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ExxonMobil

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ExxonMobil Corporation is a massive American multinational energy company.

It is headquartered in Spring, Texas, which is a suburb of Houston. As a major player in the global energy market, it is the largest investor-owned oil company in the world. In the United States, it ranks as the eighth-largest company by revenue. Globally, it is the 13th-largest company by revenue. The company operates across many different sectors of the energy industry. These sectors include finding oil, refining it, and creating chemical products.

An ExxonMobil gas station in Hiawassee, Georgia
An ExxonMobil gas station in Hiawassee, Georgia

The company uses a business model called vertical integration. This means they control many different steps of the production process. Their operations are organized into three main categories. The first is Upstream, which involves oil exploration, extraction, and shipping. This division is the largest source of revenue, providing about 70% of the company's total income. In 2021, the company held about 30 billion barrels of oil and oil equivalents. It also held 38.1 billion cubic feet of natural gas.

Guyana's offshore mineral exploration blocks, producing vessels, and proposed projects in the Stabroek block (May 2024) (53736542101)
Guyana's offshore mineral exploration blocks, producing vessels, and proposed projects in the Stabroek block (May 2024) (53736542101)

The second major category is Product Solutions. This division was formed in 2022 by merging the Downstream and Chemical divisions. Downstream involves refining oil and selling products to customers. The company markets fuels under brands like Exxon, Mobil, and Esso. The Chemical side produces many essential materials. These include plastics, synthetic rubber, and various chemical products. ExxonMobil is actually the world's largest producer of butyl rubber. They also produce specialized items like lubricants and packaging films.

An ExxonMobil gas station in Hiawassee, Georgia
An ExxonMobil gas station in Hiawassee, Georgia

The third category is Low Carbon Solutions. This division was officially formed during a corporate restructuring in 2022. It focuses on researching and developing cleaner energy technologies. Some of their research includes algae biofuels and biodiesel made from agricultural waste. They are also working on carbon capture and storage, which is known as CCS. This technology aims to capture carbon before it enters the atmosphere. The company has announced plans to invest $15 billion in a lower carbon future. They also aim to make their Scope 1 and Scope 2 emissions carbon neutral by 2050.

ExxonMobil has a complex history involving several famous companies. One part of its lineage, the Vacuum Oil Company, was founded in 1866. Standard Oil acquired Vacuum Oil in 1879. In 1911, a legal mandate forced Standard Oil to break apart into smaller companies. One of these pieces became known as Mobil. Another piece became Jersey Standard, which later changed its name to Exxon in 1972. This change helped unify their various brands, such as Esso and Enco. Finally, Exxon and Mobil merged in 1999 to form the modern ExxonMobil.

Rex Tillerson shakes hands with Deputy Crown Prince Mohammad bin Salman Al Saud, May 2017
Rex Tillerson shakes hands with Deputy Crown Prince Mohammad bin Salman Al Saud, May 2017

The company operates in many different regions around the globe. In the United States, they are very active in the Permian Basin and the Gulf of Mexico. They also have significant operations in Canada and Guyana. In 2024, they discovered oil off the coast of Guyana using a drillship. In Africa, they have major operations in countries like Angola and Nigeria. They have also worked in Asia, including locations in Malaysia and Qatar. However, they recently exited the energy sector in Iraq in early 2024. They also pulled out of all operations in Russia following the 2022 invasion of Ukraine.

Guyana's offshore mineral exploration blocks, producing vessels, and proposed projects in the Stabroek block (May 2024) (53736542101)
Guyana's offshore mineral exploration blocks, producing vessels, and proposed projects in the Stabroek block (May 2024) (53736542101)

Despite its massive size, the company has faced significant criticism and legal challenges. Many people and organizations have sued the company over environmental incidents. The most notable was the 1989 Exxon Valdez oil spill in Alaska. This event is considered one of the world's worst oil spills regarding environmental damage.

OilCleanupAfterValdezSpill
OilCleanupAfterValdezSpill

The company has also been criticized for its history of climate change denial. Critics argue the company worked against the scientific consensus regarding fossil fuels and global warming. Additionally, the company has faced accusations regarding human rights and its influence on foreign policy. In the United States, their Baytown facilities were ordered to pay millions of dollars due to federal law violations.

Extinction Rebellion - Dont frack with us (48876504111)
Extinction Rebellion - Dont frack with us (48876504111)
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🖼️ Images & Media (7)
File:Exxon footprint 2012-08.png
Exxon footprint 2012-08.png
File:Guyana's_offshore_mineral_exploration_blocks,_producing_vessels,_and_proposed_projects_in_the_Stabroek_block_(May_2024)_(53736542101).png
Guyana's_offshore_mineral_exploration_bloc...
File:An ExxonMobil gas station in Hiawassee, Georgia.jpg
An ExxonMobil gas station in Hiawassee,...
File:Extinction Rebellion - Dont frack with us (48876504111).jpg
Extinction Rebellion - Dont frack with us...
File:OilCleanupAfterValdezSpill.jpg
OilCleanupAfterValdezSpill.jpg
File:Rex Tillerson shakes hands with Deputy Crown Prince Mohammad bin Salman Al Saud, May 2017.jpg
Rex Tillerson shakes hands with Deputy...
File:ExxonMobilDowntownHoustonTX.JPG
ExxonMobilDowntownHoustonTX.JPG
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