Hubbry Logo
ExxonMobilExxonMobilMain
Open search
ExxonMobil
Community hub
ExxonMobil
logo
8 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Contribute something
ExxonMobil
ExxonMobil
ExxonMobil
View on Wikipedia
from Wikipedia

Exxon Mobil Corporation[a] (/ˌɛksɒn ˈmoʊbəl/ EK-son MOH-bəl)[4][5][6] is an American multinational oil and gas corporation headquartered in Spring, Texas, a suburb of Houston.[7][8]: 1  Founded as the largest direct successor of John D. Rockefeller's Standard Oil, the modern company was formed in 1999, following the merger of Exxon and Mobil. It is vertically integrated across the entire oil and gas industry, as well as within its chemicals division, which produces plastic, synthetic rubber, and other chemical products. As the largest U.S.-based oil and gas company, ExxonMobil is the seventh-largest company by revenue in the U.S. and 13th-largest in the world. It is also the largest investor-owned oil company in the world.[9][10][11] Approximately 55.56% of the company's shares are held by institutions, the largest of which, as of 2019, were The Vanguard Group (8.15%), BlackRock (6.61%), and State Street Corporation (4.83%).

Key Information

The company has been widely criticized and sued, mostly for environmental incidents and its history of climate change denial against the scientific consensus that fossil fuels significantly contribute to global warming.[12] The company is responsible for many oil spills, the largest and most notable of which was the 1989 Exxon Valdez oil spill in Alaska, considered to be one of the world's worst oil spills in terms of environmental damage.[13][14] The company has been the target of accusations of human rights violations, excessive influence on American foreign policy, and its impact on developing countries.[15]

History

[edit]
Main article: History of ExxonMobil

ExxonMobil traces its roots to Vacuum Oil Company, founded in 1866. Vacuum Oil later was acquired by Standard Oil in 1879, divested from Standard in 1911 with its breakup, and merged by the Standard Oil Company of New York (Socony), later known as Mobil, in 1931. After the 1911 breakup, Standard Oil continued to exist through its New Jersey subsidiary, sometimes shortened to Jersey Standard, and retained the Standard Oil name in much of the eastern United States. Jersey Standard grew by acquiring Humble Oil in the 1930s and became the dominant oil company on the world stage. The company's lack of ownership over the Standard Oil name across the United States, however, prompted a name change to unify all of its brands under one name, choosing to name itself Exxon in 1972 over continuing to use the three distinct brands of Esso, Enco, and Humble Oil.[16][17]

In 1998, the two companies agreed to merge and form ExxonMobil, with the deal closing on November 30, 1999. With the deal, the two companies practically merged, with the new company's name containing both of the trade names of its immediate predecessors. However, the structure of the merger provided that Exxon was the surviving company and bought Mobil, rather than a new company being created.[17][18][19][20] Following the merger, Exxon's NYSE ticker symbol was changed from "XON"[21] to "XOM".

Operations

[edit]

ExxonMobil is the largest non-government-owned company in the international energy industry and produces about 3% of the world's oil and about 2% of the world's energy.[22]

ExxonMobil in Guyana crude oil drills map image offshore regions, Guyana exports around 500,000 barrels per day in offshore regions.

ExxonMobil is vertically integrated into a number of global operating divisions. These divisions are grouped into three categories for reference purposes, though the company also has several standalone divisions, such as Coal & Minerals. It also owns hundreds of smaller subsidiaries such as XTO Energy and SeaRiver Maritime. ExxonMobil also has a majority ownership stake in Imperial Oil.[23]

  • Upstream (oil exploration, extraction, shipping, and wholesale operations)
  • Product Solutions (downstream, chemical)
  • Low Carbon Solutions [24]

Upstream

[edit]

The upstream division makes up the majority of ExxonMobil's revenue, accounting for approximately 70% of it.[25] In 2021, ExxonMobil had about 30 billion barrels of oil and oil equivalents, as well as 38.1 billion cubic feet of natural gas.[26] In the United States, ExxonMobil's petroleum exploration and production activities are concentrated in the Permian Basin, Bakken Formation, Woodford Shale, Caney Shale, and the Gulf of Mexico. In addition, ExxonMobil has several gas developments in the regions of Marcellus Shale, Utica Shale, Haynesville Shale, Barnett Shale, and Fayetteville Shale. All natural gas activities are conducted by its subsidiary, XTO Energy. As of December 31, 2014, ExxonMobil owned 14.6 million acres (59,000 km2) in the United States, of which 1.7 million acres (6,900 km2) were offshore, 1.5 million acres (6,100 km2) of which were in the Gulf of Mexico.[27] In California, it has a joint venture called Aera Energy LLC with Shell Oil. In Canada, the company holds 5.4 million acres (22,000 km2), including 1 million acres (4,000 km2) offshore and 0.7 million acres (2,800 km2) of the Kearl Oil Sands Project.[27]

In Argentina, ExxonMobil holds 0.9 million acres (3,600 km2) and 4.9 million acres (20,000 km2) in Germany. In the Netherlands ExxonMobil owns 1.5 million acres (6,100 km2), in Norway it owns 0.4 million acres (1,600 km2) offshore, and the United Kingdom 0.6 million acres (2,400 km2) offshore. In Africa, upstream operations are concentrated in Angola, where it owns 0.4 million acres (1,600 km2) offshore, Chad where it owns 46,000 acres (19,000 ha), Equatorial Guinea, where it owns 0.1 million acres (400 km2) offshore, and Nigeria, where it owns 0.8 million acres (3,200 km2) offshore.[27] In addition, ExxonMobil plans to start exploration activities off the coast of Liberia and the Ivory Coast.[28][29] In the past, ExxonMobil had exploration activities in Madagascar, however these operations were ended due to unsatisfactory results.[30]

In Asia, it holds 9,000 acres (3,600 ha) in Azerbaijan, 1.7 million acres (6,900 km2) in Indonesia, of which 1.3 million acres (5,300 km2) are offshore, 0.7 million acres (2,800 km2) in Iraq, 0.3 million acres (1,200 km2) in Kazakhstan, 0.2 million acres (810 km2) in Malaysia, 65,000 acres (26,000 ha) in Qatar, 10,000 acres (4,000 ha) in Yemen, 21,000 acres (8,500 ha) in Thailand, and 81,000 acres (33,000 ha) in the United Arab Emirates.[27]

ExxonMobil exited the West Qurna 1 oilfield in January 2024, officially ending all energy sector operations in Iraq. The share is now owned by PetroChina and Pertamina.[31][32]

In March 2024, ExxonMobil discovered oil at the Stabroek block off the coast of Guyana using a drillship. By the end of 2027, it plans to have 6 FPSOs at the block.[33] Oil was discovered off the coast of Angola in May 2024 in a well drilled from February to April in the Kizomba B development area.[34]

Russia operations

[edit]

Until the 2022 Russian invasion of Ukraine, ExxonMobil held 85,000 acres (34,000 ha) in the Sakhalin-I project through its subsidiary Exxon Neftegas. Together with Rosneft, it has developed 63.6 million acres (257,000 km2) in Russia, including the East-Prinovozemelsky field. After Russia's 2022 invasion began, though, ExxonMobil announced it was fully pulling out of both Russia and Sakhalin-I, and launched a lawsuit against Russia's federal government on August 30.[35]

Australia operations

[edit]

In Australia, ExxonMobil held 1.7 million acres (6,900 km2), including 1.6 million acres (6,500 km2) offshore. It also operates the Longford Gas Conditioning Plant, and participates in the development of Gorgon LNG project.

Papua New Guinea operations

[edit]

In Papua New Guinea, it holds 1.1 million acres (4,500 km2), including the PNG Gas project.[27]

Product Solutions

[edit]
An Exxon-branded gas station in Hiawassee, Georgia

ExxonMobil formed its Product Solutions division in 2022, combining its previously separate Downstream and Chemical divisions into a single company.[36]

On October 1, 2024, Nigeria approved the $1.28 billion sale of Exxon Mobil's onshore assets to Seplat Energy, more than two years after the deal was first agreed upon in February 2022[37]

Downstream and retail

[edit]

ExxonMobil markets products around the world under the brands of Exxon, Mobil, and Esso. Mobil is ExxonMobil's primary retail gasoline brand in California, Florida, New York, New England, the Great Lakes, and the Midwest. Exxon is the primary brand in the rest of the United States, with the highest concentration of retail outlets located in New Jersey, Pennsylvania, Texas (shared with Mobil), and in the Mid-Atlantic and Southeastern states. ExxonMobil has stations in 46 states, just behind Shell USA and ahead of Phillips 66, lacking a presence only in Alaska, Hawaii, Iowa, and Kansas.[38]

Outside of the United States, Esso and Mobil are primarily used, with Esso operating in 14 countries and Mobil operating in 29 countries and regions.[39]

In Japan, ExxonMobil had a 22% stake in TonenGeneral Sekiyu K.K., a refining company that merged into Eneos in 2017.[40][41]

ExxonMobil's primary retail brands worldwide are Exxon, Esso, Mobil, with the former being used exclusively in the United States and the latter two being used in most other countries where ExxonMobil operates. Esso is the only one of its brands not used widely in the United States. Since 2008, Mobil is the only brand for the company lubricants. Since 2018, ExxonMobil has operated a loyalty program, ExxonMobil Rewards+, where customers earn rewards points when filling up at its stations in the United States and later the United Kingdom.[42][43][44]

Chemicals

[edit]

ExxonMobil Chemical is a petrochemical company that was created by merging Exxon's and Mobil's chemical industries in 1999. Its principal products include basic olefins and aromatics, ethylene glycol, polyethylene, and polypropylene along with speciality lines such as elastomers, plasticizers, solvents, process fluids, oxo alcohols and adhesive resins. The company also produces synthetic lubricant base stocks as well as lubricant additives, propylene packaging films and catalysts. ExxonMobil is the largest producer of butyl rubber.[45] Infineum, a joint venture with Shell plc, is manufacturing and marketing crankcase lubricant additives, fuel additives, and specialty lubricant additives, as well as automatic transmission fluids, gear oils, and industrial oils.[46]

Sponsorships

[edit]
Main article: Mobil 1

Mobil 1, a brand of synthetic motor oil, is a major sponsor of multiple racing teams and as the official motor oil of NASCAR since 2003.[47] ExxonMobil is currently in partnerships with Oracle Red Bull Racing in Formula One and Kalitta Motorsports.[48][49][50]

Refineries

[edit]

ExxonMobil operates 21 refineries worldwide, and the company claims 80% of its refining capacity is integrated with chemical or lube basestocks. ExxonMobil's largest refinery overall is its Beaumont Refinery and its second largest in the United States is its Baytown Refinery, located in Baytown, Texas. In 2017, a federal judge ordered Exxon to pay $19.95 million (later reduced to $14.25 million) for thousands of violations of the federal Clean Air Act at its Baytown facilities between 2005 and 2013. That decision was later affirmed in 2024 by the Fifth Circuit Court of Appeals.[51]

Its second largest refinery overall is its Jurong Island facility in Singapore. ExxonMobil's global average refining capacity was 4.6 million barrels per day, with the United States producing a plurality of the company's refining capacity at about 1.77 million barrels per day. ExxonMobil's corporate website claims it refines almost 5 million barrels per day.[52][53][54][55]

ExxonMobil was one of few U.S. refiners to expand capacity by a significant margin following an industry downturn suffered during the COVID-19 pandemic.[56] The company completed a 250,000 barrels per day expansion at its Beaumont, Texas, refinery in early 2023.[57]

Low Carbon Solutions

[edit]

Officially formed with ExxonMobil's 2022 corporate restructuring, and currently led by former General Motors president Dan Ammann, Low Carbon Solutions is the company's alternative energy division. The division says it will lower emissions in hard-to-decarbonize sectors such as heavy industry, commercial transportation, and power generation using a combination of lower-emission fuels, hydrogen, and carbon capture and storage. Low Carbon Solutions conducts research on clean energy technologies, including algae biofuels, biodiesel made from agricultural waste, carbonate fuel cells, and refining crude oil into plastic by using a membrane and osmosis instead of heat.[58][59] The company speculated in April 2023 that pending good economic conditions, the low-carbon solutions business could eclipse the value of its oil and gas operations.[60]

