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Exxon Mobil Business (stylized as ExxonMobil) is a global oil and gas corporation based in Irving, Texas. It was created on November 30, 1999, when Exxon (originally the Standard Oil Company of New Jersey) and Mobil merged to become the largest direct descendent of John D. Rockefeller’s Standard Oil (formerly the Standard Oil Company of New York). Exxon, Mobil, Esso, and ExxonMobil Chemical are the company’s main brands. ExxonMobil was founded in the state of New Jersey. ExxonMobil, one of the world’s top businesses by revenue, was the first to sixth biggest publicly listed corporation by market capitalization from 1996 to 2017. On 2016, the firm was rated third in the Forbes Global 2000 list. In 2017, ExxonMobil was the Fortune 500’s tenth most profitable business. The firm was placed second in the Fortune 500 list of the biggest US businesses by total sales in 2018. Institutions own around 55.56 percent of the company’s stock. The Vanguard Group (8.15 percent), BlackRock (6.61 percent), and State Street Corporation are ExxonMobil’s top shareholders as of March 2019. (4.83 percent ). Exxon and Mobil were both descended from Standard Oil, which was founded in 1870 by John D. Rockefeller and associates as the Standard Oil Company of Ohio. It was formed as the Standard Oil Trust in 1882, along with its related businesses, with the Standard Oil Company of New Jersey and the Standard Oil Company of New York as its major firms. In 1888, the Anglo-American Oil Company was founded in the United Kingdom. The Deutsch-Amerikanische Petroleum Gesellschaft was founded in Bremen in 1890 by Standard Oil and local ship merchants (later: Esso A.G.). The American Petroleum Company opened a sales division in Rotterdam in 1891 covering the Netherlands and Belgium. Jersey Standard and Socony grew considerably during the next few decades. Jersey Standard’s first president was John Duston Archbold. In 1917, Archbold was succeeded by Walter C. Teagle, who made the business the world’s largest oil business. Jersey Standard purchased a 50% stake in Humble Oil & Refining Co., a Texas oil company, in 1919. It was listed on the New York Stock Exchange in 1920. It purchased or founded Tropical Oil Company of Colombia (1920), Standard Oil Company of Venezuela (1921), and Creole Petroleum Company of Venezuela in the following years (1928).
Socony-Vacuum became Socony Mobil Oil Company in 1955. The Mobil Oil Company, a fully owned subsidiary of Socony Mobil, was formed in 1959 when Magnolia Petroleum Company, General Petroleum Corporation, and Mobil Producing Company combined to establish the Mobil Oil Company. Socony Mobil Oil Company became Mobil Oil Corporation in 1966. In 1959, Humble Oil became a wholly-owned subsidiary of Jersey Standard and was restructured as Jersey Standard’s United States marketing business. Humble Oil bought all of the remaining Signal stations from the Standard Oil Company of California in 1967. (Chevron) Humble Oil built a new refinery in Benicia, California, in 1969. Jersey Standard had their first significant oil find in Libya in 1957. Exxon and Mobil inked a $73.7 billion merger deal in 1998, establishing Exxon Mobil Corp. (ExxonMobil), the world’s largest oil firm and third-biggest corporation. At the time, this was the largest business merger ever. Exxon was the world’s largest energy business at the time of the merger, while Mobil was the second-biggest oil and gas corporation in the United States. Following the combination of British Petroleum and Amoco, which was the largest industrial merger at the time, the combination of British Petroleum and Amoco was announced. Exxon purchased Mobil in a formal transaction. For every Mobil share, Exxon owners got 1.32 Exxon shares. As a result, former Mobil stockholders will get a dividend.
