ExxonMobil

Exxon Mobil Corporation
	File:ExxonMobil.svg ExxonMobil logo
Company type	Public
Industry	Oil and gas
Predecessor	Standard Oil, Exxon, Mobil
Founded	1882; 144 years ago
Founder	John D. Rockefeller (Standard Oil)
Headquarters	Spring, Texas, United States
Area served	Worldwide
Key people	Darren Woods (CEO and Chairman)
Products	Crude oil, refined petroleum products, natural gas, petrochemicals, electricity generation
Website	www.exxonmobil.com

Exxon Mobil Corporation (commonly known as ExxonMobil) is a multinational oil and gas enterprise based in the United States, with its headquarters located in Spring, Texas, a suburb of Houston. Established in 1882 as the principal successor to John D. Rockefeller's Standard Oil, the contemporary corporation was formed in 1999 through the merger of Exxon and Mobil. ExxonMobil employs a vertically integrated approach throughout the entire oil and gas supply chain, including the manufacture of chemicals such as plastics, synthetic rubber, and related products.

As the foremost oil and gas company headquartered in the U.S., ExxonMobil ranks seventh by revenue domestically and holds the 13th position worldwide. It is recognized as the largest investor-owned oil company on a global scale. Approximately 55.56% of its shares are owned by institutional investors, with prominent shareholders including The Vanguard Group, BlackRock, and State Street Corporation.

The company's portfolio includes crude oil, refined petroleum products, natural gas, petrochemicals, and electricity generation. Its international operations are conducted through subsidiaries like Exxon Neftegas, ExxonMobil Australia, ExxonMobil Nigeria, Imperial Oil, SeaRiver Maritime, and XTO Energy. ExxonMobil markets its products under brand names such as Esso, Mobil, and operates convenience stores under the On the Run banner.

Despite its substantial market presence and strong financial results—posting revenues of US$349.6 billion in 2024—ExxonMobil has encountered considerable criticism related to environmental issues, most notably the 1989 Exxon Valdez oil spill, one of the most severe ecological catastrophes ever recorded. The company has also been subject to scrutiny over its historical stance on climate change denial, alleged human rights abuses, and its influence on U.S. foreign policy as well as effects on developing nations.

Leadership at ExxonMobil includes CEO and Chairman Darren Woods, who directs the company’s strategic initiatives amid an evolving energy landscape. The firm continues to pursue growth despite facing challenges from environmental regulations and changing market conditions.

History

The roots of ExxonMobil extend back to Vacuum Oil Company, founded in 1866 and purchased by Standard Oil in 1879. Following Standard Oil’s dissolution in 1911, Vacuum merged with the Standard Oil Company of New York (Socony), which later became Mobil, in 1931. Jersey Standard, the New Jersey-based Standard Oil affiliate, expanded its operations by acquiring Humble Oil during the 1930s and evolved into a major international oil corporation. To unify its various brands and resolve trademark conflicts, Jersey Standard rebranded as Exxon in 1972, consolidating Esso, Enco, and Humble under a single name.

In 1998, Exxon and Mobil reached an agreement to combine forces, finalizing their merger on November 30, 1999, thereby creating ExxonMobil. This consolidation was designed to strengthen competitiveness amid falling oil prices and increasing rivalry from national oil companies such as Pemex and Saudi Aramco. Legally, Exxon remained the surviving entity that absorbed Mobil while preserving Exxon’s corporate structure. After the merger, Exxon’s New York Stock Exchange ticker symbol changed from "XON" to "XOM," signifying an important phase in the company’s corporate development.

Operations

ExxonMobil stands as the largest privately owned energy corporation, responsible for producing roughly 3% of the global oil supply and contributing about 2% to the worldwide energy output. Its operations are organized into vertically integrated segments, categorized into three primary groups:

Upstream (exploration, production, transportation, and wholesale distribution)
Product Solutions (chemical manufacturing and downstream activities)
Low Carbon Solutions

The corporation controls several subsidiaries such as XTO Energy and SeaRiver Maritime, and it holds a controlling interest in Imperial Oil.

Upstream

The upstream segment accounts for nearly 70% of ExxonMobil’s total revenue. As of 2021, the company possessed approximately 30 billion barrels of oil equivalent reserves alongside 38.1 billion cubic feet of natural gas reserves.

