ExxonMobil

ExxonMobil Holdings Corporation, an American multinational oil and gas company, is based in Spring, Texas, a Houston suburb. It traces its roots to John D. Rockefeller’s Standard Oil, of which it is the largest direct successor, and was created in 1999 through the merger of Exxon and Mobil. The company operates across the entire oil and gas supply chain—from exploration to refining—and also runs a chemicals division that makes plastics, synthetic rubber, and other products. It ranks as the largest U.S.-based oil and gas firm, the eighth-largest U.S. company by revenue, the 13th-largest globally, and the world’s biggest investor-owned oil company.

The company has faced widespread criticism and lawsuits, largely over environmental disasters and a history of disputing the scientific consensus that fossil fuels drive global warming. It has been responsible for numerous oil spills, most notably the 1989 Exxon Valdez spill in Alaska, one of the most environmentally damaging spills ever. Accusations also include human rights violations and undue influence over U.S. foreign policy and developing nations. In 2024, ExxonMobil emitted 610 million metric tons of CO₂, accounting for 1.58% of global emissions.

**History**

The Vacuum Oil Company, founded in 1866, was bought by Standard Oil in 1879 and spun off in 1911 after Standard Oil’s court-ordered breakup. In 1931, Vacuum Oil merged with Standard Oil Company of New York (Socony), later becoming Mobil. Meanwhile, Standard Oil’s New Jersey subsidiary—Jersey Standard—kept the Standard name in much of the eastern U.S. after the breakup. It grew by acquiring Humble Oil in the 1930s and became a global powerhouse. But because it couldn’t use the Standard Oil name nationwide, it rebranded all its brands—Esso, Enco, and Humble Oil—under the single name Exxon in 1972.

In 1998, Exxon and Mobil agreed to merge, closing the deal on November 30, 1999. The new company’s name combined both predecessors’ trade names, but the merger was structured so that Exxon bought Mobil, rather than forming a new entity. Exxon’s NYSE ticker changed from “XON” to “XOM.”

**Operations**

ExxonMobil is the largest non-government-owned company in the global energy industry, producing roughly 3% of the world’s oil and 2% of its energy. It is vertically integrated across several global divisions, grouped into three categories, though it also has standalone units like Coal & Minerals and hundreds of smaller subsidiaries, including XTO Energy and SeaRiver Maritime. It holds a majority stake in Imperial Oil.

The three main divisions are: - **Upstream** (oil exploration, extraction, shipping, and wholesale) - **Product Solutions** (downstream and chemicals) - **Low Carbon Solutions**

**Upstream**

The upstream division generates about 70% of ExxonMobil’s revenue. As of 2021, the company held roughly 30 billion barrels of oil and oil equivalents, plus 38.1 billion cubic feet of natural gas. In the U.S., its exploration and production focus on the Permian Basin, Bakken Formation, Woodford Shale, Caney Shale, and the Gulf of Mexico. Natural gas operations in the Marcellus, Utica, Haynesville, Barnett, and Fayetteville shales are handled by subsidiary XTO Energy. By the end of 2014, ExxonMobil owned 14.6 million acres (59,000 km²) in the U.S., including 1.7 million acres offshore (1.5 million of those in the Gulf of Mexico). In California, it runs a joint venture, Aera Energy LLC, with Shell Oil. In Canada, it holds 5.4 million acres (22,000 km²), including 1 million acres offshore and 0.7 million acres in the Kearl Oil Sands Project.

Internationally, ExxonMobil has 0.9 million acres (3,600 km²) in Argentina, 4.9 million acres (20,000 km²) in Germany, 1.5 million acres (6,100 km²) in the Netherlands, 0.4 million acres (1,600 km²) offshore Norway, and 0.6 million acres (2,400 km²) offshore the United Kingdom. In Africa, upstream operations are in Angola (0.4 million acres offshore), Chad (46,000 acres), Equatorial Guinea (0.1 million acres offshore), and Nigeria (0.8 million acres offshore). The company also plans exploration off Liberia and Ivory Coast; it ended earlier work in Madagascar due to poor results. In Asia, it holds 9,000 acres in Azerbaijan, 1.7 million acres in Indonesia (1.3 million offshore), 0.7 million acres in Iraq, 0.3 million acres in Kazakhstan, 0.2 million acres in Malaysia, 65,000 acres in Qatar, 10,000 acres in Yemen, 21,000 acres in Thailand, and 81,000 acres in the United Arab Emirates. ExxonMobil left the West Qurna 1 oilfield in Iraq in January 2024, transferring its share to PetroChina and Pertamina, ending all energy operations there. In March 2024, it discovered oil at the Stabroek block.