Exxon Mobil

Exxon Mobil

Exxon Mobil Corporation (NYSE: XOM) or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas. It is affiliated with Imperial Oil which operates in Canada.

ExxonMobil is the world's largest company by revenue and one of the largest publicly traded companies by market capitalization in the world. The company is ranked #1 globally in Forbes Global 2000 list in 2012. Exxon Mobil's reserves were 72 billion oil-equivalent barrels at the end of 2007 and, at then (2007) rates of production, are expected to last over 14 years. With 37 oil refineries in 21 countries constituting a combined daily refining capacity of 6.3 million barrels (1,000,000 m3), Exxon Mobil is the largest refiner in the world, a title that was also associated with Standard Oil since its incorporation in 1870.

ExxonMobil is the largest of the six oil supermajors with daily production of 3.921 million BOE (barrels of oil equivalent). In 2008, this was approximately 3% of world production, which is less than several of the largest state-owned petroleum companies. When ranked by oil and gas reserves it is 14th in the world with less than 1% of the total.

A 2012 article in The Daily Telegraph says that ExxonMobil has "grown into one of the planet’s most hated corporations, able to determine American foreign policy and the fate of entire nations". In terms of its environmental record, ExxonMobil increasingly drills in terrains leased to them by dictatorships, such as those in Chad and Equatorial Guinea. Lee Raymond, the corporation’s chief executive until 2005, was "notoriously sceptical about climate change and disliked government interference at any level". The company was widely criticized for its slow response to cleaning its 1989 Valdez oil spill in Alaska.