S&P 500 Component
ISINUS30231G1022 Edit this on Wikidata
IndustryOil and Gas
PredecessorExxon
Mobil
FoundedNovember 30, 1999 (1999-11-30)
HeadquartersIrving, Texas, United States
Area served
Worldwide
Key people
Rex W. Tillerson
(Chairman and CEO)[1]
ProductsFuels, lubricants, petrochemicals, refining
RevenueDecrease US$ 394.105 billion (2014)[2]
Decrease US$ 34.082 billion (2014)[2]
Decrease US$ 32.520 billion (2014)[2]
Total assetsIncrease US$ 349.493 billion (2014)[2]
Total equityIncrease US$ 174.399 billion (2014)[2]
Number of employees
75,300 (Mar 2015)[2]
SubsidiariesAera Energy, Esso, Esso Australia, Exxon, Exxon Neftegas, Imperial Oil (69.6%), Syncrude (25%), Mobil, Mobil Producing Nigeria, SeaRiver Maritime, Superior Oil Co., Vacuum Oil Co., XTO Energy
WebsiteExxonMobil.com

Exxon Mobil Corp. (ExxonMobil) is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil Company,[3] and was formed on November 30, 1999 by the merger of Exxon (formerly Standard Oil Company of New Jersey) and Mobil (formerly the Standard Oil Company of New York).

The world's 5th largest company by revenue, ExxonMobil is also the third largest publicly traded company by market capitalization.[4][5] The company was ranked No. 6 globally in Forbes Global 2000 list in 2014.[6] ExxonMobil was the second most profitable company in the Fortune 500 in 2014.[7]

ExxonMobil is the largest of the world's supermajors[8] with daily production of 3.921 million BOE. In 2008, this was approximately 3 percent of world production, which is less than several of the largest state-owned petroleum companies.[9] When ranked by oil and gas reserves, it is 14th in the world—with less than 1 percent of the total.[10][11] ExxonMobil's reserves were 25.2 billion BOE (barrels of oil equivalent) at the end of 2013 and the 2007 rates of production were expected to last more than 14 years.[12] With 37 oil refineries in 21 countries constituting a combined daily refining capacity of 6.3 million barrels (1,000,000 m3), ExxonMobil is the largest refiner in the world,[13][14][15] a title that was also associated with Standard Oil since its incorporation in 1870.[3]

ExxonMobil has been criticized for its slow response to cleanup efforts after the 1989 Exxon Valdez oil spill in Alaska, widely considered to be one of the world's worst oil spills in terms of damage to the environment. ExxonMobil has a history of lobbying for climate change denial and against the idea that global warming is caused by the burning of fossil fuels. The company has also been the target of accusations of improperly dealing with human rights issues, influence on American foreign policy, and its impact on the future of nations.[16]

History

Chart of the major energy companies dubbed "Big Oil", sorted by latest published revenue

ExxonMobil was formed in 1999 by the merger of two major oil companies, Exxon and Mobil.

1870 to 1911

Main article: Standard Oil

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.[17] The Anglo American Oil Company was established in the United Kingdom in 1888.[18] The Standard Oil Trust was dissolved under the Sherman Antitrust Act in 1892; however, it re-emerged as the Standard Oil Interests. In 1899, Standard Oil Company of New Jersey became the holding company for the Standard Oil Interests.[17]

The anti-monopoly proceedings against the Standard Oil were launched in 1898.[17] The reputation of Standard Oil in the public eye suffered badly after publication of Ida M. Tarbell's classic exposé The History of the Standard Oil Co. in 1904, leading to a growing outcry for the government to take action against the company. By 1911, with public outcry at a climax, the Supreme Court of the United States ruled that Standard Oil must be dissolved and split into 34 companies. 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.[19]

1911 to 1950

Over the next few decades, Jersey Standard and Socony grew significantly. Jersey Standard, led by Walter C. Teagle, became the largest oil producer in the world.[citation needed] In 1919, Jersey Standard acquired a 50% share in Humble Oil & Refining Co., a Texas oil producer.[17]

Henry Clay Folger was head of Socony until 1923, when he was succeeded by Herbert L. Pratt. The growing automotive market inspired the product trademark Mobiloil, registered by Socony in 1920.[citation needed] After dissolution of Standard Oil, Socony had refining and marketing assets but no production activities. For this reason, Socony purchased a 45% interest in Magnolia Petroleum Co., a major refiner, marketer and pipeline transporter, in 1918. In 1925, Magnolia became wholly owned by Socony. In 1926, Socony purchased General Petroleum Corporation of California.[17][19] In 1928, Socony joined the Turkish Petroleum Company (Iraq Petroleum Company).[19] In 1931, Socony merged with Vacuum Oil Company, an industry pioneer dating back to 1866, to form Socony-Vacuum.[17][19][20]

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 Asia-Pacific region into a 50–50 joint venture. Standard Vacuum Oil Company, or "Stanvac," operated in 50 countries, from East Africa to New Zealand, before it was dissolved in 1962.[17]

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.[21] In 1940, Socony-Vacuum purchased the Gilmore Oil Company of California, which 1946 was merged with its another subsidiary, General Petroleum Corporation.[22] In 1948, Jersey Standard Oil and Socony-Vacuum acquired interests in the Arab-American Oil Company (Aramco).[17][23]

1950 to 1998

In 1955, Socony-Vacuum became Socony Mobil Oil Company. In 1959, Magnolia Petroleum Company, General Petroleum Corporation, and Mobil Producing Company were merged to form the Mobil Oil Company, a wholly owned subsidiary of Socony Mobil. In 1966, Socony Mobil Oil Company became the Mobil Oil Corporation.[17]

Humble Oil became a wholly owned subsidiary of Jersey Standard and was reorganized into the United States marketing division of Jersey Standard in 1959. In 1967, Humble Oil purchased all remaining Signal stations from Standard Oil Company of California (Chevron) In 1969, Humble Oil opened a new refinery in Benicia, California.[citation needed]

In Libya, Jersey Standard made its first major oil discovery in 1959.[17]

Mobil Chemical Company was established in 1960 and Exxon Chemical Company (first named Enjay Chemicals) in 1965.[17]