As of 2023, the company was in the process of designing its inaugural large-scale plant dedicated to producing low-carbon hydrogen, situated within its refining and petrochemical complex in Baytown, Texas. This project is set to become the world's largest low-carbon hydrogen project.[61][62]

Carbon capture and storage

[edit]

ExxonMobil publicly announced it would be investing $15 billion in what it deemed a "lower carbon future", and claims to be the world leader in carbon capture and storage (CCS). The company additionally plans that its Scope 1 and Scope 2 emissions will be carbon neutral by 2050. ExxonMobil additionally acquired biofuel company Biojet AS in 2022, and its Canadian subsidiary Imperial Oil is moving ahead with plans to produce a renewable diesel biofuel.[63][64] In July 2023, Exxon agreed to acquire Denbury Resources for $4.9 billion to further its low-carbon efforts.[65] In July 2024, ExxonMobil and CF Industries signed a CCS agreement that will allow ExxonMobil to transport and permanently store 500,000 tonnes of CO2 per year starting in 2028.[66]

Low-carbon energy projects

[edit]

Exxon is working on low-carbon energy projects, focusing on basic research in five to ten key areas. This work spends a fraction of the $1 billion a year Exxon spends on research worldwide and the $8 billion it has spent since 2000 researching, developing and deploying low-carbon technologies Projects include: algae biofuels, biodiesel from agricultural waste, molten carbonate fuel cells, and new ways to manufacture plastic that produce less carbon dioxide.[67]

Lithium mining

[edit]

In November 2023 ExxonMobil started drilling for lithium in the US State of Arkansas. In June 2024, a preliminary agreement to supply lithium to SK for the manufacture of lithium-ion batteries that will power electric vehicles was signed. [68]

Controversies

[edit]
Main article: Criticism of ExxonMobil
Extinction Rebellion protestors demonstrating against ExxonMobil

Climate change denial

[edit]
Further information: ExxonMobil climate change denial

ExxonMobil's environmental record has faced much criticism for its stance[69] and impact on global warming.[70] In 2018, the Political Economy Research Institute ranks ExxonMobil tenth among American corporations emitting airborne pollutants,[71] thirteenth by emitting greenhouse gases.[72] A 2017 report places ExxonMobil as the fifth largest contributor to greenhouse gas emissions from 1988 to 2015.[73][74] As of 2005, ExxonMobil had committed less than 1% of their profits towards researching alternative energy,[75] which, according to the advocacy organization Ceres, is less than other leading oil companies.[76][needs update] According to the 2021 Arctic Environmental Responsibility Index (AERI), ExxonMobil is ranked as the sixth most environmentally responsible company among 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle.[77] As of 2020, ExxonMobil has been responsible for more than 3,000 oil spills and leakages which resulted in a loss of more than one barrel of oil, with the most in a single year being 484 spills in 2011.[78] Additionally, since 1965, ExxonMobil has released more than 40 billion tons of carbon dioxide pollution.[79]

In 2023, Science journal published a paper reporting that the global warming projections and models created by ExxonMobil's own scientists between 1977 and 2003 had "accurately" projected and "skillfully" modeled global warming due to fossil fuel burning, and had reasonably estimated how much CO2 would lead to dangerous warming. The authors of the paper concluded: "Yet, whereas academic and government scientists worked to communicate what they knew to the public, ExxonMobil worked to deny it."[80][81]

Between the 1980s and 2014, ExxonMobil was a notable denier of climate change, though the company officially changed its position in 2014 to acknowledge the existence of climate change. ExxonMobil's prolonged response incited the creation of the Exxon Knew movement, which aims to hold the company accountable for various climate-related incidents. ExxonMobil has used its own website to attack Exxon Knew, claiming that it is a coordinated effort to defame the company.[82][83][84]

In December 2022, U.S. House Oversight and Reform Committee Chair Carolyn Maloney and U.S. House Oversight Environment Subcommittee Chair Ro Khanna sent a memorandum to all House Oversight and Reform Committee members summarizing additional findings from the committee's investigation into the fossil fuel industry disinformation campaign to obscure the role of fossil fuels in causing global warming. Upon reviewing internal company documents, they accused ExxonMobil along with BP, Chevron, and Shell of greenwashing their Paris Agreement carbon neutrality pledges while continuing long-term investment in fossil fuel production and sales, for engaging in a campaign to promote the use of natural gas as a clean energy source and bridge fuel to renewable energy, and of intimidating journalists reporting about the companies' climate actions and of obstructing the committee's investigation, which ExxonMobil, Shell, and the American Petroleum Institute denied.[85][86][87]

In the United States, as of 2024, dozens of states and localities have sued ExxonMobil on the base of its climate change denial.[12]

Oil spills and plastic pollution

[edit]
Exxon Valdez oil spill cleanup

ExxonMobil's operations have been subject to numerous oil spills both before and after the 1999 merger. The most widely publicized oil spill was the 1989 Valdez oil spill, where an Exxon tanker discharged approximately 11 million U.S. gallons (42,000 m3) of oil into Prince William Sound,[88] oiling 1,300 miles (2,100 km) of the remote Alaskan coastline. The spill remains the second largest in American history, only trailing BP's Deepwater Horizon spill in the Gulf of Mexico.[89]

ExxonMobil was also responsible for various other oil spills across the world. Some of Exxon's largest and most notable oil spills in the United States include long-lasting oil leaks totaling into an estimated 30 million gallon spill into New York City's Newtown Creek over the course of a century by Exxon and other Standard Oil predecessors,[90] a 2011 oil spill which leaked 1,500 barrels of oil into the Yellowstone River (resulting in about $135 million in damages),[91] and a 2012 1,900 barrel (80,000 gallon) spill from the company's Baton Rouge Refinery in the rivers of Point Coupee Parish, Louisiana.[92] ExxonMobil's actives in Louisiana in particular, especially its Baton Rouge Refinery, have given the area the nickname of Cancer Alley. The company's activities, along with other operations and refineries in the area, have been the source of increased cancer infections, lower air quality, and as seen by some, potential environmental racism committed by the company.[93][94]

In May 2021, ExxonMobil topped the Plastic Waste Makers Index report published by the Minderoo Foundation of 20 petrochemical companies that manufactured 55 percent of the single-use plastic waste in the world in 2019 (which were part of a larger group of 100 petrochemical companies that manufactured 90 percent of the waste),[95][96] while in April 2022, California Attorney General Rob Bonta issued a subpoena to ExxonMobil for information related to the company's role in overstating the effectiveness of plastic recycling in reducing plastic pollution as part of an industry campaign to promote plastic usage.[97][98][99] On September 23, 2024, California Attorney General Rob Bonta filed a lawsuit in San Francisco County Superior Court against ExxonMobil on behalf of the state of California, alleging that the company carried out a "decades-long campaign of deception" and misled the public on the merits of plastic recycling; in response ExxonMobil said that California has an ineffective recycling system that officials have known about for decades.[100]

Geopolitical influence and human rights violations

[edit]
See also: Conflict in the Niger Delta
Former CEO Rex Tillerson as Secretary of State, with Saudi Crown Prince Mohammed bin Salman, May 2017

ExxonMobil has also been accused of human rights violations and abusing its geopolitical influence.[15] In the book Private Empire by Steve Coll, ExxonMobil is described as extremely powerful "corporate state within the American state" in dealing with the countries in which it drills, going to the point as describing such countries' governments as "constrained".[101] The company's corporate ancestors are also blamed for the outbreak of the 1954 Jebel Akhdar War, which was sparked by the Iraq Petroleum Company's activities.[102][103]

Indonesia

[edit]
Main article: Accusations of ExxonMobil human rights violations in Aceh

Beginning in the late 1980s, ExxonMobil (through predecessor Mobil) hired military units of the Indonesian National Army to provide security for their gas extraction and liquefaction project in Aceh, Indonesia, and these military units were accused of committing human rights violations, including sexual assault, battery and unlawful detention. ExxonMobil eventually pulled out from Indonesia completely in 2001, while denying any wrongdoing.[104] Exxon attempted to have the case dismissed nine times, dragging the lawsuit out for over 20 years. In July 2022, a US District Court denied ExxonMobil's motions to dismiss the case, clearing the way for the lawsuit to go to trial, although no trial date was set. In 2023, ExxonMobile settled the case a week before trial.[105]

Other controversies

[edit]

War profiteering allegations

[edit]

During a 2022 surge in profits among ExxonMobil and other large oil companies, partly due to the war in Ukraine,[106][107] U.S. President Joe Biden criticized ExxonMobil. In June 2022, amid record oil prices, he said that "Exxon made more money than God this year".[108] When the oil giant reported its second quarter earnings in 2022, CNN reported that Exxon made US$2,245.62 per second in profit across the 92-day long second quarter.[109]

Exposure to benzene

[edit]

In May 2024, a Pennsylvania jury found ExxonMobil liable for negligently failing to warn about the health risks of benzene, which is classified by the US Environmental Protection Agency as a known carcinogen, and ordered the company to pay $725.5 million in compensatory damages to a former mechanic, Paul Gill, who claimed that his cancer was caused by exposure to benzene in ExxonMobil's petroleum products while working at a Mobil gas station between 1975 and 1980.[110][111]

Corporate affairs

[edit]
Big Oil companies[b]
Company Revenue (2021)(USD)[112] Profit (2021)(USD) Brands
ExxonMobil $286 billion $23 billion
Shell plc $273 billion $20 billion
TotalEnergies $185 billion $16 billion
BP $164 billion $7.6 billion Amoco
Aral AG
Chevron $163 billion $16 billion
Marathon $141 billion $10 billion ARCO[113]
Phillips 66 $115 billion $1.3 billion
Valero $108 billion $0.9 billion —
Eni $77 billion $5.8 billion —
ConocoPhillips $48.3 billion $8.1 billion —
[edit]

According to Fortune Global 500, ExxonMobil was the second largest company, second largest publicly held corporation, and the largest oil company in the United States by 2017 revenue.[114] For the fiscal year 2020, ExxonMobil reported a loss of US$22.4 billion, with an annual revenue of US$181.5 billion, a decline of 31.5% over the previous fiscal cycle.[115]

The key trends of ExxonMobil are (as at the financial year ending December 31):[116]

As per Fortune 500 Global list, ExxonMobil has been ranked #7 company in the World.[117]

Year Revenue
(US$ bn) 		Net income/
loss
(US$ bn) 		Total assets
(US$ bn) 		Price per share
(US$)
[citation needed] 		Employees
2008[118] 477 45.2 228 82.68 79,900
2009[118] 310 19.2 233 70.95 80,700
2010[119] 383 30.4 302 64.99 83,600
2011[120] 486 41,0 331 79.71 82,100
2012[121] 480 44.8 333 86.53 76,900
2013[122] 438 32.5 346 90.50 75,000
2014[123] 411 32.5 349 97.27 75,300
2015[124] 249 16.1 336 82.82 73,500
2016[124] 208 7.8 330 86.22 71,100
2017[125] 244 19.7 348 81.86 69,600
2018[126] 290 20.8 346 79.96 71,000
2019[127] 264 14.3 362 73.73 74,900
2020[115] 181 −22.4 332 44.52 72,000
2021[128] 285 23.0 338 57.96 63,000
2022[129] 413 55.7 369 110.30 62,300
2023[130] 344 36.0 376 61,500

Headquarters and offices

[edit]
ExxonMobil Building. Former ExxonMobil offices in Downtown Houston were vacated in early 2015.

ExxonMobil's headquarters are located in the Spring, Texas area, a suburb of Houston. The ExxonMobil campus has a Spring post office address, and is adjacent to, but not in, the Spring census-designated place.[131] Paul Takahashi of the Houston Chronicle described the headquarters as being in Spring.[132]

The headquarters was previously in Irving.[133] The company decided to consolidate its Houston operations into one new campus located in northern Harris County and vacate its offices on 800 Bell St. which it had occupied since 1963.[134] The decision came in 2022.[132] The new operation complex includes twenty office buildings totaling 3,000,000 square feet (280,000 m2), a wellness center, laboratory, and three parking garages.[135] It is designed to house nearly 10,000 employees.

