Exxon Mobil’s History: An In-Depth Exploration

Exxon Mobil Corporation is one of the world’s largest publicly traded oil and gas companies. It has over 140 years of history in the industry and has gained respect from countries across the globe for its operations. This article will explore Exxon Mobil’s history, its major milestones, and its current standing in the industry.

Early History

Exxon Mobil was born in 1870 as the Standard Oil Company of Ohio, founded by John D. Rockefeller. Two years later, Standard Oil was incorporated in Ohio as a parent company for other oil businesses. By 1880, it had become the largest oil refining company in the USA and began to expand internationally. In 1882, it merged with other oil companies to form the Standard Oil Trust, which controlled over 90% of America’s oil business.

The company further expanded its reach, increasing its stake in foreign markets and building refineries in the Caribbean, Europe, and Asia. Despite the antitrust efforts of the U.S. government, Standard Oil continued to dominate the market for years. In 1911, it reorganized as the Standard Oil Company of New Jersey.

Oil Crisis of the 70s

In the early 70s, the global market changed drastically due to the oil crisis. The price of oil rose and demand plummeted, leading to a rapid decrease in profits. However, Exxon emerged as one of the few companies that managed to stay profitable.

In 1972, Standard Oil Company of New Jersey merged with Mobil Oil Company to become Exxon Corporation. This new name was a combination of the two previously used names and signified the company’s newfound commitment to providing its customers with high quality products and exceptional services.

The company decided to focus primarily on its core business of producing oil, gasoline, and power. As a result, it sold off many of its divisions and established ExxonMobil Chemical.

Merger and Formation of Exxon Mobil

Exxon and Mobil merged in 1999 to become Exxon Mobil Corporation. This merger created one of the largest companies in the world, with assets totaling $228 billion and operations in 200 countries worldwide.

In an effort to become more competitive, ExxonMobil restructured yrs of business in 2000, which included the divestment of several assets, the launch of integrated business lines, and the consolidation of the company’s chemical operations.

The following year, ExxonMobil acquired the California-based chemical company Kew Industries. It also acquired a 70% stake in PT Chandra Asri, Indonesia’s largest petrochemical facility, and signed a joint venture agreement with Qatar Petroleum to construct a refining and chemical complex in Ras Laffan, Qatar.

Current Standing

Today, ExxonMobil is a leading oil and gas company, with operations in over 140 countries and several key business lines. It is one of the world’s largest publicly traded companies and is listed on the New York Stock Exchange.

ExxonMobil is a vertically integrated company that operates across the entire oil and gas value chain. Its major business lines include Exploration & Production, Refining & Supply, Marketing & Services, and Chemicals. It is also involved in power and gasification, liquefied natural gas, transportation, and logistics.

The company has set aggressive goals for the next decade, such as reducing greenhouse gas emissions and improving the efficiency of its operations. In addition, it has pledged to invest more than $30 billion in new projects and technologies over the next five years.

Benefits to the Community

ExxonMobil is committed to improving the communities in which it operates. This includes investing in education initiatives, creating employment opportunities, and supporting initiatives that promote health and safety.

The company has provided financial support for the renovation of museums and libraries, the construction of educational institutions, and the establishment of local development centers.

It has also sponsored research programs focusing on energy and environmental issues, and donated $50 million towards disaster relief efforts. In addition, ExxonMobil is working on reducing its environmental impact by reducing emissions and minimizing waste.

ExxonMobil is one of the largest and most influential oil and gas companies in the world. Its 140-year history has been filled with numerous milestones and achievements, helping the company become an industry leader. Today, ExxonMobil is continuing to invest in projects and technologies that benefit the communities in which it operates and reduce its environmental impact.