In 1966, Jersey Standard started to developed the coal liquefaction process called the Exxon Donor Solvent Process. In April 1980, Exxon opened a 250-ton-per-day pilot plant in Baytown, Texas. The plant was closed and dismantled in 1982.[24]

In 1967, Mobil acquired a 28% strategic stake in the German fuel chain Aral.[25]

In late 1960s Jersey Standard task force was looking for projects 30 years in the future.[26][27] In April 1973, Exxon founded Solar Power Corporation, a wholly-owned subsidiary for manufacturing of terrestrial photovoltaic cells.[28] After 1980s oil glut Exxon's internal report projected that solar would not become viable until 2012 or 2013.[29] Consequently, Exxon sold Solar Power Corporation in 1984.[28] In 1974–1994, also Mobil developed solar energy through Mobil Tyco Solar Energy Corporation, its joint venture with Tyco Laboratories.[28][30]

In late 1960s, Jersey Standard entered into the nuclear industry. In 1969, it created a subsidiary, Jersey Nuclear Company (later: Exxon Nuclear Company), for manufacturing and marketing of uranium fuel, which was to be fabricated from uranium concentrates mined by the mineral department of Humble Oil (later: Exxon Minerals Company).[31] In 1970, Jersey Nuclear opened a nuclear fuel manufacturing facility, now owned by Areva, in Richland, Washington.[32] In 1986, Exxon Nuclear was sold to Kraftwerk Union, a nuclear arm of Siemens.[33][34]

In 1972, Exxon was unveiled as the new, unified brand name for all former Enco and Esso outlets. At the same time, the company changed its corporate name from Standard Oil of New Jersey to Exxon Corporation, and Humble Oil became Exxon Company, U.S.A.[17] The rebranding came after successful test-marketing of the Exxon name, under two experimental logos, in the fall and winter of 1971-72. Along with the new name, Exxon settled on a rectangular logo using red lettering and blue trim on a white background, similar to the familiar color scheme on the old Enco and Esso logos. Exxon replaced the Esso, Enco, and Humble brands in the United States on January 1, 1973.[citation needed]

Due to the oil embargo of 1973, Exxon and Mobil to expanded their exploration and production into the North Sea, the Gulf of Mexico, Africa and Asia. Mobil diversified its activities into retail sale by acquiring the parent company of Montgomery Ward and Container Corporation.[17]

In 1976, Exxon, through its subsidiary Intercor, entered into partnership with Colombian state owned company Carbocol to start coal mining in Cerrejón.[35] In 1980, Exxon merged its assets in the mineral industry into newly established Exxon Minerals (later ExxonMobil Coal and Minerals).[36]

Mobil moved its headquarters from New York to Fairfax County, Virginia, in 1987.[37] Exxon sold the Exxon Building (1251 Avenue of the Americas), its former headquarters in Rockefeller Center, to a unit of Mitsui Real Estate Development Co. Ltd. in 1986 for $610 million, and in 1989, movedg its headquarters from Manhattan, New York City to the Las Colinas area of Irving, Texas. John Walsh, president of Exxon subsidiary Friendswood Development Company, stated that Exxon left New York because the costs were too high.[38]

On March 24, 1989, the Exxon Valdez oil tanker struck Bligh Reef in Prince William Sound, Alaska and spilled more than 11 million US gallons (42,000 m3) of crude oil. The Exxon Valdez oil spill was the second largest in U.S. history, and in the aftermath of the Exxon Valdez incident, the U.S. Congress passed the Oil Pollution Act of 1990. An initial award of $5 billion USD punitive was reduced to $507.5 million by the US Supreme Court in June 2008, and distributions of this award have commenced.[citation needed]

In 1996, Mobil and British Petroleum merged their European refining and marketing of fuels and lubricants businesses. Mobil had 30% stake in fuels and 51% stake in lubricants businesses.[39] As a condition for the Exxon and Mobil merger, the European Commission ordered to dissolve the Mobil's partnership with BP, as also to sell its stake in Aral.[25] As a result, BP acquired all fuels assets, two base oil plants, and a substantial part of the joint venture's finished lubricants business, while ExxonMobil acquired other base oil plants and a part of the finished lubricants business.[40] The stake in Aral was sold to Vega Oel, later acquired by BP.[25] The company also divested Exxon's aviation fuel business, according to the requirement by the Federal Trade Commission, to BP.[36]

In 1998, Exxon and Mobil signed a US$73.7 billion definitive agreement to merge and form a new company called Exxon Mobil Corp., the largest company on the planet. After shareholder and regulatory approvals, the merger was completed on November 30, 1999. The merger of Exxon and Mobil was unique in American history because it reunited the two largest companies of Standard Oil trust, resulting in the largest merger in US corporate history.

1998 to present

In 2000, ExxonMobil sold a refinery in Benicia, California and 340 Exxon-branded stations to Valero Energy Corp., as part of an FTC-mandated divestiture of California assets. ExxonMobil continues to supply petroleum products to over 700 Mobil-branded retail outlets in California.[citation needed]

In 2002, the company sold its stake in the Cerrejón coal mine in Colombia, and copper-mining business in Chile.[35][41]

In 2005, ExxonMobil's stock price surged in parallel with rising oil prices, surpassing General Electric as the largest corporation in the world in terms of market capitalization. At the end of 2005, it reported record profits of US $36 billion in annual income, up 42% from the previous year (the overall annual income was an all-time record for annual income by any business, and included $10 billion in the third quarter alone, also an all-time record income for a single quarter by any business). The company and the American Petroleum Institute (the oil and chemical industry's lobbying organization) put these profits in context by comparing oil industry profits to those of other large industries such as pharmaceuticals and banking.[42][43]

On June 12, 2008, ExxonMobil announced that it was transitioning out of the direct-served retail market, citing the increasing difficulty of running gas stations under rising crude oil costs. The multi-year process will gradually phase the corporation out of the direct-served retail market, and will affect 820 company-owned stations and approximately 1,400 other stations operated by dealers distributing across the United States. The sale has not resulted in the disappearance of Exxon and Mobil branded stations; the new owners will continue to sell Exxon and Mobil-branded gasoline and license the appropriate names from ExxonMobil, who will in turn be compensated for use of the brands.[44]