Board of directors

[edit]

The current chairman of the board and CEO of ExxonMobil Corp. is Darren W. Woods. Woods was elected chairman of the board and CEO effective January 1, 2017, after the retirement of former chairman and CEO Rex Tillerson. Before his election as chairman and CEO, Woods was elected president of ExxonMobil and a member of the board of directors in 2016.[136]

As of January 8, 2025, the current ExxonMobil board members are:[137]

  • Michael J. Angelakis, chair and chief executive officer of Atairos Group Inc.
  • Angela Braly, former president and CEO of WellPoint (now Anthem)
  • Maria S. Dreyfus, CEO and Founder of Ardinall Investment Management
  • John D. Harris II, former CEO, Raytheon International, Inc.
  • Kaisa H. Hietala, board professional
  • Joseph L. Hooley, former chair, president and CEO of State Street
  • Steven A. Kandarian, chair, president and CEO of MetLife
  • Alexander A. Karsner, senior strategist at X Development
  • Lawrence W. Kellner, former CEO, COO, and Chair of Continental Airlines
  • Dina Powell McCormick, BDT & MSD Partners, LLC
  • Jeffrey W. Ubben, Founder, Portfolio Manager, and Managing Partner, Inclusive Capital Partners, L.P.
  • Darren W. Woods, chair of the board and CEO, ExxonMobil Corporation

Hooley is presently the lead independent director, having succeeded former Merck CEO Kenneth Frazier upon his retirement in May 2022.[138]

Key executives

[edit]

ExxonMobil's key executives are:[139]

  • Darren Woods, chairman and CEO
  • Neil Chapman, Senior Vice President
  • Kathryn Mikells, CFO and Senior Vice President
  • Jack Williams, Senior Vice President
  • James Spellings, General Tax Counsel and Vice President

See also

[edit]

Notes

[edit]

References

[edit]

Bibliography

[edit]

Further reading

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

ExxonMobil

View on Grokipedia
from Grokipedia

Exxon Mobil Corporation, commonly known as ExxonMobil, is an American multinational corporation and one of the world's largest publicly traded integrated oil and gas companies. Formed on November 30, 1999, through the merger of Exxon Corporation and Mobil Corporation—both tracing roots to the original founded by —the company combines extensive upstream, midstream, and downstream operations to explore, produce, , transport, and and products globally. Headquartered at its modern campus in , near , ExxonMobil manages an industry-leading portfolio of oil and gas resources across .
Its primary business segments include Upstream for exploration and production of crude oil and , Energy Products for and fuels , Chemical Products for manufacturing, Specialty Products for lubricants and synthetics, and Low Carbon Solutions for emissions-reducing technologies like carbon capture and . In 2024, ExxonMobil generated $349.6 billion in revenue and $33.7 billion in earnings, underscoring its scale and resilience amid fluctuating energy markets. Notable achievements encompass pioneering advancements in drilling technologies, major offshore discoveries such as in Guyana's Stabroek Block, and investments in lower-emission innovations to meet evolving global demands. The company has faced significant controversies, including the 1989 that prompted extensive regulatory reforms and cleanup efforts costing billions, as well as scrutiny over its historical research and public positions on , though recent strategic shifts emphasize technologies.

History

Origins and Formation

The , the foundational predecessor to ExxonMobil, was incorporated on January 10, 1870, in , , with an initial capitalization of $1 million. held the largest share at 30 percent, joined by partners including his brother William Rockefeller, Henry M. Flagler, Samuel Andrews, and ; the firm concentrated on refining crude oil into , leveraging the era's surging demand for affordable lighting fuel amid the shift from . From its inception, Standard Oil pursued and cost efficiencies, securing railroad rebates and drawbacks that reduced shipping expenses relative to rivals, while innovating in to minimize waste—yielding by-products like lubricants and from what competitors discarded. These measures, combined with targeted acquisitions, enabled rapid expansion; kerosene prices fell from 58 cents per gallon in 1865 to 26 cents by 1870, reflecting operational scale rather than mere market exclusion. By 1872, amid the short-lived and publicly contested South Improvement Company pact for freight pooling—which collapsed under scrutiny—Standard absorbed 22 of Cleveland's 26 refineries, capturing roughly 21 percent of national capacity within two years. Through the 1870s, the company extended control via pipeline ownership and supplier contracts, achieving over 90 percent of U.S. oil refining by 1880 without initial reliance on interstate trusts. This growth stemmed from Rockefeller's emphasis on throughput volume over margins, standardizing barrels and tanker cars to cut costs by up to 40 percent, and reinvesting profits into infrastructure—principles that laid the groundwork for the successor entities, including (Exxon's lineal ancestor) and (Mobil's precursor), both chartered under the original trust's umbrella.

Standard Oil Legacy and Antitrust Dissolution

Standard Oil Company was incorporated on January 10, 1870, in Ohio by John D. Rockefeller, Henry Flagler, Samuel Andrews, and others, initially focusing on refining kerosene from crude oil amid the post-Civil War boom in petroleum demand. Through vertical integration, cost-cutting innovations such as byproduct utilization, and strategic railroad rebates, the company expanded rapidly; by 1880, it controlled 90 to 95 percent of U.S. oil refining capacity. Kerosene prices fell dramatically under this dominance, from approximately 26 cents per gallon in 1870 to 9 cents by 1880, reflecting efficiencies in production and distribution rather than solely exclusionary tactics. To consolidate holdings amid state-level incorporation limits, formed the Trust on January 2, 1882, transferring shares of 40 affiliated companies to a board of nine trustees, including himself as chairman, with initial capital of $70 million. This structure centralized control over refining, pipelines, and marketing, achieving near-monopoly status in , though by the time of antitrust scrutiny in , its refining market share had declined to about 64 percent due to emerging competitors. The U.S. government initiated antitrust proceedings in 1906 against Standard Oil Company of , the trust's primary operating entity, alleging violations of the of 1890 through unreasonable restraints of trade, including and exclusive deals. On May 15, 1911, the , in Standard Oil Co. of New Jersey v. United States (221 U.S. 1), upheld the lower court's finding of illegality and ordered dissolution within six months, introducing the "" doctrine to distinguish harmful monopolies from benign size attained via superior efficiency. The breakup divided the trust into 34 independent "Baby Standard" companies, each retaining regional operations and assets; notably, (Jersey Standard) inherited East Coast refining and international ventures, evolving into Exxon Corporation by 1972, while (Socony) merged with to form Socony-Vacuum Oil, later . These entities operated separately for decades, but the 1999 Exxon-Mobil merger partially reversed the dissolution by reuniting key Standard Oil lineages under ExxonMobil, restoring scale in a globalized industry. Post-breakup, oil prices continued declining, suggesting the monopoly's dissolution did not immediately foster greater competition or lower costs than under integrated control.

Post-WWII Expansion and Mergers

Following , of New Jersey (Jersey Standard) directed substantial capital toward expanding its refining, exploration, and production capacities amid surging global demand for petroleum products. Between 1946 and 1951, the company and its affiliates allocated $2.353 billion in expenditures for these purposes, representing a $1.328 billion increase over the prior six-year period and enabling infrastructure upgrades and new field developments. This investment reflected the causal link between economic reconstruction, automobile proliferation, and growth, which drove crude oil consumption higher, with Jersey Standard's 1951 net profits reaching a record $686.5 million for any private corporation. Domestically, Jersey Standard leveraged its majority stake in & Refining Company—acquired partially in 1919—to bolster upstream operations, as Humble emerged as the largest U.S. oil producer by the 1940s through enhanced drilling in and fields. Internationally, the company pursued growth via affiliates and joint ventures in resource-rich regions, though specific merger activity remained limited compared to organic scaling. A notable organizational consolidation occurred in 1966, when Jersey Standard restructured its European subsidiaries into Europe, Inc., based in , to streamline overseas marketing and refining amid rising intra-European trade. Product innovation supported market penetration, exemplified by the 1952 launch of Uniflo, the first multigrade suitable for year-round use, which expanded consumer applications in variable climates. By the early , these efforts culminated in a corporate to Exxon Corporation in 1972, unifying the trademark—long restricted by antitrust-related legal disputes—across U.S. operations to facilitate cohesive global expansion. This shift addressed branding fragmentation inherited from the 1911 dissolution while positioning the firm for further integration in downstream and chemical sectors.

Exxon-Mobil Merger and 21st-Century Developments

The merger between Exxon Corporation and Corporation was announced on , , as an all-stock transaction valued at $81 billion, and completed on , 1999, forming Exxon Mobil Corporation as the world's largest publicly traded integrated and gas company with combined annual revenues exceeding $200 billion. The deal, which faced regulatory scrutiny under U.S. antitrust laws, enabled operational synergies estimated at $8 billion in annual pretax cost savings through streamlined refining, marketing, and exploration activities, while consolidating assets from the former entities to counter falling prices and rising competition. , former Exxon chairman and CEO, assumed the same roles at the new entity, overseeing initial integration that included headquarters relocation to . In the early 2000s, ExxonMobil prioritized technological advancements and upstream expansion, developing the SCANfining process in 2001 to reduce sulfur in gasoline by over 95 percent ahead of environmental regulations, and partnering with Qatar Petroleum in 2005 to develop the North Field, the world's largest nonassociated reserve, boosting (LNG) production capacity. The company navigated the and subsequent oil price volatility by maintaining capital discipline, with Raymond succeeded as CEO by in January 2006, who emphasized long-term resource security amid geopolitical tensions in oil-producing regions. The 2010s marked a strategic pivot toward unconventional resources, highlighted by the $41 billion all-stock acquisition of , completed on June 25, 2010, which added expertise in and plays, particularly in the Permian Basin, and expanded reserves by integrating XTO's 0.7098 exchange ratio for shares. Under Tillerson, ExxonMobil doubled its Permian Basin resource estimate to 6 billion barrels in 2017 through acquisitions from the Bass family, covering 250,000 acres of prolific acreage. Offshore, the Stabroek Block in yielded the Liza-1 discovery in May 2015, followed by in 2017, leading to first oil production from Liza Phase 1 in December 2019, delivered ahead of schedule and under budget via a floating production vessel. Tillerson departed in December 2016 to become U.S. , with assuming CEO role in January 2017. Into the 2020s, ExxonMobil accelerated Permian consolidation via the $59.5 billion all-stock merger with Pioneer Natural Resources, announced October 11, 2023, and closed May 3, 2024, creating the industry's largest unconventional portfolio with high-return potential exceeding 10 million acres. In Guyana, production ramped up with Yellowtail starting in 2024 and Uaru in August 2025 as the fourth development, while the Hammerhead project received final investment decision on September 22, 2025, for $6.8 billion, targeting first oil in 2029 from 18 wells at 150,000 barrels per day, contributing to a block-wide capacity goal of 1.2 million barrels per day by 2027 across eight floating production units. These moves, executed amid energy market fluctuations and regulatory hurdles, underscored ExxonMobil's focus on low-cost, scalable assets, with the company reporting record upstream earnings in 2022 driven by post-pandemic demand recovery.

Recent Strategic Shifts (2010s–2025)

During the , ExxonMobil intensified its focus on unconventional resources, particularly in the Permian Basin, through strategic acquisitions to build scale in low-cost, high-return plays. In January 2017, the company acquired approximately 275,000 net acres from the Bass family for $6.6 billion, doubling its Permian resource base to an estimated 6 billion barrels of oil equivalent. This move supported ambitions to ramp up Permian production, initially targeting 1 million barrels of oil equivalent per day by 2025, though adjusted to 700,000 boe/d by February 2021 amid execution challenges and market volatility. By May 2024, ExxonMobil completed its $60 billion acquisition of , more than doubling its Permian footprint to over 1.6 million net acres and positioning it as the largest producer in the basin with potential for sustained output growth through integrated operations. Parallel to Permian expansion, ExxonMobil pursued offshore exploration in emerging basins, with the Stabroek Block off emerging as a cornerstone of growth. The Liza-1 discovery in May 2015 marked the first major find, followed by over 30 significant discoveries, including in January 2017. First oil from Liza Phase 1 flowed in December 2019, with subsequent phases and projects like and Yellowtail achieving startup ahead of schedule; by August 2025, four vessels were operational, targeting 1.3 million barrels per day by late 2025 and up to 1.7 million b/d with additional developments by 2027. These initiatives underscored a strategy prioritizing large-scale, low-break-even projects to offset maturing assets elsewhere. To optimize its portfolio, ExxonMobil executed divestitures of non-core holdings while streamlining operations for efficiency. Throughout the and , the company sold lower-margin assets, contributing to net acquisitions/divestitures turning positive at $1.508 billion for the twelve months ending June 30, 2025, reflecting disciplined capital allocation toward advantaged regions. By October 2025, cumulative structural cost reductions reached $13.5 billion, aided by workforce adjustments including a September 2025 of about 2,000 employees (3-4% of staff) to realign . In response to energy transition pressures, ExxonMobil allocated up to $30 billion for lower-emission investments from 2025 to 2030, with 65% aimed at emissions reduction technologies like rather than wholesale shifts from hydrocarbons. The company's 2025 Global Outlook emphasized sustained oil and gas demand growth alongside incremental adoption of lower-emission options, projecting emissions declines by 2050 driven by efficiency and technology rather than rapid decarbonization mandates. This approach prioritized empirical demand realities over accelerated from fossil fuels, maintaining core upstream and downstream investments amid geopolitical and market uncertainties.