Within the United States, ExxonMobil’s operations concentrate on strategic areas including the Permian Basin, Bakken Formation, Gulf of Mexico, and various shale regions managed by its subsidiary XTO Energy. The company owns about 14.6 million acres domestically, with 1.7 million acres located offshore. It also participates in joint ventures such as Aera Energy LLC in California.

Globally, ExxonMobil holds substantial acreage in countries like Canada (5.4 million acres), Argentina (0.9 million acres), Germany (4.9 million acres), the Netherlands (1.5 million acres), Norway (0.4 million offshore), and the United Kingdom (0.6 million offshore). Its African upstream endeavors are primarily focused in Angola, Chad, Equatorial Guinea, and Nigeria, with upcoming exploration planned near Liberia and Ivory Coast.

In the Asian region, ExxonMobil’s asset portfolio includes holdings in Azerbaijan, Indonesia (1.7 million acres), Iraq (0.7 million acres), Kazakhstan, Malaysia, Qatar, Yemen, Thailand, and the United Arab Emirates. The company exited its operations at Iraq’s West Qurna 1 oilfield in January 2024.

Notable recent discoveries include oil deposits at the Stabroek block offshore Guyana identified in March 2024, with development plans involving six FPSOs scheduled by 2027, as well as new oil finds near Angola’s Kizomba B development area announced in May 2024.

These upstream resources and exploration initiatives form a critical foundation for ExxonMobil’s expansion and influence within the global energy sector.

Russia operations

Prior to the 2022 Russian invasion of Ukraine, ExxonMobil participated in the Sakhalin-I project through its subsidiary Exxon Neftegas. Alongside Rosneft, it developed assets in Russia including the East-Prinovozemelsky field. Following the 2022 conflict onset, ExxonMobil completely withdrew from Russia and Sakhalin-I operations and filed a lawsuit against Russia’s federal government on August 30.

Australia operations

In Australia, ExxonMobil managed assets totaling , including offshore holdings. The company operates the Longford Gas Conditioning Plant and is involved in the Gorgon LNG project, strengthening its strategic position within the Asia-Pacific energy market.

Papua New Guinea operations

ExxonMobil holds interests covering in Papua New Guinea and participates in the PNG Gas project, thereby expanding its role in regional liquefied natural gas production.

Product Solutions

In 2022, ExxonMobil merged its Downstream and Chemical segments into a unified Product Solutions division to optimize operational efficiency and reduce costs.

On October 1, 2024, Nigeria authorized the $1.28 billion transfer of ExxonMobil’s onshore assets to Seplat Energy, completing a deal initially reached in February 2022.

Downstream and retail

ExxonMobil distributes fuels and lubricants worldwide under the Exxon, Mobil, and Esso brand names. Mobil holds a leading position in retail gasoline markets across California, Florida, New York, New England, the Great Lakes, and the Midwest. Exxon commands a strong retail footprint in other parts of the United States, including New Jersey, Pennsylvania, Texas (in partnership with Mobil), as well as Mid-Atlantic and Southeastern states. The company operates service stations in 46 states, ranking second only to Shell USA, with no presence in Alaska, Hawaii, Iowa, or Kansas.

On the international front, Esso is active in 14 countries while Mobil serves 29 regions globally. In Japan, ExxonMobil previously owned a 22% stake in TonenGeneral Sekiyu K.K., a refining firm that merged into Eneos in 2017.

The core retail brands for ExxonMobil include Exxon (exclusive to the U.S.), Esso, and Mobil (used worldwide). Since 2008, Mobil has been the sole brand for lubricants. The ExxonMobil Rewards+ loyalty program, introduced in 2018, incentivizes customers at stations across the U.S. and U.K., strengthening customer loyalty and competitive advantage.

Chemicals

ExxonMobil Chemical was established through the combination of Exxon’s and Mobil’s chemical divisions in 1999. It manufactures essential petrochemical products such as basic olefins, aromatic compounds, ethylene glycol, polyethylene, and polypropylene. Its specialty chemical offerings include elastomers, plasticizers, solvents, process fluids, oxo alcohols, and adhesive resins. The company also produces synthetic lubricant base stocks, lubricant additives, packaging films made from propylene, and catalysts. ExxonMobil leads globally as the largest producer of butyl rubber. Additionally, Infineum—a joint venture with Shell plc—markets additives for crankcase lubricants and fuel, specialty lubricants, automatic transmission fluids, gear oils, and industrial oils.