In 2010, ExxonMobil bought XTO Energy, the company focused on development and production of unconventional resources.[45]

ExxonMobil is waiting for an appropriate project to launch its Floating Liquefied Natural Gas development.[46]

In 2012, ExxonMobil confirmed a deal for production and exploration activities in the Kurdistan region of Iraq.[47]

In 2013, ExxonMobil's CEO Rex Tillerson was quoted "Exxon is starting work with Russia's OAO Rosneft in assessing what could be massive reserves of shale oil in Western Siberia", "There is huge shale potential in shale rocks in West Siberia...we just don't know what the quality is".[48]

In November 2013, ExxonMobil agreed to sell its majority stakes in a Hong Kong-based utility and power storage firm, Castle Peak Co Ltd, for a total of $3.4 billion, to CLP Holdings.[49]

On September 18, 2014, LINN Energy LLC and ExxonMobil Corp. announced a "non-monetary" asset swap deal. LINN will receive ExxonMobil’s interest in its "Hill Property." It consists of 500 acres (200 ha) in the South Belridge Oil Field in the San Joaquin Valley in California. The asset is producing about 3,400 barrels per day (540 m3/d) of oil equivalent. The assets "proved reserves" are estimated to be 27 million barrels (4.3×10^6 m3) of oil equivalent. In exchange LINN will give ExxonMobil 17,000 acres (6,900 ha) in the Midland Basin in Texas, spread over Martin, Howard, Midland, and Andrews counties. The assets are a mix of production and acreage. They are estimated to hold proved reserves of 19 million barrels (3.0×10^6 m3) of oil equivalent.[50]

On October 9, 2014, the International Centre for Settlement of Investment Disputes awarded ExxonMobil $1.6 billion in the case the company had brought against the Venezuelan government. ExxonMobil alleged that the Venezuelan government illegally expropriated its Venezuelan assets in 2007 and paid unfair compensation.[51]

Merger

Pre-deal events

Exxon-Mobil pre-merger scope (1997 data)

On June 16, 1998, Mr. Lee R. Raymond, Exxon's CEO, met with Mr. Lucio A. Noto, Mobil's CEO, at Mobil's headquarters in Fairfax, Virginia. At the meeting, Mr. Raymond and Mr. Noto had preliminary discussions about the possibility of a combination of the two companies. Later management continued discussions and permanently informed the Boards.[52]

On August 11, 1998, The British Petroleum Co. PLC and Amoco Corp. announced the terms of their merger agreement. Shortly thereafter, Mr. Raymond and Mr. Noto resumed their discussions taking into account this new pricing benchmark. In mid-August 1998, the management of Mobil asked Goldman Sachs to undertake an analysis of strategic alternatives available to Mobil. On September 14, Goldman Sachs presented to the Mobil Board its analyses regarding the various possible transactions, including a possible merger with Exxon.[52]

At a meeting on October 19, 1998 at Exxon's headquarters attended by Messrs. Raymond, Matthews, Noto and Gillespie, 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.[52]

During November 1998, 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, business, accounting and financial due diligence. A reciprocal confidentiality agreement was entered into on November 12.[52]

On November 26, 1998, Mr. Noto and Mr. Raymond spoke by telephone to discuss reports that had appeared in the media about a possible transaction between Exxon and Mobil. On November 27, prior to the opening of NYSE trading, Exxon and Mobil issued a joint statement confirming that the two companies were in discussions of a possible business combination.[52]

Over the course of the weekend of November 27, 1998, Exxon and Mobil representatives and outside counsel continued discussions towards resolving open issues. On the evening of November 30, Messrs. Raymond and Noto reached agreement in principle, subject to Board approval, on the exchange ratio and the resulting exercise price in the stock option agreement.[52]

Following the approval of their Boards, Exxon and Mobil officially signed an agreement and plan of merger on December 1, 1998. Shareholders of both Exxon and Mobil approved the merger in May 1999. In September 29 of that year the European Commission granted antitrust approval. In November 30, 1999, the historic merger was completed. Mobil became a wholly owned subsidiary of Exxon. The combined company changed its name to Exxon Mobil Corp.[52]

Exxon-Mobil pre-merger events

[52][53]

Date Event Description Type
06/16/98 CEOs’ meeting Preliminary discussions about the possibility of the merger Private
08/11/98 BP-Amoco merger Companies announced the terms of their merger agreement Public
08/15/98 Mobil hires Goldman Sachs Mobil asked Goldman Sachs to undertake an analysis of strategic alternatives available to Mobil. Merger with Exxon presented as one of the main options Private
10/19/98 CEOs’ meeting 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 Private
Nov. 1998 Due diligence Exchanged due diligence request lists and representatives. Conducted reciprocal legal, business, accounting and financial due diligence Private
11/26/98 CEOs’ phone discussion CEOs spoke by telephone to discuss reports in the media about a possible transaction between Exxon and Mobil Private
11/27/98 Joint statement Exxon and Mobil issued a joint statement confirming that the two companies were in discussions of a possible merger Public
12/01/98 Official merger agreement Following the approval of their Boards, Exxon and Mobil officially signed an agreement and plan of merger Public
04/19/99 FTC approval of BP-Amoco merger and Shell-Texaco merger FTC granted approvals for two large oil industry mergers BP-Amoco and Shell-Texaco with divestitures and other relief to preserve competition Public
05/27/99 Shareholders’ approval Shareholders of both Exxon and Mobil approved the merger. More than 99 percent of the shares in Exxon were voted in favor of the deal, as were 98.2 percent of Mobil shares Public
09/29/99 EU Commission approval European Commission granted an antitrust approval with requirement of divestitures and breakup of BP Amoco/Mobil joint venture Public
11/30/99 FTC approval and merger completion FTC accepted an antitrust settlement with large retail divestiture. Merger completed. Mobil became a wholly owned subsidiary of Exxon Public
Mobil cumulative abnormal return (11/16/1998 – 12/14/1998)
Exxon cumulative abnormal return (11/16/1998 – 12/14/1998)

The event analysis is very limited because there was no bidding process. The only important public information was merger announcement (December 1, 1998). 10-day cumulative abnormal return (CAR) before this date was +14 percent for Mobil and +0.4 percent for Exxon. The main spike in share prices appeared during November 25 – 30 and negative returns were on the announcement day, i.e. rumors in the media influenced the pricing. Total 20-day CAR (10 days before plus 10 days after the announcement) amounted +19.5 percent for Mobil and +1.07 percent for Exxon.