Operations

Upstream Exploration and Production

ExxonMobil's upstream segment encompasses the exploration for and production of crude oil and natural gas, representing the initial phase of the hydrocarbon value chain. In the second quarter of 2025, upstream production reached a record 4.6 million barrels of oil equivalent per day (MMboe/d), the highest level since the 1999 Exxon-Mobil merger, primarily driven by expansions in the Permian Basin and Guyana. For the full year 2024, the company produced 3.0 million barrels of liquids and 8.1 billion cubic feet of natural gas daily, with proved reserves totaling 19.9 billion barrels of oil equivalent at year-end. The Permian Basin in and constitutes ExxonMobil's largest upstream asset, leveraging unconventional shale resources through horizontal drilling and hydraulic fracturing. Following the 2024 acquisition of , ExxonMobil became the basin's leading producer, with net acreage exceeding 4.5 million acres and production surpassing 1.3 million barrels of oil equivalent per day by early 2025. The company projects doubling Permian output to 2.3 million barrels per day by 2030, supported by technological advancements in drilling efficiency and AI-driven optimization. Offshore Guyana, ExxonMobil operates the Stabroek block with partners Hess and CNOOC, where exploration since 2015 has yielded over 30 discoveries and an estimated 11.6 billion barrels of recoverable resources. Current production averages approximately 650,000 barrels per day as of September 2025, with the Yellowtail project commencing output in August 2025 via a vessel, advancing toward 900,000 barrels per day by year-end. In September 2025, the $6.8 billion Hammerhead development was sanctioned, targeting first oil in 2029 and adding 150,000 barrels per day capacity through a new FPSO unit. Beyond these core areas, ExxonMobil pursues upstream activities across multiple regions, including deepwater production in Brazil's field, which unlocked over 1 billion barrels of oil equivalent in phase one starting in 2025. efforts extend to frontier basins in , such as Namibia's Orange Basin and Angola's Namibe Basin, alongside returns to Trinidad for gas-focused drilling programs initiated in 2025. Globally, the company maintains operations on , investing $16.4 billion in 2024 to develop proved undeveloped reserves and sustain a of future projects against natural field declines.

Downstream Refining and Marketing

ExxonMobil's downstream segment involves crude oil into finished products such as , diesel, , , and asphalt, followed by and distribution to retail and commercial customers. The company maintains an integrated approach, often co-locating with operations to optimize feedstock use and product yields, with over 80% of its sites featuring such integration as of 2025. ExxonMobil operates 21 refineries globally, providing a combined atmospheric capacity of nearly 5 million barrels per day. , major facilities include the Baytown in with a capacity of 564,440 barrels per day, the in , the Beaumont in , and the Joliet in , which was built in 1972 and lies 40 miles southwest of . Internationally, significant assets encompass the Jurong Island in , ExxonMobil's second-largest overall. The company's total worldwide refining capacity stood at 4.34 million barrels per day in 2024, with 1.96 million barrels per day . Marketing efforts center on branded fuels and lubricants distributed through retail networks and direct . ExxonMobil sells products under the Exxon, , Esso, and ExxonMobil brands, including Synergy™ fuels engineered for enhanced engine performance and cleanliness. These are supplied to millions of customers via thousands of Exxon-, -, and Esso-branded service stations worldwide, alongside to industrial, , and marine sectors. The downstream division markets one of the world's largest volumes of fuels and lubricants, exceeding 5.4 million barrels per day in .

Chemical Manufacturing and Products

ExxonMobil Chemical, the company's chemicals division formed in 1999 via the merger of Exxon and Mobil's respective chemical operations, ranks among the world's largest producers of and polymers. It processes crude oil and feedstocks into basic chemicals such as olefins and aromatics, which serve as building blocks for downstream products including polyolefins used in , automotive components, and . The division maintains manufacturing facilities across , , the , and , enabling a global integrated with ExxonMobil's upstream and downstream assets. Key products encompass polyethylene (PE) and polypropylene (PP) resins for lightweight packaging that reduces food waste and transportation emissions; synthetic rubbers like Vistalon™ EPDM and butyl rubber for tires, seals, and roofing; and specialty chemicals including solvents, fluids, and catalysts for adhesives, agriculture, and healthcare applications. Advanced offerings, such as Proxxima™ resin systems, provide high-strength composites for wind turbine blades and vehicle parts, substituting heavier materials to lower energy consumption. In 2023, the division expanded polypropylene capacity at its Baton Rouge facility and increased specialty elastomers output by 25% at the Newport, Wales plant. Manufacturing processes primarily involve of hydrocarbons to generate and monomers, followed by to form polyolefins, with integrated providing cost-efficient feedstocks. The in , operational since 1919, holds capacity exceeding 8 billion pounds of annually, including purified refinery for basic chemicals. Recent investments include a Baytown advanced recycling facility processing over 80 million pounds of plastic waste per year into molecular-level products, with plans for 1 billion pounds of such capacity globally by 2026. A new project announced in 2025 targets 1.6 million metric tons per year of and 850,000 metric tons of upon full operation. These efforts leverage proprietary technologies for higher yields and lower emissions in production.

Global Infrastructure and Key Facilities

ExxonMobil operates a vast global network of , including refineries, production platforms, pipelines, and LNG facilities, integrated across its , chemicals, and lubricants businesses to optimize supply chains and production . The company maintains approximately 21 refineries worldwide with a combined capacity of nearly 5 million barrels per day, many of which are integrated with chemical or basestock production to enhance yields of higher-value products. This supports operations on six continents, with significant assets in , , , and emerging regions like and . The corporate headquarters is situated on a 385-acre campus in Spring, Texas, north of Houston, serving as the central hub for Upstream, Downstream, Chemicals, and XTO Energy operations. Key U.S. downstream facilities include the Baytown Complex in Texas, which underwent a major reconfiguration in 2025 to boost production of Group III base stocks and other high-demand products through integration with refining and chemical units. The Beaumont Refinery in Texas features expansions for light crude processing, while the Joliet Refinery in Illinois supports mid-continent refining. Internationally, the Singapore Refinery complex added resid upgrade facilities in 2025, enabling production of base stocks from heavier feedstocks to meet Asian demand. The Fawley Refinery in the United Kingdom includes a new hydrofiner commissioned around 2025 for improved product quality. In upstream operations, ExxonMobil's infrastructure emphasizes offshore and unconventional assets, such as the Stabroek Block off Guyana's coast, where multiple (FPSO) vessels like Liza Destiny and support growing output from discovered reserves. The Permian Basin in the U.S. features extensive drilling pads and gathering systems, with plans to reach over 600,000 oil-equivalent barrels per day by 2025 through infrastructure expansions linking to Gulf Coast refineries. LNG infrastructure includes equity stakes in major projects: the PNG LNG plant in , the RasGas facilities in , the Rovuma LNG development in , and the under-construction Golden Pass LNG export terminal in , which aims to contribute to doubling ExxonMobil's global LNG portfolio to over 40 million tonnes per annum by 2030. Pipeline networks form a critical backbone, with ExxonMobil Pipeline Company managing over 16,000 miles in to transport more than 3.5 million barrels per day of crude, refined products, liquids, and liquefied gases, including dedicated lines from the Permian to Gulf Coast refineries like Baytown and Beaumont for >90% throughput efficiency. Chemical , often co-located with refineries, includes a new complex in slated for 2025 startup to produce performance polymers and specialties. These assets underscore ExxonMobil's emphasis on integrated, scalable operations to adapt to market shifts while maintaining reliability.

Energy Transition Initiatives

Carbon Capture, Utilization, and Storage Efforts

ExxonMobil has captured and stored more anthropogenic (CO₂) than any other company, with cumulative volumes exceeding 120 million metric tons as of 2025, representing approximately 40% of all such CO₂ ever geologically sequestered globally. This track record stems primarily from decades of operational experience in capturing CO₂ from streams, often for (EOR) utilization, where injected CO₂ displaces additional hydrocarbons while enabling permanent subsurface storage. The company's efforts emphasize point-source capture from industrial emitters, including its own facilities and third-party sources, leveraging existing like pipelines in regions such as the U.S. Gulf Coast. Key projects include the LaBarge facility in , where ExxonMobil captures 6-7 million metric tons of CO₂ annually from sour gas treatment, with a 2025 expansion approved to add up to 1.2 million metric tons per year through advanced amine-based absorption technology. Internationally, participation in Australia's liquefied natural gas project has stored over 7 million metric tons of CO₂ since 2019, though initial ramp-up faced delays due to reservoir challenges. Domestically, the company has committed to the NG3 Partners project in , aiming to capture and store up to 1.2 million metric tons annually from industrial sources via dedicated pipelines and saline injection. Additionally, the Rose Project in facilitates CO₂ from multiple emitters to storage sites, supporting regional hub development for utilization in EOR or pure storage. ExxonMobil has pledged up to $15 billion in investments over six years ending around 2030 for carbon capture, biofuels, and , with broader lower-emission spending reaching $30 billion from to 2030, allocating about 65% to third-party emission reductions. These funds target scaling to 30 million metric tons of CO₂ captured and stored annually by 2030, contingent on regulatory approvals and additional capital, with current commitments exceeding 18 million metric tons per year from customer-sourced CO₂ via and storage services. While critics, including environmental advocacy groups, question the scalability and net emission impacts of CCUS—citing high costs and reliance on EOR that extends production—the technology's empirical deployment has demonstrated containment integrity over decades, with no verified large-scale leaks from monitored sites. ExxonMobil maintains that CCUS addresses hard-to-abate emissions from sectors like and , where alternatives remain limited, supported by U.S. incentives such as the 45Q .

Low-Emission Investments and Projects

ExxonMobil has committed up to $30 billion in low-emission investments from 2025 through 2030, with approximately 65% allocated to technologies reducing emissions for external customers, encompassing , lower-emission fuels, and lithium extraction for batteries. This builds on prior pledges, including $17 billion through 2027 for similar initiatives, prioritizing scalable solutions over intermittent renewables like solar and . In , ExxonMobil is developing a facility at its , complex designed to produce up to 1 billion cubic feet (approximately 2,400 metric tons) of low-carbon daily, potentially the world's largest upon completion, with applications in , , and export as low-carbon . The project includes partnerships for supply, such as a May 2025 agreement with Corporation for up to 250,000 metric tons annually and a September framework with targeting startup in 2029. Initial operations were targeted for 2027, but as of August 2025, final investment decisions hinge on U.S. eligibility under revised rules requiring construction starts by early 2028. ExxonMobil has allocated about $7 billion from 2022 to 2027 across , biofuels, and related efforts, viewing as a zero-carbon carrier for and . For lower-emission fuels, ExxonMobil has pursued selectively, acquiring a 49.9% stake in Biojet AS in January 2022 to advance biofuel production for transportation sector emissions reductions. It also invested $125 million in Global Clean Energy Holdings (GCEH) for renewable diesel, securing supply agreements exceeding 4 million barrels from GCEH's facilities. However, the company discontinued its multi-year algae-to- research program by 2023, citing challenges in commercialization despite prior multimillion-dollar commitments. ExxonMobil's Mobil™ Lithium initiative targets direct lithium extraction from Smackover Formation brines in southwest , employing subsurface and chemical processing for a lower environmental footprint compared to traditional . commenced in November 2023, with appraisal wells completed by August 2024, aiming to supply equivalent to batteries for about 1 million s annually. A 2024 supply agreement with SK On supports manufacturing, with technology selection decisions planned by late 2024. This project leverages ExxonMobil's oil and gas expertise to address demands for low-emission mobility.