Sponsorships

Mobil 1, ExxonMobil’s synthetic motor oil brand, has served as NASCAR’s official motor oil since 2003 and supports various racing teams. The company also holds strategic alliances with Oracle Red Bull Racing in Formula One and Kalitta Motorsports. These motorsport partnerships bolster brand prominence and market reach.

Refineries

ExxonMobil manages 21 refineries around the globe, with approximately 80% of refining capacity integrated alongside chemical or lubricant base stock production facilities. Its largest refinery is located in Beaumont, Texas; the Baytown Refinery—also in Texas—is its second largest. In 2017, ExxonMobil was fined $19.95 million by federal authorities (later lowered to $14.25 million) for Clean Air Act violations at Baytown spanning from 2005 to 2013; this penalty was upheld by the Fifth Circuit Court of Appeals in 2024.

Internationally, its second largest refinery is situated on Jurong Island in Singapore. Globally, ExxonMobil’s refining capacity averages around 4.6 million barrels per day, with the U.S. contributing roughly 1.77 million barrels daily. The company cites nearly 5 million barrels per day of refining capacity on its corporate website.

After experiencing industry challenges during the COVID-19 pandemic, ExxonMobil expanded its Beaumont refinery capacity by 250,000 barrels per day in early 2023 through a $2 billion investment aimed at fostering business growth and enhancing supply chain stability.

Low Carbon Solutions

Formed as part of ExxonMobil’s 2022 organizational overhaul and overseen by former General Motors chief Dan Ammann, the Low Carbon Solutions unit targets emission reductions in sectors that are traditionally difficult to decarbonize, such as heavy industry, commercial transportation, and power generation. This division concentrates on creating fuels with lower emissions, hydrogen production, and advancing carbon capture and storage (CCS) technologies. Its research portfolio includes algae-based biofuels, biodiesel derived from agricultural residues, carbonate fuel cells, and cutting-edge refining techniques utilizing membranes and osmosis.

By 2023, ExxonMobil was in the process of developing what is expected to be the world’s largest low-carbon hydrogen facility at its Baytown, Texas site. The company projects that its low-carbon ventures may eventually exceed the financial scale of its conventional oil and gas segments.

Carbon capture and storage

ExxonMobil has pledged $15 billion toward initiatives fostering a "lower carbon future," establishing itself as a frontrunner in CCS innovation globally. The corporation aims to achieve carbon neutrality for its Scope 1 and 2 emissions by 2050. Key acquisitions include Biojet AS, a biofuel enterprise purchased in 2022 to bolster renewable diesel production through its Canadian arm Imperial Oil. In July 2023, ExxonMobil expanded its CCS portfolio by acquiring Denbury Resources for $4.9 billion. Furthermore, a 2024 partnership with CF Industries facilitates the annual transportation and storage of 500,000 tonnes of CO2 starting in 2028, strengthening ExxonMobil’s leadership in carbon management within the energy sector.

Low-carbon energy projects

Exxon dedicates portions of its $1 billion yearly global research budget—and an $8 billion cumulative investment since 2000—to low-carbon energy initiatives spanning five to ten prioritized fields. These efforts encompass algae-based biofuel development, biodiesel from agricultural waste streams, molten carbonate fuel cell technology, and novel plastic production processes designed to minimize carbon dioxide emissions.

Lithium mining

In November 2023, ExxonMobil initiated lithium exploration activities in Arkansas, USA. By June 2024, the company secured a preliminary supply contract with SK Group to deliver lithium for lithium-ion batteries used in electric vehicles, marking a strategic entrance into battery material supply chains within the clean energy sector.

Climate change denial

ExxonMobil has encountered extensive criticism regarding its environmental impact and climate change policies. According to the Political Economy Research Institute’s 2018 data, it ranked tenth among U.S. airborne pollutant sources and thirteenth for greenhouse gas emissions nationally; it was also identified as the fifth-largest global greenhouse gas emitter from 1988 to 2015. Despite these environmental consequences, by 2005 ExxonMobil allocated less than one percent of its profits toward alternative energy research—a figure lower than several competitors. The Arctic Environmental Responsibility Index of 2021 placed ExxonMobil sixth out of 120 extractive companies for environmental stewardship in Arctic regions.