Market was very positive on Exxon and Mobil on April 19 and 21, 1999 when FTC approved other two big oil mergers – BP-Amoco and Shell-Texaco. 3-day CAR reached 5.3 percent for Exxon and 6.8 percent for Mobil. Market also positively reacted on EU Commission approval: 3-day CAR was +2.2 percent for Mobil and +2.4 percent for Exxon. All these signaled that market positively assessed the merger as economically sound and value creating.

Regulators approval

On September 29, 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. Mobil wanted to maintain its relationship with BP Amoco, but EC officials feared that the recent rash of mega mergers could kill off downstream competition in member countries. Mobil was also ordered to sell its share in a large chain of gasoline stations (Aral).[54] Exxon and Mobil sold part of their lubricant base oil manufacturing capacity.

BP Amoco bought Mobil's 30 percent interest in their R&M JV for $1.65 billion, about the value of the assets that Mobil contributed when the deal was established. Mobil also got around $1.08 billion for its interest in Aral.[55]

The US FTC announced on November 30, 1999 that it accepted a proposed settlement of charges that Exxon Corp’s acquisition of Mobil Corp would violate federal antitrust laws. The settlement required the largest retail divestiture in Commission history – the sale or assignment of approximately 2,431 Exxon and Mobil gas stations in the Northeast and Mid-Atlantic (1,740), California (360), Texas (319) and Guam (12). In addition, an Exxon refinery in California; terminals; a pipeline and other assets were also subject for sale.[56]

ExxonMobil ratios comparison

Deal structure

Under the merger agreement, an Exxon subsidiary would merge into Mobil so that Mobil becomes a wholly owned subsidiary of ExxonMobil. As a result, Exxon would hold 100 percent of Mobil’s issued and outstanding voting securities. Holders of Mobil common stock would receive 1.32015 shares of Exxon common stock for each share of Mobil common stock.[52]

ExxonMobil deal structure

5 days before the announcement Exxon shares price was $72 and 2,431 million shares outstanding ($175 billion market value) compared with $75.25 a share and 779.8 million shares outstanding for Mobil ($58.7 billion market value). With the exchange ratio 1.32015, Exxon paid 1,029.4 million of its shares for Mobil or $74.1 billion. This was a $15.4 billion (26.2 percent) premium over Mobil’s market value or $94.9 a share. After the price run-up Exxon shareholders would own approximately 70 percent of the combined ExxonMobil entity, while Mobil shareholders would own approximately 30 percent. The merger qualified as a tax-free reorganization in the US, and that it was accounted for on a “pooling of interests” basis.[52]

In addition, the merger agreement provided for payment of termination fees of $1.5 billion. Exxon and Mobil also entered into an option agreement that granted Exxon the option to purchase up to 136.5 million shares (14.9 percent) of Mobil common stock at a strike price of $95.96. Exxon could exercise the option after the occurrence of an event, entitling Exxon to receive the termination fee payable by Mobil.[52]

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. Among other effects, the option could prevent an alternative business combination with Mobil from being accounted for as a “pooling of interests”. Although companies introduced protection against hostile takeover, they didn’t use any collar to protect shareholders. J.P. Morgan & Co. and Davis Polk & Wardwell advised Exxon, and Goldman Sachs & Co. and Skadden, Arps, Meagher & Flom advised Mobil.[52]

Valuation

J.P. Morgan performed traditional P/E analysis. Such analysis indicated that Mobil had been trading at an 8 percent to 15 percent discount to Exxon. J.P. Morgan's analysis indicated that if Mobil were to be valued at price to earnings multiples comparable to those of Exxon, there would be an enhancement of value to its shareholders of approximately $11 billion.[52]

Goldman Sachs also reviewed and compared ratios and public market multiples relating to Mobil to following six publicly traded companies:[52]

  • British Petroleum Co. PLC,
  • Chevron Corp.,
  • Exxon,
  • Royal Dutch Petroleum Co.,
  • Shell Transport & Trading Co. PLC,
  • Texaco Inc.

P/E multiple for these firms ranged 19.3–23.8. The analysis showed that Mobil was undervalued 5 to 16 percent, relative to comparables with fair price $79–$89 a share. It’s needed to notice that comparables analysis couldn’t capture the synergy effect, value creation and differences. Simple DCF analysis of Mobil as a standalone company gives range of intrinsic value of $59.8–$79.5 billion or $76.7–102 per share depending on cash flow growth rate.[52]

DCF analysis, based on the estimated pre-tax synergies of $2.8 billion expected to result from the merger, suggested a potential value creation in the short term of approximately $22–25 billion. J.P. Morgan's review suggested that over the long term, the potential for value creation from these elements could be as much as $47–57 billion. So Mobil intrinsic value for this deal was $95–$118.8 a share depending on growth rate.[52]

Summary of ExxonMobil merger valuation

Since Exxon's market capitalization was significantly larger than Mobil's, Exxon's shareholders would have enjoyed a greater proportion of the value creation if no premium were paid by Exxon in the merger. By offering a premium to Mobil's shareholders, 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. J.P. Morgan's analysis showed that for transactions involving smaller companies with a relative market capitalization comparable to that of Mobil pre-announcement, a premium of 15 percent to 25 percent matched market precedent. In comparison, BP paid 35 percent premium for Amoco.