Long-Term Energy Outlook Projections

ExxonMobil's 2025 Global Outlook, released in August 2025, projects sustained growth in global energy demand through 2050, driven by a increase of 1.5 billion people—primarily in developing countries—and a doubling of global GDP, with developing economies expanding at twice the rate of advanced ones. Personal incomes worldwide are forecasted to rise 80%, boosting as living standards improve, particularly in , , and other emerging regions where energy use is expected to increase by 25%. The outlook incorporates ExxonMobil's proprietary modeling of economic trends, technological advancements, and policy scenarios, emphasizing the interplay of supply reliability, affordability, and efficiency gains. Oil demand is projected to plateau after 2030 and stabilize above 100 million barrels per day through 2050, reaching approximately 105 million barrels per day, supported by continued needs in transportation, , and industry despite efficiency improvements and in light-duty vehicles. demand is anticipated to grow 20% to around 500 billion cubic feet per day by 2050, fueled by its role in power generation, industrial processes, and as a lower-emitting bridge , especially in developing markets replacing . demand is expected to surge 70%, with and renewables filling much of the gap, though oil and gas together are forecasted to maintain over 50%—specifically around 55%—of the mix, reflecting limitations in scaling intermittent renewables without dispatchable backups. Renewables are projected to grow the fastest among energy sources, expanding from 3% to more than 11% of the global mix by 2050, driven by cost reductions and policy support, yet their variability necessitates complementary infrastructure for grid stability and baseload power. Coal consumption is expected to decline sharply to pre-2005 levels as it yields to and renewables in power generation. Under these projections, global CO₂ emissions from use would fall about 25% to 27 billion metric tons annually by 2050 from 36 billion in 2024, attributed to gains, switching, and technologies like carbon capture, though achieving further reductions would require unprecedented deployment rates beyond historical precedents. ExxonMobil's analysis underscores that no single source can meet rising demand alone, advocating sustained investment in and gas to avert supply shortfalls amid economic expansion.

Economic Contributions and Innovations

Financial Performance and Market Position

ExxonMobil achieved revenues of $340.57 billion in 2024, marking a 1.16% increase from $336.67 billion in 2023, driven by sustained demand for products and upstream production growth. for the as of 2025 reached $45.14 billion, reflecting robust profitability with a net of 9.40% and of 11.83%. In the first half of 2025, from products totaled $2.2 billion, though impacted by weaker margins compared to the prior year. The company's financial strength is underscored by its ability to generate substantial cash flows, supporting capital returns to shareholders amid volatile commodity prices. As of late 2025, ExxonMobil's market capitalization approximated $492 billion, establishing it as the second-largest publicly traded oil and gas company worldwide by this metric, trailing only Saudi Aramco. Among integrated Western oil majors, it holds the leading position, surpassing Chevron's $269 billion valuation, bolstered by record net production of 4.3 million barrels of oil equivalent per day in recent periods. This dominance stems from its extensive upstream portfolio, including major developments in the Permian Basin and Guyana's Stabroek block, which enhance reserve replacement and output scalability relative to peers. ExxonMobil's shares traded around $115 in October 2025, with a beta of 0.5 indicating lower volatility compared to the broader market. The firm sustains through a consistent , offering a forward yield of approximately 3.4% based on an annual payout of $3.96 per share, paid quarterly with the most recent on August 15, 2025. This yield, combined with share buybacks, positions ExxonMobil as a defensive in the sector, particularly amid economic uncertainties affecting oil demand projections. Its among competitors remains competitive, with relative positioning in the top tier for integrated operations, though challenged by state-owned entities in production volume. Overall, ExxonMobil's financial metrics and strategic asset base affirm its preeminent role in global markets, prioritizing long-term resource development over short-term speculative trends.

Technological Advancements in Energy Extraction

ExxonMobil has advanced exploration technologies through high-resolution seismic imaging, building on its pioneering introduction of 3D seismic methods nearly 50 years ago, which revolutionized subsurface mapping by sending seismic sound waves into the earth to create detailed images of potential reservoirs. More recently, the company employs 4D seismic technology, which monitors changes in reservoirs over time, combined with supercomputing for enhanced data processing to improve discovery rates and resource assessment accuracy. These methods have contributed to major finds, such as over 35 discoveries in Guyana's Stabroek block since 2015, demonstrating capabilities in ultra-deepwater and carbonate formations. In , ExxonMobil leads with autonomous s, becoming the first in the industry to implement autonomous in deepwater environments using a advisory that optimizes real-time operations and reduces human intervention risks. This technology integrates AI to expedite well development by analyzing vast datasets, enabling faster and more efficient extraction in challenging terrains like the Permian Basin, where recovery rates remain low at 6-8% but are targeted for improvement through advanced techniques. Production advancements include the Vantage platform, a centralized hub launched in that uses high-tech monitoring across thousands of sites to optimize operations, reduce gas flaring, and enhance overall in upstream activities. In 's Stabroek block, ExxonMobil applies specialized (FPSO) vessels, such as the One Guyana FPSO deployed in , supporting phased developments that have increased capacity to over 900,000 barrels per day by mid- through iterative technological refinements in subsea systems and reservoir management. These innovations underpin plans to double upstream production to 5.4 million oil-equivalent barrels per day by 2030, leveraging proprietary methods for higher capital and recovery.

Role in Energy Security and Global Economy

ExxonMobil plays a critical role in global by maintaining substantial production of oil and from geopolitically stable regions, thereby diversifying supply sources away from concentrated dependencies such as OPEC-dominated Middle Eastern output. In 2024, the company achieved net production of 4.3 million barrels of oil equivalent per day, its highest level in over a , with significant expansions in low-cost U.S. Permian Basin operations and offshore 's Stabroek block, where it holds a leading stake. These investments counteract natural field declines and support reliable baseload supply, essential for mitigating risks from supply disruptions as evidenced by recent geopolitical tensions in and the . As the largest non-state oil producer, ExxonMobil's focus on high-return, low-cost assets in and emerging basins like enhances national and regional , particularly for the , where it leads in domestic oil and gas output. This approach prioritizes scalable, dispatchable energy over intermittent alternatives, ensuring stability for , transportation, and emerging demands like data centers powering AI infrastructure. ExxonMobil's global LNG portfolio further bolsters security by enabling flexible exports from stable producers to import-dependent markets in and . In the global economy, ExxonMobil's operations underpin key sectors driving growth, with oil and gas fueling approximately 50% of industrial energy use and supporting , which constitutes 40% of worldwide GDP. The company's investments power economic activity across host countries, generating revenues that fund and local development while meeting rising demand projected to sustain oil at around 100-105 million barrels per day through 2050. By delivering affordable , ExxonMobil facilitates human progress and living standard improvements, as reliable access correlates directly with in developing regions.

Controversies and Debates

Environmental Incidents and Mitigation

The , operated by Exxon Shipping Company, ran aground on March 24, 1989, in , , releasing approximately 11 million gallons of crude oil and causing one of the largest spills in U.S. history up to that time. Exxon, ExxonMobil's predecessor, assumed responsibility for the cleanup, which involved deploying booms, skimmers, and dispersants, recovering about 10% of the spilled oil directly. The company paid $900 million in civil damages over ten years to federal and state trustees for restoration efforts and an additional $1 billion in total fines and settlements related to the incident. Long-term ecological monitoring has shown persistent effects on fisheries and wildlife, though ExxonMobil has maintained that its post-spill scientific assessments indicate recovery in many areas. In the Greenpoint neighborhood of Brooklyn, New York, a massive underground oil plume, estimated at 17 to 30 million gallons from historical refinery operations ending in 1966, was discovered in 1978 seeping into Newtown Creek. ExxonMobil accepted partial responsibility for the contamination linked to its former facilities and has been actively pumping and treating groundwater since 1990, recovering over 12.9 million gallons of oil products as of 2017. In a 2017 settlement with New York State, ExxonMobil agreed to pay $19.5 million for environmental benefit projects in the community and a $250,000 penalty, while continuing remediation under state oversight. Pipeline ruptures have also posed challenges. On July 1, 2011, ExxonMobil's Silvertip Pipeline breached under the Yellowstone River in Montana, spilling 750 to 1,000 barrels of crude oil, which traveled up to 40 miles downstream. Cleanup crews recovered 942 barrels of oily liquids and 505 cubic yards of solids, with ExxonMobil coordinating evacuations and river monitoring. The company settled for a $1 million civil penalty in 2019 and $12 million for natural resource damages to fund habitat restoration. Similarly, on March 29, 2013, the Pegasus Pipeline ruptured in Mayflower, Arkansas, releasing about 3,000 to 5,000 barrels of heavy crude into a residential area and wetlands, prompting evacuations and impacting local wildlife. ExxonMobil contained the spill from reaching Lake Conway, removed contaminated soil, and in 2015 paid $5 million in penalties while committing to pipeline safety enhancements under a Corrective Action Order. Refinery operations have led to incidents involving fires and potential releases. At the Torrance, California, refinery on February 18, 2015, an explosion in a pollution control unit hurled debris near hydrofluoric acid tanks, risking a toxic release, while scattering catalyst dust over a mile away and injuring four workers. No acid was released, but the event prompted regulatory scrutiny of process safety management. In Baton Rouge, Louisiana, the refinery has faced multiple violations, including a 2016 fire injuring four workers due to hot work near flammable vapors and ongoing issues with corrosion, flaring, and emissions exceeding permits. ExxonMobil has addressed these through equipment upgrades, process changes, and OSHA compliance, though the facility recorded nearly a dozen EPA violations over two decades. ExxonMobil's mitigation strategies emphasize prevention and response, informed by the Valdez incident, including enhanced pipeline integrity assessments, double-hulled tankers industry-wide, and advanced monitoring technologies. The company invests in waste minimization, recycling, and site remediation, such as ongoing groundwater treatment at legacy sites, while settlements often fund independent environmental projects. Post-incident reviews have led to operational changes, like improved flaring reduction in Baton Rouge and risk-based inspections across facilities, aiming to reduce spill volumes and response times. Despite these efforts, critics from environmental groups argue that historical incidents reveal systemic vulnerabilities in , though empirical data from settlements and cleanups demonstrate measurable recoveries in affected areas.

Positions on Climate Science and Policy

ExxonMobil acknowledges that represents a significant global challenge primarily driven by human emissions of greenhouse gases, including those from combustion. Internal research conducted by company scientists between 1977 and 2003 produced climate projections that accurately forecasted global warming trends, with 63% to 83% of models aligning closely with subsequent observed temperature increases through 2021. These projections, based on rising atmospheric CO2 levels, anticipated 0.20°C per decade warming under business-as-usual scenarios, consistent with empirical data from that period. Historically, ExxonMobil's public communications diverged from its internal assessments. From the late through the mid-2000s, the company funded organizations and researchers skeptical of the consensus on anthropogenic warming's severity and policy implications, while emphasizing scientific uncertainties in and efforts. This approach contrasted with early internal documents from the and , which recognized fossil fuels' role in CO2 accumulation and potential warming of 2–3°C by 2050. By , ExxonMobil publicly affirmed risks in corporate reports, aligning more closely with its scientific heritage amid shifting stakeholder pressures. On policy, ExxonMobil endorses the Paris Agreement's framework since its 2015 adoption, viewing it as a constructive mechanism for emissions pledges and international cooperation, and has urged U.S. retention of participation under varying administrations. The company advocates revenue-neutral carbon pricing, such as a , as the most efficient tool to incentivize emissions reductions, spur innovation, and provide market signals without distorting energy affordability or competitiveness. It has reduced its operated Scope 1 and 2 by 11% from 2016 to 2020 and by 34% in U.S. unconventional operations over the same period, with targets for further cuts by 2025. ExxonMobil critiques prevailing policies for shortcomings, including overreliance on economy-wide caps that overlook technological feasibility and carbon intensity differences across fuels and regions. Instead, it promotes sector-specific, product-level carbon-intensity standards to encourage lower-emission production methods, such as advanced carbon capture and , while investing up to $30 billion in such solutions from 2025 to 2030. Environmental advocacy groups, including and the , contend that ExxonMobil's policy support, particularly for carbon pricing, serves primarily as a strategy to delay stringent regulations, citing undercover recordings of company lobbyists in 2021. These groups, which prioritize rapid , have historically amplified narratives of corporate denial despite ExxonMobil's documented internal forecasting accuracy. ExxonMobil maintains its positions prioritize pragmatic, technology-led pathways over mandates that risk energy shortages or economic disruption.

