The Evolution of Exxon Mobil

Exxon multinational oil

The Exxon Mobil Corporation is an American multinational oil and gas corporation based in Irving, Texas which is part of the Dallas—Fort Worth metroplex. It was founded 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. It is also the largest direct descendant of john D. Rockefeller’s Standard Oil Company.

History

It all began in 1870 when John D. Rockefeller and his associates assembled the Standard Oil Company in Ohio. In 1911, the U.S. Supreme Court divided Standard Oil into 33 different companies, including Standard Oil of New Jersey, Socony Oil, Vacuum Oil and some companies that retained the name Standard Oil.

Jersey Standard marketed its products under the brand ‘Esso’, which is the phonetic pronunciation of the initials ‘S’ and ‘O’ in Standard Oil. It became Exxon Corporation in 1972 and in 1999 joined with Mobil oil Corporation, formerly Socony-Vacuum Oil, to form Exxon Mobil Corporation.

Company Milestones

Exxon Mobil once again conquered the # 2 spot on this year’s Fortune 500 list. The oil-and-gas giant’s revenue hit $246.2 billion, despite the fact that oil prices are still down. Energy uses are still expected to grow about 25% the next coming years, all thanks to the growing world population and a prospering middle class.

It is also listed at rank 9 in Forbes Global 2000 and ranked 4 on Forbes World’s biggest Public Companies in having the highest market value of $363.3 billion.

The Historical Glitch

March 24, 1989 marked the tragic accident that was deeply regretted by the company. The Exxon Valdez supertanker ran aground in Alaska’s Prince William Sound and leaked 260,000-750,000 barrels of crude oil. It is considered to be one of the most devastating human-caused environmental disasters.

The Valdez spill was the largest in U.S. waters until the 2010 Deepwater Horizon oil spill in terms of volume released. This incident prompted the passing of the Oil Pollution Act of 1990.

The Company’s Environmental Commitment

In the aftermath of the Exxon Valdez incident, ExxonMobil redoubled its long-time commitment to safeguard the environment, employees and operating communities worldwide. Their comprehensive and disciplined approach helps them maintain their unwavering focus on incident prevention, preparedness and emergency response.

In the last five years, ExxonMobilhas invested $7 billion into practical ways to reduce carbon emission. It also has invested in projects like removing carbon dioxide from natural gas and putting it back into the earth. The company also played a key role in fighting the ebola outbreak.

Exxon provided experts, materials, equipment, personal protective gear and vehicles to the Nigerian government. The company also sent a six-person team from Baylor College of Medicine to help train Nigerian public health officials and others on how to prevent and treat the deadly virus.

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