10 days before the completion of the merger, Exxon market value was $184.5 billion ($76 a share) and Mobil – $77.1 billion ($98.5 a share). Pro forma market value of merged company was $261.6 billion. Right after the merger was completed, the share price of combined Exxon-Mobil was $80.56 with 3,461.5 million shares outstanding, which gave $278.8 billion market value or $17.2 billion of additional value created. This figure would be even higher if we consider pre-announcement pro forma combined market value of $233.7 billion. In this case created value reaches $45.1 billion.[52]

Synergy

The motivations for the Exxon-Mobil merger reflected the industry forces. Companies needed a secure presence in the regions with high potential for oil/gas discoveries and stronger position to make large investments. The benefits of the merger fell broadly in two categories: near-term operating synergies and capital productivity improvements.[52]

Near-term operating synergies. $2.8 billion in annual pre-tax benefits from operating synergies (increases in production, sales and efficiency, decreases in unit costs and combining complementary operations). Management expected to realize the full benefits by the third year after the merger. During the first two years, the benefits should have been partly offset by one-time costs at $2 billion for business integration. The firms also planned to eliminate about 9,000 jobs. A year later, pre-tax annual savings were re-assessed and increased to $3.8 billion.[57]

Capital productivity improvements. Management also believed the combined company could use its capital more profitably than either company on its own. These improvements were realized due to efficiencies of scale, cost savings, and sharing of best management practices. The businesses and assets of Exxon and Mobil were highly complementary in key areas. In the exploration and production area, for example, Mobil's and Exxon's respective strengths in West Africa, the Caspian region, Russia, South America, and North America lined up well, with minimal overlap. The firms also had a presence in natural gas, with combined sales of about 14 bcfd. And Mobil contributed its LNG assets and experience to the venture.[52]

There were technology synergies as well. In upstream, Exxon and Mobil owned proprietary technologies in the areas of: deepwater and arctic operations, heavy oil, gas-to-liquids processing, LNG, and high-strength steel. In downstream, their proprietary technology focused on refining and chemical catalysts. Exxon’s lube base stocks production fitted well with Mobil's leadership in lubes marketing.[52] Generally, the Exxon-Mobil deal was a move by the dominant partner to increase its asset base by 30 percent while raising capital productivity.

Operations

ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world's energy.[citation needed]

ExxonMobil is organized functionally into a number of global operating divisions. These divisions are grouped into three categories for reference purposes, though the company also has several ancillary divisions, such as Coal & Minerals, which are stand alone. It also owns hundreds of smaller subsidiaries such as Imperial Oil Limited (69.6% ownership) in Canada, and SeaRiver Maritime, a petroleum shipping company.

  • ExxonMobil has a 70 percent Ownership in Imperial Oil.
  • Infineum is a joint venture between ExxonMobil and Royal Dutch Shell for manufacturing and marketing crankcase lubricant additives, fuel additives, and specialty lubricant additives, as well as automatic transmission fluids, gear oils, and industrial oils.[58]
  • Aera Energy LLC is an E&P joint venture with Shell Oil, operating in California.
  • On August 30, 2011, ExxonMobil announced a $3.2 billion joint venture with Russian oil company Rosneft to develop two offshore oil fields in Russia, the East-Prinovozemelsky field in the Kara Sea and the Tuapse field in the Black Sea.[59]
  • ExxonMobil Yūgen Kaisha holds a 50.02 percent stake in TonenGeneral Sekiyu K.K., but in January 2012 TonenGeneral Sekiyu KK agreed to acquire 99 percent of ExxonMobil Yūgen Kaisha for 302 billion yen ($3.9 billion). It is the biggest divesture for Exxon since the 1999 deal with Mobil Corp. and Exxon stake in TonenGeneral decline to 22 percent from 50 percent, but the Japanese refiner will retain exclusive rights to use its brands.[60][61]

Upstream

The upstream division dominates the company's cashflow, accounting for approximately 70% of revenue.[citation needed] In 2014, the company had 25.3 billion barrels (4.02×10^9 m3) of oil-equivalent proved reserves.[62] In 2013, its reserves replacement ratio was 103%.[62]

In the United States, ExxonMobil's petroleum exploration and production activities are concentrated in the Permian Basin, the Bakken Formation, the Woodford Shale, the Caney Shale, and the Gulf of Mexico. In addition, it has gas development activities in the Marcellus Shale, the Utica Shale, the Haynesville Shale, the Barnett Shale, and the Fayetteville Shale, conducted by its subsidiary XTO Energy. As of December 31, 2014, ExxonMobil held 14.6 million acres (59,000 km2) in the United States, of which 1.7 million acres (6,900 km2) were offshore, including 1.5 million acres (6,100 km2) in the Gulf of Mexico. In Canada, the company held 5.4 million acres (22,000 km2), including 1 million acres (4,000 km2) offshore and 0.7 million acres (2,800 km2) of oil sands (Kearl Oil Sands Project).[63]

In Argentina, ExxonMobil held 0.9 million acres (3,600 km2), Germany 4.9 million acres (20,000 km2), the Netherlands 1.5 million acres (6,100 km2), Norway 0.4 million acres (1,600 km2) offshore, and the United Kingdom 0.6 million acres (2,400 km2) offshore. In Africa, its upstream operations are concentrated in Angola (0.4 million acres (1,600 km2) offshore), Chad (46,000 acres (19,000 ha)), Equatorial Guinea (0.1 million acres (400 km2) offshore), and Nigeria (0.8 million acres (3,200 km2) offshore.[63] In addition, it plans to start exploration activities off Liberia and Ivory Coast.[64][65] It had exploration activities also in Madagascar but these operations were ended because of unsatisfied results.[66]

In Asia, it held 9,000 acres (3,600 ha)) in Azerbaijan, 1.7 million acres (6,900 km2) in Indonesia, of which 1.3 million acres (5,300 km2) offshore, 0.7 million acres (2,800 km2) in Iraq, 0.3 million acres (1,200 km2) in Kazakhstan, 0.2 million acres (810 km2) in Malaysia, 65,000 acres (26,000 ha) in Qatar, 10,000 acres (4,000 ha) in Yemen, 21,000 acres (8,500 ha) in Thailand, and 81,000 acres (33,000 ha) in Abu Dhabi.[63]

In Russia, ExxonMobil held 85,000 acres (34,000 ha) in the Sakhalin-I project. Together with Rosneft, it develops 63.6 million acres (257,000 km2) in Russia, including the East-Prinovozemelsky field. In Australia, ExxonMobil held 1.7 million acres (6,900 km2), including 1.6 million acres (6,500 km2) offshore. It operates the Longford Gas Conditioning Plant and participates in the development of Gorgon LNG project. In Papua New Guinea, it held 1.1 million acres (4,500 km2), including PNG Gas project.[63]

Downstream

ExxonMobil markets products around the world under the brands of Exxon, Mobil, and Esso. Mobil is ExxonMobil's primary retail gasoline brand in California, Florida, New York, New England, the Great Lakes and the Midwest. Exxon is the primary brand in the rest of the United States, with the highest concentration of retail outlets located in New Jersey, Pennsylvania, Texas and in the Mid-Atlantic and Southeastern states. Esso is ExxonMobil's primary gasoline brand worldwide except in Australia and New Zealand, where the Mobil brand is used exclusively. In Colombia, both the Esso and Mobil brands are used.

