The business world keeps growing bigger and bigger every day, with new business ideas popping up every day. There are so many big and successful businesses all around the world, such as ExxonMobil. ExxonMobil is the combination of two big powerhouses, Exxon and Mobil. The companies fall under the Standard Oil Trust, and this was formed by John D. Rockefeller.
The multinational oil and gas corporation has its headquarters in Irving, Texas. The company is one of the largest companies by revenue, and from 1996 to 2017, the varied from the first to the sixth-largest publicly traded company by market capitalization. It is lucky to have the best management team, which has helped it in its development.
The company was ranked ninth in the Forbes Global 2000 list in 2016 and was ranked the tenth most profitable company in the Fortune 500 in 2017. The company also made it to the second position of the United States’ largest corporations in terms of revenue in 2018. ExxonMobil is organized functionally into a number of global operating divisions.
The company grouped the divisions into three categories for reference purposes, which are; Upstream (oil exploration, extraction, shipping, and wholesale operations), Downstream (marketing, refining, and retail operations), and the chemical division based in Houston, Texas.
However, the company being a big oil and gas company, they do not come into terms with environmentalists. The company has had a history of lobbying for climate change denial and are against the scientific consensus that global warming is caused by the burning of fossil fuels. The company has also been a target of accusations of improperly dealing with human rights issues and influence on American policy.
Inception
ExxonMobil was formed in 1999 by the merger of two major oil companies, Exxon and Mobil. The two companies signed a US$73.7 billion merger agreement, which became the largest oil and the third-largest company in the world. Initially, Exxon was the world’s largest energy company, while Mobil was the second-largest oil and gas company in America.
The announcement took place immediately after the merge of British Petroleum and Amoco, which was the largest industrial merge at the time. The merging of the two companies because it reunited the two biggest companies of the Standard Oil Trust was founded by John D. Rockefeller.
In the late 1990s and early 2000s, the company was criticized for increasing oil operations in Iraq since the Iraq government was weakened after the Iraq war. This move seemed to increase the profit margins of the company to extremely high levels.
In 2008, they phased out of the direct-served retail market by selling its service stations, and in 2010, they bought XTO Energy and focused on the development and production of unconventional resources. In 2011, they worked together with Russian Oil Company Rosneft to develop the East-Prinovozemelsky field, and in 2012, they concluded an agreement with Rosneft to assess possibilities to produce tight oil from Bazhenov and Achimov.
Still, in 2012, they started a coalbed methane development in Australia, but it ended in 2014, and they also confirmed a deal for production and exploration in the Kurdistan region of Iraq.
ExxonMobil never stopped investing and making deals with other big companies. In 2013, they agreed to sell a majority of its stakes in a Hong Kong-based utility and power storage firm called Castle Peak Co Ltd, for $3.4 billion to CLP Holdings. On December 13, 2016, the CEO of the company was nominated as the Secretary of State by Donald Trump, and in January 2017, federal climate investigations seemed less-likely under the new Trump administration. In April 2017, the company was denied a request to resume oil drilling in Russia by the Trump administration. It turns out that they were not as lucky as they thought, but this did not stop the company from running its money-making moves.
Evolution
ExxonMobil never stopped trying to expand the reach of the business even after being denied their request from the American government. The company went on ahead to file a lawsuit against the Trump administration, challenging the finding that the company violated sanctions imposed on Russia.
They stated that they followed every law on the land concerning that matter, and therefore they should not be denied the request. Over the years of the company’s successful run, they also faced some challenges such as the Alaskan oil spill, which left thousands of fish dead, the Brooklyn oil spill, and around four other oil spills, which caused a lot of damage.
Awards & Achievements
ExxonMobil is one of the biggest non-governmental oil and gas companies in the world. Its accomplishments are incredible. It is one of the biggest taxpayers to the American government and also supplies around 3% of the total oil products to the world. For these and many other reasons, the company has received some awards for its achievements such as:
- Explorer of the Year Award in 2017.
- Large Cap 2018 Company of the Year and Explorer of the Year.
- IETC Energy Award for the operation of cogeneration facilities in 2007.
Net Worth of Exxon Mobil in 2024
ExxonMobil is one of the biggest oil and gas production companies in the world. The company has been making profits over the years, and it seems like it will never stop. The company has invested a lot of money in numerous oil fields all around the world and now makes a remarkable amount of money, with an estimated net worth of $400 billion as of April 2024.
ExxonMobil has earned quite a reputation for being the largest non-government owned company in the energy industry. The company is incredibly large, with a huge workforce and an incredible net worth. The company has reached such high peaks because it never stops growing. Despite being the third biggest company in the world, it still continues to expand its business by making deals and selling non-profitable sectors. The company’s impact is greatly felt around the world, and it seems like it will go on for quite a long time.