Geopolitical Operations and Human Rights Claims

ExxonMobil maintains operations across geopolitically sensitive regions, including the , , and , where it navigates risks through diversified assets and compliance with . In response to Russia's 2022 invasion of , the company discontinued operations at the Sakhalin-1 project, made no new investments in , and fully complied with Western sanctions, leading to the Russian government expropriating its properties after seven months of negotiations. Earlier, in 2017, ExxonMobil faced a $2 million fine from the U.S. Treasury for sanctions violations tied to dealings with post-Crimea in 2014. In the Americas, ExxonMobil's offshore operations in Guyana's Stabroek block have intensified territorial disputes with Venezuela over the Essequibo region. On March 1, 2025, a Venezuelan warship entered Guyana's exclusive economic zone near ExxonMobil's Liza Destiny facility, prompting diplomatic protests and military alerts from Guyana. Venezuela has rejected ExxonMobil's activities in the area as illegal and protested new vessels like the FPSO One Guyana in 2025, escalating tensions amid Guyana's rapid emergence as an oil producer since ExxonMobil's 2015 discovery. ExxonMobil has experienced multiple expropriations of its assets by Venezuela in prior years, and in January 2026, following a meeting with U.S. President Trump discussing potential $100 billion investments in Venezuela's oil sector after the Maduro regime's fall, CEO Darren Woods stated that the country remains "uninvestable" without significant legal reforms, durable protections for investors, and a rewrite of hydrocarbon laws. Human rights claims against ExxonMobil primarily stem from arrangements in conflict zones. In , , during the late 1990s and early 2000s, villagers alleged that Indonesian military units contracted by ExxonMobil to guard the Arun natural gas facility committed , , , and killings; a filed by eleven plaintiffs in 2001 was settled confidentially in May 2023 without admission of liability. ExxonMobil maintains policies to respect , including assessments of providers and remediation for adverse impacts. The Chad-Cameroon pipeline project, in which ExxonMobil participated until selling its stake in 2022, drew criticism from NGOs for potential risks due to host governments' records and contracts allegedly limiting liability for abuses along the route. Opponents highlighted concerns over displacement, environmental harm, and Chad's , though the project included World Bank oversight and revenue-sharing mechanisms aimed at development. ExxonMobil's involvement underscores challenges in balancing resource extraction with local protections in unstable regions. ExxonMobil has faced numerous regulatory actions from the U.S. Environmental Protection Agency (EPA) primarily related to Clean Air Act violations at its refineries. In a landmark citizen-enforcement case, the company was held liable for 16,386 days of permit violations at its refinery complex between 2005 and 2013, involving excess emissions of pollutants such as nitrogen oxides and exceeding limits by over 10 million pounds. The U.S. District Court imposed a $14.25 million penalty in 2017, affirmed by the Fifth Circuit Court of Appeals multiple times, including in December 2024, and upheld by the U.S. Supreme Court's denial of on June 30, 2025. This remains the largest court-imposed Clean Air Act penalty in a citizen suit. Additional EPA settlements include a $6.1 million in 2023 for breaching a 2005 Clean Air Act at multiple refineries, addressing and compliance issues. In January 2025, ExxonMobil agreed to an $11.2 million settlement, including $8.2 million in penalties, for violations under the at facilities in and . The company's Violation Tracker database records aggregate penalties exceeding hundreds of millions for environmental, safety, and other infractions since 2000, though many stem from operational exceedances rather than systemic non-compliance. Legal disputes over climate change have predominantly involved allegations of misleading investors or the public on risks and disclosures, initiated by state attorneys general and municipalities. New York Attorney General Barbara Underwood's 2018 fraud suit claimed ExxonMobil downplayed climate policy impacts in SEC filings; a 2019 state court ruling found no evidence of material misstatements, dismissing claims after trial. Similarly, New York City's 2022 consumer protection suit against ExxonMobil and others for alleged deception on fossil fuel impacts was dismissed in January 2025 by a state court, citing preemption by federal law. A September 2025 federal dismissal of Puerto Rico's class action over climate risks disclosure further limited such claims. Outcomes reflect courts' reluctance to impose liability absent proven fraud or novel tort theories, despite ongoing suits in states like Rhode Island targeting multiple oil majors including ExxonMobil. In non-climate areas, Attorney General filed suit in September 2024 accusing ExxonMobil of deceiving consumers on recyclability through campaigns, alleging the company knew single-use plastics were largely non-recyclable yet promoted them as solutions. ExxonMobil has countersued entities funding activist litigation, including a February 2025 federal alleging and by foreign-backed groups targeting U.S. firms. The company also sued shareholders Arjuna Capital and Follow This in January 2024 over repeated climate-focused proxy proposals, securing a federal in June 2024 barring such filings as abusive under SEC rules. Other disputes include a of $725.5 million in (totaling $816 million with compensatory) against ExxonMobil in a case over groundwater contamination from a , tied to historical benzene leaks affecting nearby communities. ExxonMobil prevailed in a November suit against the IRS, recovering overpaid amounts from 2016 audits. No major antitrust actions have arisen post-1999 Exxon-Mobil merger approval, which required limited divestitures.

Corporate Governance

Leadership and Executive Team

Darren W. Woods serves as Chairman and of ExxonMobil, a position he has held since January 1, 2017, following the retirement of . Woods, a graduate with a in , joined Exxon in 1992 and has accumulated over 30 years of experience in global operations, including senior roles in refining, chemicals, and upstream sectors across , , and the . Under his leadership, the company has emphasized disciplined capital allocation, technological innovation in resource extraction, and strategic acquisitions such as the 2023 purchase of to expand Permian Basin holdings. The executive team, structured through the Management Committee, comprises senior vice presidents and company presidents responsible for major business segments including upstream, product solutions, and low carbon initiatives. Key members include Kathryn A. Mikells, Senior and since joining in 2021 from , overseeing financial strategy, investor relations, and compliance. Neil A. Chapman serves as Senior , managing corporate services such as , , and business services, with prior in ExxonMobil's international operations. Recent organizational adjustments reflect adaptations to dynamics and growth priorities. In December 2024, Dan L. Ammann was appointed President of ExxonMobil Upstream Company effective February 1, 2025, succeeding Liam Mallon, focusing on exploration, production, and reservoir management. Matt R. Crocker assumed the role of President of ExxonMobil Product Solutions Company in April 2025, directing refining, marketing, and chemical operations. Barry Engle was named President of Low Carbon Solutions in late 2024, advancing carbon capture, , and biofuels projects.
ExecutiveRoleKey Responsibilities
Darren W. WoodsChairman and CEOOverall strategy, operations oversight, and board leadership
Kathryn A. MikellsSVP and CFOFinancial planning, , and capital markets
Neil A. ChapmanSVP, global support functions
Dan L. AmmannPresident, Upstream, production, and reserves development
Matt R. CrockerPresident, Product SolutionsDownstream refining, fuels marketing, and chemicals
This structure ensures alignment across ExxonMobil's integrated operations, with executives reporting directly to Woods and emphasizing performance-based incentives tied to safety, returns, and long-term value creation.

Board Structure and Shareholder Relations

ExxonMobil's typically comprises 11 to 13 members, with a substantial majority classified as independent directors who have no material relationships with the company beyond their board service. The board is led by Darren W. Woods, who serves as both chairman and , a combined role that centralizes strategic oversight while drawing scrutiny from advocates favoring separation for enhanced . Key standing committees include the , Compensation Committee, Board Affairs Committee, and Public Issues and Contributions Committee, all composed exclusively of independent directors to ensure objective review of financial reporting, executive pay, nominations, and matters. The board's composition has undergone significant refreshment since , with eight of the current independent directors appointed during that period, representing two-thirds of the independent slate and reflecting a response to pressure for renewed expertise in , finance, and . Independent members bring diverse backgrounds, including former CEOs of major firms (e.g., Angela F. Braly of WellPoint), financial experts (e.g., Joseph L. Hooley, ex-BB&T), and policy specialists (e.g., Dina Powell McCormick, former U.S. ). This structure supports rigorous oversight, with annual evaluations and a focus on competencies like regulatory knowledge and global operations, though critics argue the board's energy sector tilt may limit contrarian views on long-term risks. Shareholder relations emphasize broad accessibility and alignment with long-term value, with institutional investors holding approximately 61.8% of shares as of mid-2025, led by (10.11%) and (7.19%). ExxonMobil's governance policies prohibit supermajority voting thresholds beyond legal minima and facilitate direct engagement via annual meetings, proxy access, and channels. In October 2025, the company introduced a program enabling retail shareholders to submit standing voting instructions, aimed at streamlining participation but facing opposition from advocacy groups like As You Sow, who petitioned the SEC to review its implementation for potential dilution of active oversight. The 2025 annual shareholder meeting on May 28 saw strong support for management proposals, underscoring robust retail and institutional backing amid ongoing debates over proxy mechanics.

Headquarters and Organizational Footprint

ExxonMobil's global headquarters is situated at its Campus in , at 22777 Springwoods Village Parkway, approximately 25 miles north of . This 385-acre facility, completed in phases starting in , consolidates key corporate functions including upstream operations, research and development, and executive leadership, replacing older offices in Irving and elsewhere. The campus features advanced infrastructure designed for energy efficiency, such as LEED-certified buildings and on-site integration, supporting over 10,000 employees and visitors daily. The company's organizational footprint spans through a matrix structure integrating functional units like upstream, product solutions ( and chemicals), and low-carbon solutions with regional operations. ExxonMobil divides its activities into four primary regions: , , , and /, with dedicated teams managing , production, , and in over 50 countries. As of December 31, 2024, the corporation employed approximately 61,000 people worldwide, including full-time and part-time workers across affiliates and subsidiaries. Subsidiaries such as ExxonMobil Chemical Company, headquartered at the same Spring address, handle specialized segments like and lubricants, while majority-owned entities in regions like and operate under aligned corporate standards. In 2025, ExxonMobil announced a to consolidate smaller offices into regional hubs, resulting in about 2,000 job cuts primarily in and (including 1,200 in the EU and by 2027), aimed at streamlining operations without affecting U.S. staff. This footprint supports an integrated model with roughly 20 refineries, hundreds of retail sites under brands like Exxon and , and exploration in frontier areas such as Guyana's Stabroek block.