Chemicals

ExxonMobil Chemical is a petrochemical company which was created by merging Exxon's and Mobil's chemical industries. Its principal products includes basic olefins and aromatics, ethylene glycol, polyethylene, and polypropylene along with speciality lines such as elastomers, plasticizers, solvents, process fluids, oxo alcohols and adhesive resins. The company also produces synthetic lubricant base stocks as well as lubricant additives, propylene packaging films and catalysts. The company was an industry leader in metallocene catalyst technology to make unique polymers with improved performance.[citation needed]

Corporate affairs

Financial data

In 2005, ExxonMobil surpassed Wal-Mart as the world's largest publicly held corporation when measured by revenue, although Wal-Mart remained the largest by number of employees.[67] ExxonMobil's $340 billion revenues in 2005 were a 25.5 percent increase over their 2004 revenues.

In 2006, Wal-Mart recaptured the lead with revenues of $348.7 billion against ExxonMobil's $335.1. ExxonMobil continued to lead the world in both profits ($39.5 billion in 2006) and market value ($460.43 billion).[68]

In 2007, ExxonMobil had a record net income of $40.61 billion on $404.552 billion of revenue, an increase largely due to escalating oil prices as their actual BOE production decreased by 1 percent, in part due to expropriation of their Venezuelan assets by the Chávez government.[69]

As of July 1, 2010, ExxonMobil occupied eight out of 10 slots for Largest Corporate Quarterly Earnings of All Time. Furthermore, it occupies 5 out of 10 slots on Largest Corporate Annual Earnings.[70][71]

Financial data in US$ millions[72]
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

Headquarters

ExxonMobil Building, former ExxonMobil offices in Downtown Houston were vacated in early 2015.

ExxonMobil's headquarters are located in Irving, Texas.[73] As of May 2015, the company is nearing completion of its new campus located in a northern Houston suburb of Spring, at the intersection of Interstate 45, the Hardy Toll Road, and the Grand Parkway northern extension. It is an elaborate corporate campus, including twenty office buildings totaling 3,000,000 square feet (280,000 m2), a wellness center, laboratory, and three parking garages.[74] It is designed to house nearly 10,000 employees with an additional 1,500 employees located in a satellite campus in Hughes Landing in The Woodlands, Texas. In October 2010, the company stated that it would not move its headquarters to Greater Houston.[75]

Management

The current Chairman of the Board and CEO of Exxon Mobil Corp. is Rex W. Tillerson. Tillerson assumed the top position on January 1, 2006, on the retirement of long-time chairman and CEO, Lee Raymond.

As of June 24, 2014, the current ExxonMobil board members are:[76]

Environmental record

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.[77] The Political Economy Research Institute ranks ExxonMobil sixth among corporations emitting airborne pollutants in the United States. The ranking is based on the quantity (15.5 million pounds in 2005) and toxicity of the emissions.[78] In 2005, ExxonMobil had committed less than 1 percent of their profits towards researching alternative energy,[79] less than other leading oil companies.[80]

Exxon Valdez oil spill

Main article: Exxon Valdez oil spill

The March 24, 1989, Exxon Valdez oil spill resulted in the discharge of approximately 11 million US gallons (42,000 m3) of oil into Prince William Sound,[81] oiling 1,300 miles (2,100 km) of the remote Alaskan coastline. The Valdez spill is 36th worst oil spill in history in terms of sheer volume.

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".[81] Carcasses were found of over 35,000 birds and 1,000 sea otters. Because carcasses typically sink to the seafloor, it’s estimated the death toll may be 250,000 seabirds, 2,800 sea otters, 300 harbor seals, 250 bald eagles, and up to 22 killer whales. Billions of salmon and herring eggs were also killed.[82]

As of 2001, oil remained on or under more than half the sound’s beaches, according to a 2001 federal survey. The government-created Exxon Valdez Oil Spill Trustee Council concluded that the oil disappears at less than 4 percent per year, adding that the oil will “take decades and possibly centuries to disappear entirely”. Of the 27 species monitored by the Council, 17 have not recovered. While the salmon population has rebounded, and the killer whales are recovering, the herring population and fishing industry have not.[83][84][85]

Exxon was widely criticized for its slow response to cleaning up the disaster. John Devens, the Mayor of Valdez, has said his community felt betrayed by Exxon's inadequate response to the crisis.[86] Exxon later removed the name "Exxon" from its tanker shipping subsidiary, which it renamed "SeaRiver Maritime." The renamed subsidiary, though wholly Exxon-controlled, has a separate corporate charter and board of directors, and the former Exxon Valdez is now the SeaRiver Mediterranean. The renamed tanker is legally owned by a small, stand-alone company, which would have minimal ability to pay out on claims in the event of a further accident.[87]

After a trial, a jury ordered Exxon to pay $5 billion in punitive damages, though an appeals court reduced that amount by half. Exxon appealed further, and on June 25, 2008, the United States Supreme Court lowered the amount to $500 million.[88]

In 2009, Exxon still uses more single-hull tankers than the rest of the largest ten oil companies combined, including the Valdez's sister ship, the SeaRiver Long Beach.[89]

Exxon's Brooklyn oil spill

Main article: Greenpoint 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 cleanup of the oil spill at Greenpoint, Brooklyn, and to restore Newtown Creek.[90]

A study of the spill released by the US Environmental Protection Agency in September 2007 reported[91] that the spill consists of 17 to 30 million US gallons (64,000 to 114,000 m3) of petroleum products from the mid-19th century to the mid-20th century.[92] The largest portion of these operations were by ExxonMobil or its predecessors. By comparison, the Exxon Valdez oil spill was approximately 11 million US gallons (42,000 m3).[81] 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. The refinery produced fuel oils, gasoline, kerosene and solvents. Naptha and gas oil, secondary products, were also stored in the refinery area. Standard Oil of New York later became Mobil, a predecessor to Exxon/Mobil.[93]

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.[94] ExxonMobil originally reported to the Louisiana Department of Environmental Quality(LDEQ) that 1,364 pounds of material had been leaked.