By 2020, ExxonMobil had been linked to over 3,000 oil spill incidents and had released upwards of 40 billion tons of carbon dioxide since 1965. A study published in Science in 2023 revealed that ExxonMobil’s internal scientists accurately forecasted global warming trends between 1977 and 2003; however, the company publicly refuted these projections.

From the 1980s until formally acknowledging climate change in 2014, ExxonMobil consistently denied climate science findings. This history fueled the Exxon Knew campaign seeking accountability from the company; ExxonMobil disputes these allegations as orchestrated defamation.

In December 2022, leaders of the U.S. House Oversight Committee accused ExxonMobil and other major oil firms of greenwashing their Paris Agreement pledges while continuing fossil fuel investments. The committee highlighted efforts promoting natural gas as a transitional clean energy source and alleged intimidation tactics against journalists covering climate topics—claims rejected by ExxonMobil and other accused companies.

As of 2024, multiple U.S. states and municipalities have initiated legal actions against ExxonMobil related to its climate change denial and environmental conduct.

Oil spills and plastic contamination

ExxonMobil has been involved in several major oil spill incidents, most famously the 1989 Exxon Valdez oil spill. During this event, an Exxon tanker discharged roughly 11 million U.S. gallons of crude oil into Prince William Sound, affecting nearly 1300mi of Alaskan shoreline. This disaster ranks as the second largest oil spill in U.S. history, surpassed only by BP's Deepwater Horizon oil spill.

Additional significant spills include a prolonged leak spanning a century, estimated at 30 million gallons, into New York City's Newtown Creek caused by Exxon and Standard Oil's predecessors. In 2011, a spill released 1,500 barrels into the Yellowstone River, resulting in damages valued at $135 million. Another incident occurred in 2012 when ExxonMobil’s Baton Rouge Refinery in Louisiana leaked approximately 1,900 barrels. The Baton Rouge refinery is situated within an industrial zone known as Cancer Alley, an area linked to elevated cancer rates and environmental issues associated with refinery operations.

In May 2021, ExxonMobil was identified by the Minderoo Foundation’s Plastic Waste Makers Index as the leading contributor among 20 petrochemical corporations responsible for 55% of global single-use plastic waste generated in 2019. Subsequently, in April 2022, California Attorney General Rob Bonta issued a subpoena to ExxonMobil concerning allegations that the company exaggerated the effectiveness of plastic recycling as part of industry campaigns promoting plastic consumption. On September 23, 2024, California initiated legal action accusing ExxonMobil of orchestrating a "decades-long campaign of deception" regarding plastic recycling; ExxonMobil countered by criticizing California’s recycling infrastructure as inadequate.

Geopolitical power and human rights concerns

ExxonMobil has been accused of human rights violations and exercising considerable geopolitical influence. In Private Empire by Steve Coll, the corporation is portrayed as a formidable "corporate state within the American state," wielding substantial control over host nations. Additionally, its predecessor companies are connected to the 1954 Jebel Akhdar War, which was instigated by activities of the Iraq Petroleum Company.

Indonesia

Beginning in the late 1980s, ExxonMobil (through Mobil) engaged Indonesian military forces to protect its gas extraction and liquefaction operations in Aceh, Indonesia. These military units faced accusations of severe human rights abuses, including sexual violence and illegal detention. ExxonMobil withdrew from Indonesia in 2001 while denying any misconduct. The company resisted legal proceedings for over twenty years; however, in July 2022, a U.S. District Court permitted the case to advance to trial. In 2023, ExxonMobil reached a settlement shortly before court proceedings commenced.

Allegations of war profiteering

In 2022, ExxonMobil along with other leading oil corporations experienced substantial profit increases partly attributed to the 2022 Russian invasion of Ukraine. U.S. President Joe Biden openly criticized ExxonMobil in June 2022, stating that "Exxon made more money than God this year" amid soaring oil prices. Upon release of its second-quarter earnings for 2022, CNN reported that ExxonMobil generated approximately US$2,245.62 per second in profit during that 92-day span.

