Industry: Oil & Gas
Headquarters: Irving, Texas, U.S.
Key people: Darren Woods (Chairman & CEO)
Products: Crude oil products Natural gas, Petrochemicals.
Revenue: US$7.84billion (2016)
Number of Employees: 73,500 (2016)
ExxonMobil Corporation is multinational oil and gas American corporation that has its headquarter in Irvin, Texas.
This company was established on the 30th of November, 1999, following the merging of Exxon (formerly known as the Standard Oil Company of New Jersey) and Mobile (formerly known as the Standard Oil Company of New York). Exxon Mobil is the largest direct descendant of John D. Rockfeller’s Standard Oil Company.
Exxon Mobil, apart from being the world’s seventh largest company by revenue, it is also the seventh largest publicly trading company by market capitalization. In 2014, ExxonMobil was referred to as the most profitable company in the Fortune 500. Also, it ranked ninth globally in the Forbes Global 2000 in 2016.
With daily production of 3.921 million barrels of oil equivalent, ExxonMobil gets tagged as the largest of the world’s Big Oil corporations. However the amount of oil produced by ExxonMobil is significantly smaller than the one produced by a significant number of national companies.
When ranked by how big oil and gas reserves is, ExxonMobil is the 14th in the world as it has less than 1% of the total. The company’s 2007 rate of production was estimated to last more than 14 years. At the end of 2013, ExxonMobil’s oil and gas reserves were 25.5 billion barrels of oil equivalent.
ExxonMobil is the largest refiner in the world, despite the availability of 37 oil refineries in 21 countries, which constitutes a combined daily refining capacity of 6.3 million barrels (1,000,000m3).
It should be noted that being the largest refiner is a title that was also associated with Standard Oil since its incorporation in 1870.
ExxonMobil Financial Records
Although Wal-Mart remained the largest by number of employees, ExxonMobil beat it as the world’s largest publicly held corporation in 2005. In that same year, ExxonMobil’s revenue was $340 billion, which was like 25% increase over its revenue in 2004.
In 2006, Wal-Mart didn’t look like it was going to lose again to ExxonMobil; it snatched the lead with revenues of $348.7 billion against ExxonMobil’s $335. Even at this, ExxonMobil continued to lead the world in both profits ($39.5 billion in 2006) and market value ($460.43 billion).
In 2007, ExxonMobil witnessed an increase in its net income, which was $40.61 billion on $404.552 billion of revenue. This increase was as a result of the inflation of oil prices as their billion barrels of oil equivalent production decreased by 1%.
The table below contains the financial records of ExxonMobil from 2005-2010.
ExxonMobil Company Headquarters
ExxonMobil has its headquarter situated at Irving, Texas. This was after the company vacated its offices in Downtown Houston in 2015.
As of May 2015, ExxonMobil is getting closer to completing its new campus located in a northern suburb of Spring, at the intersection of interstate 45, the Hardy Toll Road, and the Grand Parkway extension.
The corporate campus is an elaborate one, featuring twenty offices which total 3,000,0002ft, laboratory, a wellness centre and the vehicles parking garages. In October 2010, the company stated that it would not move its headquarters to Greater Houston.
ExxonMobil Senior Management
Darren W. Woods is the current Chairman of the Board and CEO of ExxonMobil Corporation. Following the retirement of former Chairman and CEO Rex Tillerson, Woods was elected as Chairman of the Board and CEO on January 1, 2017.
Before his election as Chairman and CEO, Woods was elected President of ExxonMobil and a member of the board of directors in 2016.
As of January 11, 2017, the current ExxonMobil board members are:
- Larry R. Faulkner, President, Houston Endowment; President Emeritus, the University of Texas at Austin
- Michael Boskin, professor of economics Stanford University, director of Oracle Corp., Shinsei Bank, and Vodafone Group
- Angela F. Braly, former CEO of WellPoint
- Peter Brabeck-Letmathe, Nestlé chairman and former Nestlé CEO
- William C. Weldon, past Johnson & Johnson chairman
- Samuel J. Palmisano, Chairman of the Board, IBM Corp
- Steven S Reinemund, retired Executive Chairman of the Board, PepsiCo
- Ursula Burns, Xerox chairman and CEO
- Douglas R. Oberhelman, Chairman and Chief Executive Officer, Caterpillar Inc.
- Henrietta H. Fore, Holsman International
- Kenneth Frazier, President of Merck & Co.
- Darren W. Woods, Chairman of the Board and CEO, ExxonMobil Corporation
ExxonMobil faced criticism for being nonchalant to cleanup efforts after the infamous Exxon Valdez oil spill in Alaska, which took place in 1989.
In terms of damages made to the environment, this incident is widely regarded as one of the world’s worst oil spills.
The company also has a history of lobbying for climate change denial and against the scientific consensus that global warming is caused by the burning of fossil fuels.
It is fair to say that ExxonMobil has now spent a great deal of time and money improving safety and environmental issues and now one of the main advocates of environmental policies. If you are interested in exxonmobil jobs and the latest exxon project news, head over to our article on ExxonMobil To Create High Paying Jobs.