On June 18, Baton Rouge refinery representatives told the LDEQ that ExxonMobil's chemical team determined that the June 14 spill was actually a level 2 incident classification which means that a significant response to the leak was required.[95] On the day of the spill the refinery did not report that their estimate of spilled materials was significantly different from what was originally reported to the department. Because the spill estimate and the actual amount of chemicals spilled varied drastically, the LDEQ launched an in-depth investigation on June 16 to determine the actual amounts of chemicals spilled as well as to find out what information the refinery knew and when they knew it.[96] On June 20, ExxonMobil sent an official notification to the LDEQ saying that the leak had actually released 28,688 pounds of benzene, 10,882 pounds of toluene, 1,100 pounds of cyclohexane, 1,564 pounds of hexane and 12,605 pounds of additional volatile organic compound.[95][96] After the spill, people living in neighboring communities reported adverse health impacts such as severe headaches and respiratory difficulties.[97][97]

ExxonMobil refinery in Baton Rouge

Baton Rouge Refinery pipeline oil spill

In April 2012, a crude oil pipeline, from the Exxon Corp Baton Rouge Refinery, burst and spilled at least 1,900 barrels of oil (80,000 gallons) in the rivers of Point Coupee Parish, Louisiana, shutting down the Exxon Corp Baton Refinery for a few days. Regulators opened an investigation in response to the pipeline oil spill.[98]

Yellowstone River oil spill

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, Montana, which ruptured about 10 miles west of Billings on July 1, 2011, at about 11:30 pm[99] The resulting spill leaked an estimated 750 to 1,000 barrels of oil into the Yellowstone River for about 30 minutes before it was shut down.[100]

As a precaution against a possible explosion, officials in Laurel, Montana evacuated about 140 people on Saturday (July 2) just after midnight, then allowed them to return at 4 am[99]

A spokesman for ExxonMobil said that the oil is within 10 miles of the spill site. However, Montana Governor Brian Schweitzer disputed the accuracy of that figure.[101][dead link] The governor pledged that "The parties responsible will restore the Yellowstone River."[100]

Mayflower oil spill

Main article: 2013 Mayflower oil spill

On March 29, 2013, the Pegasus Pipeline, owned by ExxonMobil and carrying Canadian Wabasca heavy crude, ruptured in Mayflower, Arkansas, releasing about 3,190 barrels (507 m3) of oil and forcing the evacuation of 22 homes.[102][103] The Environmental Protection Agency has classified the leak as a major spill.[104] In 2015, ExxonMobil settled charges that it violated the federal Clean Water Act and state environmental laws, for $5.07 million, including $4.19 million in civil penalties. It did not admit liability.[102]

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, operated by an ExxonMobil subsidiary, Exxon Neftegas Limited (ENL),[105] threatens the critically endangered western gray whale population.[106][107][108] In February, 2009, scientists convened by the International Union for the Conservation of Nature issued an urgent call for a "...moratorium on all industrial activities, both maritime and terrestrial, 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, adjacent to ENL's project area.[109] The scientists also criticized ENL’s unwillingness to cooperate with the scientific panel process, which “certainly impedes the cause of western gray whale conservation.”[110]

Criticism

Attitude towards global warming

Exxon's attitude towards climate change has varied over the decades. From the late 1970s and through the 1980s, Exxon funded internal and university collaborations, broadly in line with the developing public scientific approach.[111][112] Toward the end of the 1980s, Exxon curtailed its own climate research and was a leader in climate denial.;[112][113][114][115] helping to found and lead the Global Climate Coalition.[112][116][117] Lee Raymond, Exxon and ExxonMobil chief executive officer from 1993 to 2006, was one of the most outspoken executives in the United States against regulation to curtail global warming.[118] Beginning in 2002, ExxonMobil has invested up to US$100m[119] over a ten-year period to establish the Global Climate and Energy Project at Stanford University,[120] which "would focus on technologies that could provide energy without adding to a buildup of greenhouse gases".[119] Under Rex Tillerson's CEOship, Exxon has softened its line. In 2007 vice president for public affairs Kenneth Cohen said "we know enough now—or, society knows enough now—that the risk is serious and action should be taken." Cohen stated that, as of 2006, ExxonMobil had ceased funding of the Competitive Enterprise Institute and "'five or six' similar groups".[121] Exxon now nominally supports a carbon tax, though that support is weak.[122]

In July 1977, at a meeting of Exxon's Management Committee in Exxon corporate headquarters, a senior company scientist warned company executives of the danger of atmospheric carbon dioxide increases from the burning of fossil fuels.[112][116][123] In 1992, the senior ice researcher, leading a Calgary-based research team in Exxon’s Canadian subsidiary Imperial Oil, assessed how global warming could affect Exxon’s Arctic operations, and reported that exploration and development costs in the Beaufort Sea might be lower, while higher sea levels and rougher seas could threaten the company’s coastal and offshore infrastructure.[111][117]