ExxonMobil, along with BP, China National Petroleum Corporation, Royal Dutch Shell, and Lukoil, came under fire in the late 1990s and early 2000s for expanding oil production facilities in the Rumaila and West Qurna fields in response to the Iraqi government’s lack of power and instability as a result of the Iraq War. To keep prices low, ExxonMobil produces 2,325,000 barrels per day (bpd), or $967,432,500 in total income per year in Iraq. Exxon is able to create higher profit crude oil products such as plastic, fertiliser, medicine, lubricant, and apparel as a result of this approach, which is helpful to the major oil consumer countries. The firm sold its stakes in Colombia’s Cerrejón coal mine and Chile’s copper-mining firm in 2002. Simultaneously, it rekindled its interest in oil shale by inventing the ExxonMobil Electrofrac in-situ extraction method. In Rio Blanco County, Colorado, the Bureau of Land Management authorised their research and development project in 2014. The business did, however, abandon its government research, development, and demonstration lease in November 2015. ExxonMobil terminated down coal mining in the United States by selling its final active coal mine in 2009. ExxonMobil agreed to sell its controlling interests in Castle Peak Co Ltd, a Hong Kong-based utility and power storage company, to CLP Holdings for $3.4 billion in November 2013. ExxonMobil and LINN Energy LLC conducted two “non-monetary” asset transfer transactions in 2014. In return for assets in the Permian Basin in Texas and the Delaware Basin in New Mexico, ExxonMobil handed LINN stakes in the South Belridge and Hugoton gas fields. ExxonMobil was granted $1.6 billion by the International Centre for Settlement of Investment Disputes in its dispute against the Venezuelan government on October 9, 2014. ExxonMobil claimed that the Venezuelan government was engaging in illegal behaviour. ExxonMobil was approached by the Securities and Exchange Commission in September 2016, asking why, unlike some other businesses, they had not yet begun writing down the value of their oil reserves, given that most of it may need to remain in the ground to comply with future climate change regulations. Mark Carney has voiced worry about “stranded assets” in the financial industry. ExxonMobil admitted in October 2016 that it could have to disclose a lower value for its in-ground oil and that it could have to write down approximately a fifth of its reserves.
On January 9, 2017, it was discovered that Infineum, an ExxonMobil and Royal Dutch Shell joint company based in England, did business with Iran, Syria, and Sudan while those countries were sanctioned by the US. ExxonMobil officials said that the sanctions were not broken since Infineum was situated in Europe and the transactions did not involve any U.S. personnel. ExxonMobil requested permission to start oil drilling in Russia in April 2017, but Donald Trump’s government refused it. “The Treasury Department should reject any waiver from sanctions that would allow Exxon Mobil or any other firm to continue business with Iran,” stated Rep. Adam Schiff (D-California). ExxonMobil launched a lawsuit against the Trump administration in July 2017, claiming that the firm had breached Russian sanctions. ExxonMobil followed “clear direction from the White House and Treasury Department when its officials signed [in May 2014] papers concerning ongoing oil and gas business in Russia with Rosneft,” according to William Holbrook, a company spokesperson. A missile landed near the residential offices of ExxonMobil, Royal Dutch Shell, and ENI SpA in June 2019, after heightened sanctions on Iran by Washington D.C. It happened after two separate strikes on US military locations in Iraq, as well as one week after two oil tankers were attacked. ExxonMobil launched a lawsuit against the Trump administration in July 2017, claiming that the firm had breached Russian sanctions. William Holbrook, a company spokesman, said that the ExxonMobil had followed “clear guidance from the White House and Treasury Department when its representatives signed [in May 2014] documents involving ongoing oil and gas activities in Russia with Rosneft”.In June 2019, following Washington D.C.’s increased sanctions on Iran, a rocket landed near the residential headquarters of ExxonMobil, Royal Dutch Shell, and ENI SpA. It came after two separate attacks on United States Military bases in Iraq and one week after two oil tankers being hit . The U.S. Navy’s investigation has led to reasonable suspicion to believe Tehran’s connection to the attacks. In August 2020, Exxonmobil was removed from the Dow Jones 30, reflecting a change of time in which oil companies have lost much of their value and influence. ExxonMobil has been in some form part of the Dow 30 since 1928.In October 2020, ExxonMobil announced that it will cut over 1,600 jobs in Europe as a result of the COVID-19 pandemic. According to the company, the job cuts are necessary in order to produce cost cuts and they will be implemented by the end of 2021. The number of job cuts represents one-tenth of the company’s workforce, which was estimated at nearly 75,000 by the end.
|ExxonMobil Contact Address, Phone Number, Email ID, Website|
|Phone Number||Not Known|
|House address (residence address)||Irving, Texas, United States|
ExxonMobil Contact Details
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