Benzene Exposure

In May 2024, a jury in Pennsylvania found ExxonMobil responsible for not providing adequate warnings about the health hazards associated with benzene, which the US Environmental Protection Agency classifies as a carcinogen. The court mandated the company to compensate Paul Gill, a former mechanic who contracted cancer due to benzene exposure while employed at a Mobil gas station from 1975 to 1980, with $725.5 million in damages.

Business developments

By 2017, ExxonMobil was recognized as the world's second-largest corporation and the top U.S. oil company by revenue, according to the Fortune Global 500 rankings. In the fiscal year 2020, the company experienced a net loss of US$22.4 billion on revenues amounting to US$181.5 billion, representing a 31.5% decrease compared to the previous year.

Key financial indicators for ExxonMobil (year ending December 31) reveal trends in revenue, net income or losses, total assets, stock price, and employee count. The company held the #7 position on the Fortune Global 500 list.

2022 2023

Year	Revenue (US$ bn)	Net income/ loss (US$ bn)	Total assets (US$ bn)	Price per share (US$) Template:Fix/category^{[citation needed]}	Employees
2008	477	45.2	228	82.68	79,900
2009	310	19.2	233	70.95	80,700
2010	383	30.4	302	64.99	83,600
2011	486	41.0	331	79.71	82,100
2012	480	44.8	333	86.53	76,900
2013	438	32.5	346	90.50	75,000
2014	411	32.5	349	97.27	75,300
2015	249	16.1	336	82.82	73,500
2016	208	7.8	330	86.22	71,100
2017	244	19.7	348	81.86	69,600
2018	290	20.8	346	79.96	71,000
2019	264	14.3	362	73.73	74,900
2020	181
332	44.52	72,000
2021	285	23.0	338	57.96	63,000
413	55.7	369	110.30	62,300
344	36.0	376		61,500

Headquarters and facilities

ExxonMobil's main headquarters are situated in the Spring area near Houston, Texas—a suburb with a Spring postal address but located just outside the Spring census-designated place boundaries. Paul Takahashi of the Houston Chronicle identified the headquarters as being located in Spring.

The company previously operated out of Irving, Texas but transitioned its Houston-based operations into a newly developed campus in northern Harris County, vacating its longstanding offices at 800 Bell Street that had been occupied since 1963. This relocation was completed in 2022. The new campus comprises twenty office buildings covering , along with amenities such as a wellness center, laboratory facilities, and three parking garages designed to support nearly 10,000 employees.

Board of directors

Since January 1, 2017, Darren W. Woods has held the positions of chairman and CEO at ExxonMobil, taking over from Rex Tillerson. Prior to this advancement, Woods was appointed president and joined the board in 2016.

As of now, the ExxonMobil board consists of prominent executives and leaders from various industries:

Michael J. Angelakis – Chair and CEO of Atairos Group Inc.
Angela Braly – Former President and CEO of WellPoint (currently Anthem)
Maria S. Dreyfus – CEO and Founder of Ardinall Investment Management
John D. Harris II – Former CEO of Raytheon International
Kaisa H. Hietala – Board professional
Joseph L. Hooley – Former Chair and CEO of State Street; presently serves as lead independent director
Steven A. Kandarian – Chair and CEO of MetLife
Alexander A. Karsner – Senior strategist at X Development
Lawrence W. Kellner – Former CEO and Chair of Continental Airlines
Dina Powell McCormick – Partner at BDT & MSD Partners, LLC
Jeffrey W. Ubben – Founder and Managing Partner of Inclusive Capital Partners
Darren W. Woods – Chairman and CEO of ExxonMobil

In May 2022, Joseph L. Hooley replaced former Merck CEO Kenneth Frazier as the lead independent director.

Key executives

ExxonMobil's senior management team includes:

Darren Woods, chairman and chief executive officer
Neil Chapman, Senior Vice President
Kathryn Mikells, Chief Financial Officer and Senior Vice President
Jack Williams, Senior Vice President
James Spellings, General Tax Counsel and Vice President

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Form 10-K 2022: Exxon Mobil Corporation, Form 10-K for fiscal year ended December 31, 2022, U.S. SEC
Form 10-K 2023: Exxon Mobil Corporation, Form 10-K for fiscal year ended December 31, 2023, U.S. SEC
Form 10-K 2024: Exxon Mobil Corporation, Form 10-K for fiscal year ended December 31, 2024, U.S. SEC
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