ExxonMobil has drawn criticism from scientists, science organizations and the environmental lobby for funding organizations critical of the Kyoto Protocol and seeking to undermine public opinion about the scientific consensus that global warming is caused by the burning of fossil fuels. According to Mother Jones Magazine, the company channeled at least $8,678,450 between the years 2000-2003 to forty different organizations that have employed disinformation campaigns including "skeptic propaganda masquerading as journalism" to influence opinion of the public and of political leaders about global warming.[124][125] According to The Guardian, ExxonMobil has funded, among other groups, the Competitive Enterprise Institute, George C. Marshall Institute, Heartland Institute, Congress on Racial Equality, TechCentralStation.com, and International Policy Network.[126][127] ExxonMobil's support for these organizations has drawn criticism from the Royal Society, the academy of sciences of the United Kingdom.[128] A survey carried out by the UK's Royal Society found that in 2005 ExxonMobil distributed $2.9m to 39 groups that the society said "misrepresented the science of climate change by outright denial of the evidence".[128][129] The Union of Concerned Scientists released a report in 2007 accusing ExxonMobil of spending $16 million, between 1998 and 2005, towards 43 advocacy organizations which dispute the impact of global warming. 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, 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."[130][131]

Beginning in 2004, the descendants of John D. Rockefeller, led mainly by his great-grandchildren, through letters, meetings, and shareholder resolutions, attempted but failed to get ExxonMobil to acknowledge climate change, to abandon climate denial, and to shift towards clean energy.[132][133]

In January 2007, the company appeared to change its position, when vice president for public affairs Kenneth Cohen said "we know enough now—or, society knows enough now—that the risk is serious and action should be taken." Cohen stated that, as of 2006, ExxonMobil had ceased funding of the Competitive Enterprise Institute and "'five or six' similar groups".[121] While the company did not publicly state which the other similar groups were, a May 2007 report by Greenpeace does list the five groups "at the heart of the climate change denial industry" it stopped funding as well as a list of 41 similar groups which are still receiving ExxonMobil funds.[134]

On February 13, 2007, ExxonMobil CEO Rex W. Tillerson acknowledged that the planet was warming while carbon dioxide levels were increasing, "but in the same speech gave an unalloyed 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. [Tillerson] stated that there is no significant alternative to oil in coming decades, and that ExxonMobil would continue to make petroleum and natural gas its primary products",[135] saying: "I'm no expert on biofuels. I don't know much about farming and I don't know much about moonshine. ... There is really nothing ExxonMobil can bring to that whole biofuels issue. We don't see a direct role for ourselves with today's technology."[136][dead link] However, 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[citation needed]. On July 14, 2010 ExxonMobil announced that, a year after teaming with Synthetic Genomics, Inc., they had opened a greenhouse to research algae as a possible biofuel.[137]

In May 2008, a week before their annual shareholder's meeting, ExxonMobil pledged in its annual corporate citizenship report that it would cut funding to "several public policy research groups whose position on climate change could divert attention" from the need to address climate change.[129][138] On July 1, 2009, The Guardian newspaper revealed that ExxonMobil continued to fund such organizations, including the National Center for Policy Analysis (NCPA) and the Heritage Foundation.[139] A December 2009 article in Mother Jones magazine included ExxonMobil as a promulgator of climate disinformation.[140] Between 2007 and 2015, ExxonMobil gave $1.87 million to Congressional climate change deniers and $454,000 to the American Legislative Exchange Council (ALEC). ExxonMobil denied funding climate denial.[141] ExxonMobil is a member of ALEC's “Enterprise Council,“ its corporate leadership board.[142]

In April 2014, ExxonMobil released a report publicly acknowledging climate change risk for the first time. ExxonMobil predicts that a rising global population, increasing living standards and increasing energy access will result in lower greenhouse gas emissions.[143]

On October 14, 2015, Ted Lieu and Mark DeSaulnier, Democratic members of The United States House of Representatives from California, wrote to the United States Attorney General requesting an investigation into whether ExxonMobil violated any federal laws by "failing to disclose truthful information" about climate change.[144][145][146][147] The New York Attorney General is investigating whether ExxonMobil misled the public or stock holders regarding the impact of climate change.[148][149]

Human rights

Main article: Accusations of ExxonMobil human rights violations in Indonesia

ExxonMobil is the target of human rights activists for actions taken by the corporation in the Indonesian territory of Aceh. 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 suit alleges that the ExxonMobil knowingly assisted human rights violations, including torture, murder and rape, by employing and providing material support to Indonesian military forces, who committed the alleged offenses during civil unrest in Aceh. Human rights complaints involving Exxon's (Exxon and Mobil had not yet merged) relationship with the Indonesian military first arose in 1992; the company denies these accusations and filed a motion to dismiss the suit, which was denied in 2008 by a federal judge.[150] But another federal judge dismissed the lawsuit in August 2009.[151] The plaintiffs are currently[when?] appealing the dismissal.[citation needed]

Investigative book: Private Empire: ExxonMobil and American Power

A July 2012 review of Steve Coll's book, Private Empire: ExxonMobil and American Power, in The Daily Telegraph says that he thinks that ExxonMobil is "able to determine American foreign policy and the fate of entire nations".[16] ExxonMobil increasingly drills in terrains leased to them by dictatorships, such as those in Chad and Equatorial Guinea.[16] Steve Coll describes Lee Raymond, the corporation’s chief executive until 2005, as "notoriously skeptical about climate change and disliked government interference at any level".[16]

The book was also reviewed in The Economist, according to which "ExxonMobil is easy to caricature, and many critics have done so.... It is to Steve Coll’s credit that “Private Empire”, his new book about ExxonMobil, refuses to subscribe to such a simplistic view." The review describes the company's power in dealing with the countries in which it drills as "constrained". It notes that the company shut down its operations in Indonesia to distance itself from the abuses committed against the population by that country's army, and that it decided to drill in Chad only after the World Bank agreed to ensure that the oil royalties were used for the population's benefit. The review closes by noting that "A world addicted to ExxonMobil’s product needs to look in the mirror before being too critical of how relentlessly the company supplies it."[152]

See also

Notes

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References

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  • Wall, Bennett H. Growth in a Changing Environment: A History of Standard Oil Co. (New Jersey) 1950–1972 and Exxon Corp. (1972–1975). New York: McGraw-Hill Book Co., 1988.
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Further reading

Wikimedia Commons has media related to ExxonMobil.
  • Official website
  • Business data for Exxon Mobil Corporation:
  • Exxon Mobil Corporation company information and articles at The New York Times
  • Exxon Mobil quick facts, rankings, and articles at Forbes
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