References

  1. https://investor.exxonmobil.com/company-information
  2. https://corporate.exxonmobil.com/who-we-are/our-global-organization/our-history
  3. https://corporate.exxonmobil.com/news/corporate-news/celebrating-25-years-since-the-exxon-and-mobil-merger
  4. https://corporate.exxonmobil.com/locations/united-states/houston
  5. https://corporate.exxonmobil.com/who-we-are/our-global-organization/business-divisions
  6. https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results
  7. https://finance.yahoo.com/news/exxon-mobil-full-2024-earnings-125038353.html
  8. https://corporate.exxonmobil.com/who-we-are
  9. https://guides.loc.gov/this-month-in-business-history/january/standard-oil-established
  10. https://www.pbs.org/wgbh/americanexperience/features/biography/rockefellers-john/
  11. https://rockarch.org/resources/about-the-rockefellers/john-d-rockefeller-sr/
  12. https://fee.org/articles/john-d-rockefeller-and-the-oil-industry/
  13. https://www.britannica.com/money/Standard-Oil
  14. https://austinvernon.substack.com/p/how-rockefeller-and-his-partners
  15. https://www.fundinguniverse.com/company-histories/exxon-mobil-corporation-history/
  16. https://www.britannica.com/money/Mobil-Corporation
  17. https://d3.harvard.edu/platform-rctom/submission/standard-oil-a-company-so-effective-only-the-u-s-government-could-compete-with-it/
  18. https://www.visualcapitalist.com/chart-evolution-standard-oil/
  19. https://supreme.justia.com/cases/federal/us/221/1/
  20. https://www.cato.org/regulation/summer-2025/reappraising-standard-oil
  21. https://guides.loc.gov/chronicling-america-standard-oil-monopoly
  22. https://www.exxon.com/en/history
  23. https://www.nytimes.com/1952/04/10/archives/standard-oil-n-j-profit-in-1951-largest-of-any-private-concern.html
  24. https://www.chron.com/local/history/economy-business/article/The-march-from-Humble-Oil-to-Exxon-dates-back-7943392.php
  25. https://www.nytimes.com/1966/02/25/archives/jersey-oil-regroups-overseas-jersey-standard-regroups-abroad.html
  26. https://ideas.repec.org/h/spr/mgmchp/978-3-030-02363-8_9.html
  27. https://www.cbsnews.com/news/exxon-and-mobil-its-a-deal/
  28. https://www.ebsco.com/research-starters/politics-and-government/exxon-mobil-merger-creates-worlds-second-largest-company
  29. https://ir.exxonmobil.com/news-releases/news-release-details/exxonmobil-announces-completion-all-stock-transaction-xto
  30. https://www.reuters.com/article/world/exxon-mobil-to-buy-xto-energy-in-big-us-gas-bet-idUSTRE5BD28G/
  31. https://corporate.exxonmobil.com/news/news-releases/2017/0117_exxonmobil-to-acquire-companies-doubling-permian-basin-resource-to-6-billion-barrels
  32. https://corporate.exxonmobil.com/locations/guyana/operations/guyana-project-overview
  33. https://corporate.exxonmobil.com/news/news-releases/2024/0503_exxonmobil-completes-acquisition-of-pioneer-natural-resources
  34. https://finance.yahoo.com/news/exxon-mobil-approves-6-8b-190219246.html
  35. https://investor.exxonmobil.com/company-information/press-releases/detail/1163/exxonmobil-completes-acquisition-of-pioneer-natural
  36. https://www.dfwi.org/item/exxon-mobil-buys-bass-family-holdings-in-permian-for-66-billion
  37. https://ieefa.org/wp-content/uploads/2021/06/ExxonMobil-Permian-Leader-or-Just-Another-Fracker_June-2021.pdf
  38. https://oilnow.gy/news/a-timeline-of-exxonmobils-guyana-oil-development-projects/
  39. https://investor.exxonmobil.com/company-information/press-releases/detail/1192/exxonmobil-guyana-begins-production-at-fourth-offshore
  40. https://www.macrotrends.net/stocks/charts/XOM/exxon/net-acquisitions-divestitures
  41. https://markets.financialcontent.com/wedbush/article/marketminute-2025-10-6-exxon-mobils-strategic-reshaping-a-new-chapter-in-energy-efficiency-and-commodity-outlook
  42. https://www.echemi.com/cms/2616576.html
  43. https://corporate.exxonmobil.com/-/media/global/files/advancing-climate-solutions/2025/advancing-climate-solutions-report.pdf
  44. https://corporate.exxonmobil.com/-/media/global/files/global-outlook/2025-executive-summary.pdf
  45. https://corporate.exxonmobil.com/sustainability-and-reports/advancing-climate-solutions/positioned-for-growth-in-a-lower-emission-future
  46. https://www.ogj.com/general-interest/companies/news/55307263/exxonmobil-delivers-record-second-quarter-upstream-production
  47. https://www.alpha-sense.com/earnings/xom/
  48. https://worldoil.com/news/2025/3/13/ceraweek-2025-how-exxonmobil-is-applying-technology-to-maximize-value-in-the-permian-basin/
  49. https://corporate.exxonmobil.com/locations/united-states/permian-basin/newsroom/2025/how-weve-harnessed-the-best-of-both-in-the-permian-basin
  50. https://corporate.exxonmobil.com/news/news-releases/2025/0922_exxonmobil-guyana-expands-capacity-with-seventh-offshore-development
  51. https://brazilenergyinsight.com/2025/10/23/guyana-among-few-countries-in-the-world-where-investments-in-og-exploration-remain-robust/
  52. https://corporate.exxonmobil.com/news/news-releases/2025/0808_exxonmobil-guyana-begins-production-at-fourth-offshore-guyana-project
  53. https://worldoil.com/news/2025/9/22/exxonmobil-greenlights-seventh-guyana-project-adding-150-000-bpd-capacity/
  54. https://corporate.exxonmobil.com/locations/brazil/news/exxonmobil-begins-first-deepwater-production-in-brazil
  55. https://www.worldoil.com/news/2024/10/1/exxonmobil-accelerates-african-energy-investments-and-frontier-exploration/
  56. https://www.upstreamonline.com/exploration/exxonmobil-returns-to-trinidad-with-huge-exploration-programme/2-1-1856877
  57. https://www.sec.gov/Archives/edgar/data/34088/000003408825000010/xom-20241231.htm
  58. https://corporate.exxonmobil.com/locations/united-states/baytown/newsroom/2025/0826_reconfiguring-for-growth-leveraging-the-strength-of-integration
  59. https://corporate.exxonmobil.com/who-we-are/our-global-organization/business-divisions/downstream/a-look-inside-downstream
  60. https://corporate.exxonmobil.com/locations/united-states
  61. https://www.houstoninjurylawyer.com/largest-refineries-us/
  62. https://corporate.exxonmobil.com/who-we-are/our-global-organization/brands
  63. https://corporate.exxonmobil.com/who-we-are/our-global-organization/business-divisions/downstream
  64. https://corporate.exxonmobil.com/who-we-are/our-global-organization/business-divisions/chemical
  65. https://www.company-histories.com/Exxon-Mobil-Corporation-Company-History.html
  66. https://www.exxonmobilchemical.com/en/products
  67. https://corporate.exxonmobil.com/what-we-do/materials-for-modern-living/advanced-chemical-products
  68. https://corporate.exxonmobil.com/news/news-releases/2025/0502_exxonmobil-announces-first-quarter-2025-results
  69. https://www.exxonmobilchemical.com/en
  70. https://cityplacenow.com/whats-here/exxon-mobil-corporate-campus/
  71. https://www.reuters.com/business/energy/exxon-mobil-begins-production-new-base-stock-facilities-singapore-2025-09-23/
  72. https://www.trend.az/business/3981286.html
  73. https://corporate.exxonmobil.com/what-we-do/energy-supply/natural-gas
  74. https://corporate.exxonmobil.com/news/news-releases/2018/0130_exxonmobil-to-triple-permian-production-by-2025-expand-transportation-infrastructure
  75. https://corporate.exxonmobil.com/news/news-releases/2024/1211_exxonmobil-announces-plans-to-2030-that-build-on-its-unique-advantages
  76. https://naturalgasintel.com/news/exxonmobil-feels-good-about-golden-pass-but-more-us-natural-gas-opportunities-not-now-says-ceo/
  77. https://www.exxonmobilpipeline.com/en/about/locations
  78. https://corporate.exxonmobil.com/what-we-do/delivering-industrial-solutions/carbon-capture-and-storage
  79. https://www.sciencedirect.com/science/article/pii/S2211467X24001287
  80. https://texas.exxonmobilpipeline.com/emerging-fuels-pipelines/about-ccs
  81. https://decarbonfuse.com/posts/exxonmobil-to-expand-carbon-capture-and-storage-at-labarge-wyoming-facility
  82. https://texas.exxonmobilpipeline.com/our-work/rose-project
  83. https://enkiai.com/exxonmobil-ai-initiatives-for-2025-key-projects-strategies-and-partnerships
  84. https://corporate.exxonmobil.com/sustainability-and-reports/advancing-climate-solutions/growing-low-carbon-solutions
  85. https://corporate.exxonmobil.com/-/media/global/files/advancing-climate-solutions/2025/acs-report-executive-summary.pdf
  86. https://lowcarbon.exxonmobil.com/lower-carbon-technology/carbon-capture-and-storage
  87. https://www.desmog.com/2023/02/13/exxon-shell-bp-api-concerns-carbon-capture/
  88. https://www.clientearth.org/projects/the-greenwashing-files/exxonmobil/
  89. https://efifoundation.org/wp-content/uploads/sites/3/2025/04/Unlocking-Private-Capital-for-CCS-Projects-in-Industry-and-Power.pdf
  90. https://corporate.exxonmobil.com/news/news-releases/2022/1208_exxonmobil-announces-corporate-plan-to-double-earnings-and-cashflow-potential-by-2027
  91. https://www.dobenergy.com/news/headlines/2023/06/29/exxonmobil-increasing-ccs-hydrogen-biofuels-invest
  92. https://corporate.exxonmobil.com/news/news-releases/2025/0507_low-carbon-ammonia-deal-marks-major-step-in-unleashing-new-energy-supply
  93. https://www.mitsubishicorp.com/jp/en/news/release/2024/0000054472.html
  94. https://www.khou.com/article/money/business/houston-business-journal/exxon-baytown-hydrogen-project-delay-tax-credit-45v/285-38da4733-8b56-4759-94b6-2a713642c937
  95. https://www.reuters.com/business/energy/exxon-mobil-sets-large-scale-hydrogen-plant-start-up-2027-2023-01-30/
  96. https://corporate.exxonmobil.com/news/news-releases/2022/0111_exxonmobil-expands-interest-in-biofuels-acquires-stake-in-biojet-as
  97. https://advancedbiofuelsusa.info/exxonmobil-to-invest-125-million-in-renewable-diesel-firm-gceh-with-25-equity-stake-option
  98. https://coloradosun.com/2023/03/06/algae-biofuel-mines-nrel-exxon/
  99. https://corporate.exxonmobil.com/what-we-do/delivering-industrial-solutions/lithium
  100. https://corporate.exxonmobil.com/news/news-releases/2023/1113_exxonmobil-drilling-first-lithium-well-in-arkansas
  101. https://www.ogj.com/energy-transition/article/55131456/exxonmobil-completes-appraisal-drilling-in-quest-to-become-leading-lithium-supplier
  102. https://corporate.exxonmobil.com/news/news-releases/2024/0625_exxonmobil-sk-lithium-supply-agreement
  103. https://www.reuters.com/markets/commodities/exxon-aims-make-key-lithium-technology-decision-by-year-end-2024-02-15/
  104. https://lowcarbon.exxonmobil.com/lower-carbon-technology/mobil-lithium
  105. https://corporate.exxonmobil.com/sustainability-and-reports/global-outlook
  106. https://www.reuters.com/business/energy/exxon-sees-natural-gas-demand-surging-in-outlook-2050-2025-08-28/
  107. https://www.worldoil.com/news/2025/9/18/exxon-doubles-down-on-oil-gas-and-lng-through-2050/
  108. https://stockanalysis.com/stocks/xom/
  109. https://companiesmarketcap.com/exxon-mobil/earnings/
  110. https://finance.yahoo.com/quote/XOM/
  111. https://corporate.exxonmobil.com/news/news-releases/2025/0801_exxonmobil-announces-second-quarter-2025-results
  112. https://companiesmarketcap.com/oil-gas/largest-oil-and-gas-companies-by-market-cap/
  113. https://straitsresearch.com/statistic/largest-oil-and-gas-companies
  114. https://www.dividend.com/stocks/energy/oil-gas-coal/integrated-oils/xom-exxon-mobil/
  115. https://tradingeconomics.com/xom:us:dy
  116. https://csimarket.com/stocks/competitionSEG2.php?code=XOM
  117. https://www.offshore-energy.biz/exxonmobils-oil-gas-exploration-gets-uplift-with-cutting-edge-4d-seismic-tech-and-supercomputer/
  118. https://guyanaenergy.gy/breakthroughs-in-technology-propelling-deep-water-success-in-stabroek-block-routledge
  119. https://corporate.exxonmobil.com/who-we-are/technology-and-collaborations/digital-technologies
  120. https://emerj.com/artificial-intelligence-at-exxonmobil/
  121. https://oilgasleads.com/exxonmobils-permian-basin-strategy-how-technology-is-driving-efficiency-and-growth/
  122. https://corporate.exxonmobil.com/who-we-are/our-global-organization/business-divisions/upstream/a-new-lens-on-upstream-operations
  123. https://finance.yahoo.com/news/exxonmobil-brings-fourth-fpso-online-140300884.html
  124. https://www.ogj.com/exploration-development/article/55283988/exxonmobil-receives-fpso-for-additional-stabroek-block-production
  125. https://investor.exxonmobil.com/sec-filings/annual-reports/content/0001193125-25-073990/0001193125-25-073990.pdf
  126. https://corporate.exxonmobil.com/what-we-do/energy-supply
  127. https://corporate.exxonmobil.com/sustainability-and-reports/global-outlook/oil-and-gas-investment-is-more-important-than-ever
  128. https://www.statista.com/topics/1109/exxonmobil/
  129. https://corporate.exxonmobil.com/news/corporate-news/powering-the-ai-revolution-with-reliable-energy
  130. https://www.exxonmobillng.com/en/global-presence/lng-supply
  131. https://corporate.exxonmobil.com/sustainability-and-reports/global-outlook/industry-and-transport-drive-economic-growth
  132. https://corporate.exxonmobil.com/who-we-are/our-global-organization/global-operations
  133. https://corporate.exxonmobil.com/sustainability-and-reports/global-outlook/introduction
  134. https://www.epa.gov/archive/epa/aboutepa/exxon-pay-record-one-billion-dollars-criminal-fines-and-civil-damages-connection-alaskan.html
  135. https://ir.exxonmobil.com/news-releases/news-release-details/exxon-mobil-comments-valdez-ninth-circuit-court-decision
  136. https://truthout.org/articles/activists-fight-to-hold-exxon-mobil-accountable-in-valdez-oil-spill-part-one/
  137. https://ir.exxonmobil.com/news-releases/news-release-details/exxonmobil-disputes-article-journal-science
  138. https://corporate.exxonmobil.com/greenpoint
  139. https://www.nbcnews.com/id/wbna11547001
  140. http://www.newtowncreekalliance.org/greenpoint-oil-spill/
  141. https://dec.ny.gov/environmental-protection/site-cleanup/regional-remediation-project-information/region-2/exxonmobil-greenpoint-petroleum-settlement
  142. https://response.epa.gov/ExxonMobilPipelineSpillYellowstoneRiver
  143. https://www.epa.gov/archive/epapages/newsroom_archive/newsreleases/4210b24dce24cfc6852578cb006bd040.html
  144. https://www.reuters.com/article/business/exxon-agrees-to-1-million-fine-over-2011-yellowstone-river-oil-spill-idUSKCN1T61V5/
  145. https://www.justice.gov/archives/opa/pr/public-and-environment-benefit-proposed-12-million-settlement-exxonmobil-natural-resource
  146. https://www.epa.gov/enforcement/exxonmobil-mayflower-clean-water-settlement
  147. https://www.justice.gov/archives/opa/pr/exxonmobil-pay-5-million-settle-us-and-arkansas-claims-2013-mayflower-oil-spill
  148. https://www.phmsa.dot.gov/foia/exxonmobil-3-29-13-arkansas-pipeline-failure
  149. https://www.csb.gov/csb-releases-final-report-into-2015-explosion-at-exxonmobil-refinery-in-torrance-california/
  150. https://publicintegrity.org/environment/the-exxonmobil-near-disaster-you-probably-havent-heard-of/
  151. https://inspectioneering.com/news/2017-09-18/6928/csb-releases-final-report-into-2016-fire-at-exxonmobils-baton-ro
  152. https://www.npr.org/2013/05/30/187044721/baton-rouge-s-corroded-overpolluting-neighbor-exxon
  153. https://www.wafb.com/2020/02/12/investigators-data-reveals-exxonmobil-refinery-has-faced-nearly-dozen-documented-violations-past-two-decades/
  154. https://publicintegrity.org/inequality-poverty-opportunity/workers-rights/worker-health-and-safety/fueling-fears/safety-risks-underscored-by-violations-at-exxonmobil-refinery/
  155. https://corporate.exxonmobil.com/-/media/Global/Files/sustainability-report/publication/2010-ccr.pdf
  156. https://corporate.exxonmobil.com/sustainability-and-reports/sustainability/pursuing-environmental-excellence/minimizing-operational-waste
  157. https://corporate.exxonmobil.com/locations/united-states/baton-rouge-operations/protecting-our-environment
  158. https://www.doi.gov/restoration/mayflower-oil-spill-nrdar-trustees-release-draft-restoration-plan
  159. https://corporate.exxonmobil.com/news/viewpoints/our-position-on-climate-policy
  160. https://www.science.org/doi/10.1126/science.abk0063
  161. https://news.harvard.edu/gazette/story/2023/01/harvard-led-analysis-finds-exxonmobil-internal-research-accurately-predicted-climate-change/
  162. https://www.scientificamerican.com/article/exxon-knew-about-climate-change-almost-40-years-ago/
  163. https://corporate.exxonmobil.com/news/viewpoints/commitment-paris-agreement
  164. https://corporate.exxonmobil.com/who-we-are/policy/exxonmobil-advocacy-report/positions-and-principles
  165. https://corporate.exxonmobil.com/sustainability-and-reports/advancing-climate-solutions/rational-and-constructive-policy
  166. https://www.greenpeace.org/usa/climate/exxons-climate-denial-history-a-timeline/
  167. https://www.theguardian.com/us-news/2021/jun/30/exxonmobil-lobbyists-oil-giant-carbon-tax-pr-ploy
  168. https://www.ino.com/blog/2024/10/geopolitical-risks-in-2024-why-exxonmobil-xom-could-be-your-best-energy-play/
  169. https://corporate.exxonmobil.com/news/news-releases/2022/0301_exxonmobil-to-discontinue-operations-at-sakhalin-1_make-no-new-investments-in-russia
  170. https://www.business-humanrights.org/it/ultime-notizie/russia-exxon-has-its-shares-unilaterally-transferred-to-government-controlled-co-leaves-market/
  171. https://www.hklaw.com/en/insights/publications/2017/07/exxonmobil-fined-2-million-for-ukrainerussia-sanct
  172. https://apnews.com/article/venezuela-guyana-oil-exxonmobil-1142faf844adffab680b3b643bd27799
  173. https://www.csis.org/analysis/what-significance-venezuelas-naval-incursion-guyana
  174. https://seekingalpha.com/news/4484208-venezuela-rejects-start-of-exxon-operations-in-disputed-area-offshore-guyana
  175. https://venezuelanalysis.com/news/venezuela-denounces-new-oil-vessel-in-disputed-essequibo-waters-uk-guyana-military-partnership/
  176. https://corporate.exxonmobil.com/news/news-releases/2026/0109_ceo-woods-statement-venezuela-investments
  177. https://www.reuters.com/business/energy/exxon-ceo-says-venezuela-uninvestable-without-reforms-2026-01-09/
  178. https://www.bbc.com/news/world-asia-65601644
  179. https://www.aljazeera.com/news/2023/5/16/oil-giant-exxonmobil-settles-long-running-indonesia-torture-case
  180. https://www.cnn.com/2023/05/16/business/indonesia-exxon-lawsuit-settlement-hnk-intl
  181. https://corporate.exxonmobil.com/sustainability-and-reports/sustainability/safeguarding-people/respecting-human-rights
  182. https://www.ciel.org/project-update/chad-cameroon-pipeline/
  183. https://www.business-humanrights.org/it/ultime-notizie/chad-cameroon-pipeline-new-report-accuses-oil-companies-and-governments-of-secretly-contracting-out-of-human-rights-3/
  184. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1278357
  185. https://www.ehn.org/exxon-must-pay-14-25-million-over-baytown-air-pollution-as-supreme-court-declines-appeal
  186. https://www.nelc.org/news/fifth-circuit-court-of-appeals-rules-against-exxon-for-fourth-time-affirms-record-clean-air-act-penalty
  187. https://environmentamerica.org/texas/media-center/supreme-court-rejects-final-exxon-appeal-in-historic-clean-air-act-citizen-enforcement-case/
  188. https://publicinterestnetwork.org/resources/milestones-exxons-violations-lead-to-record-penalty/
  189. https://www.epa.gov/enforcement/exxonmobil-refinery-settlement
  190. https://www.epa.gov/enforcement/exxonmobil-corporation-hazardous-waste-settlement
  191. https://violationtracker.goodjobsfirst.org/parent/exxon-mobil
  192. https://eelp.law.harvard.edu/understanding-the-new-york-v-exxon-decision/
  193. https://www.pbs.org/newshour/nation/exxon-mobil-wins-lawsuit-over-climate-change-risks
  194. https://www.reuters.com/sustainability/climate-energy/new-york-city-lawsuit-against-exxon-bp-shell-over-climate-change-dismissed-2025-01-15/
  195. https://www.paulweiss.com/insights/client-news/exxonmobil-wins-dismissal-of-puerto-rico-litigation-over-climate-change-risks
  196. https://stateimpactcenter.org/issues/climate-action/suits-against-oil-companies
  197. https://oag.ca.gov/news/press-releases/attorney-general-bonta-sues-exxonmobil-deceiving-public-recyclability-plastic
  198. https://instituteforlegalreform.com/blog/the-exxonmobil-lawsuit-foreign-entities-are-funding-lawsuits-to-target-american-businesses/
  199. https://corpgov.law.harvard.edu/2024/06/12/exxonmobils-lawsuit-against-its-shareholders-a-cautionary-tale/
  200. https://www.npr.org/2024/02/29/1234358133/exxon-climate-change-oil-fossil-fuels-shareholders-investors-lawsuit
  201. https://www.legaldive.com/news/816m-exxonmobil-verdict-is-latest-as-juries-seek-environmental-justice/730497/
  202. https://www.davispolk.com/experience/trial-victory-exxonmobil-tax-litigation
  203. https://subscriber.politicopro.com/article/2024/12/appeals-court-upholds-record-penalty-against-exxonmobil-over-refinery-pollution-00193786
  204. https://corporate.exxonmobil.com/corporate-governance/board-of-directors/darren-woods
  205. https://corporate.exxonmobil.com/who-we-are/our-approach/management-committee
  206. https://corporate.exxonmobil.com/corporate-governance/corporate-officers-and-affiliated-companies
  207. https://corporate.exxonmobil.com/news/news-releases/2024/1203_exxonmobil-announces-leadership-changes
  208. https://investor.exxonmobil.com/company-information/press-releases/detail/1181/exxonmobil-announces-leadership-changes
  209. https://corporate.exxonmobil.com/sustainability-and-reports/governance-and-executive-compensation
  210. https://corporate.exxonmobil.com/corporate-governance/corporate-governance-guidelines-and-additional-policies
  211. https://corporate.exxonmobil.com/corporate-governance/board-of-directors
  212. https://corporate.exxonmobil.com/-/media/global/files/advancing-climate-solutions-progress-report/2022-july-update/board-composition-and-evaluation.pdf
  213. https://d1io3yog0oux5.cloudfront.net/_55ef03a4ca6327454ca16bd9d75cb53a/exxonmobil/db/2261/22405/file/2025%2BExxonMobil%2BProxy%2BStatement.pdf
  214. https://corporate.exxonmobil.com/-/media/global/files/corporate-governance/board-of-directors/exxonmobil-board-director-competencies-qualifications.pdf
  215. https://www.marketbeat.com/stocks/NYSE/XOM/institutional-ownership/
  216. https://www.investing.com/equities/exxon-mobil-ownership
  217. https://optimizeronline.com/exxon-mobil-launches-program-allowing-retail-shareholders-to-issue-standing-voting-instructions-a-potential-game-changer-or-a-major-flop-ahead/
  218. https://www.governance-intelligence.com/shareholders-activism/week-grc-exxonmobil-gets-pushback-retail-investor-voting-plan-trump-calls
  219. https://investor.exxonmobil.com/news-events/annual-shareholder-meeting
  220. https://corporate.exxonmobil.com/who-we-are/our-global-organization
  221. https://www.hrgrapevine.com/us/content/article/2025-10-03-exxonmobil-confirms-2000-worldwide-job-losses-us-spared-for-now
  222. https://corporate.exxonmobil.com/who-we-are/contact-us/directory
  223. https://www.reuters.com/sustainability/exxon-mobil-cut-2000-jobs-bloomberg-news-reports-2025-09-30/
Add your contribution
Related Hubs
Contribute something
User Avatar
No comments yet.