By this time, as a result of numerous mergers and rebranding, the remaining Standard Oil companies that previously objected to the Esso name had been acquired by BP. It is the largest direct descendant of John D. Rockefeller's Standard Oil,[2] and was formed on November 30, 1999 by the merger of Exxon (formerly the Standard Oil Company of New Jersey) and Mobil (formerly the Standard Oil Company of New York). [59][80] At the same time, it renewed its interest in oil shale by developing the ExxonMobil Electrofrac in-situ extraction process. New York has rested its case against Exxon Mobil, in only the second climate change case in US history to go to trial. [126], Infineum, a joint venture with Royal Dutch Shell, is manufacturing and marketing crankcase lubricant additives, fuel additives, and specialty lubricant additives, as well as automatic transmission fluids, gear oils, and industrial oils. "[110], In July 2017, ExxonMobil filed a lawsuit against the Trump administration challenging the finding that the company violated sanctions imposed on Russia. [22], Humble Oil became a wholly owned subsidiary of Jersey Standard and was reorganized into the United States marketing division of Jersey Standard in 1959. [161][162] In October 2018, based on this investigation, ExxonMobil was sued by the State of New York, which claimed the company defrauded shareholders by downplaying the risks of climate change for its businesses. [192] The study reported that in the early 20th century Standard Oil of New York operated a major refinery in the area where the spill is located. [108], On January 9, 2017, it was revealed that Infineum, a joint venture of ExxonMobil and Royal Dutch Shell headquartered in England, conducted business with Iran, Syria, and Sudan while those states were under US sanctions. [94], In November 2013, ExxonMobil agreed to sell its majority stakes in a Hong Kong-based utility and power storage firm, Castle Peak Co Ltd, for a total of $3.4 billion, to CLP Holdings. [170] A month later, investment firm BlackRock stated it intended to vote against the re-election of two directors over the company's failure to make progress on environmental changes. ", "Smoke Mirrors & Hot Air: How ExxonMobil Uses Big Tobacco's Tactics to Manufacture Uncertainty on Climate Science", "Exxon Mobil Investigated for Possible Climate Change Lies by New York Attorney General", "New York is investigating ExxonMobil for allegedly misleading the public about climate change", "New York Sues Exxon Mobil, Saying It Deceived Shareholders on Climate Change", "Exxon Mobil Climate Change Inquiry in New York Gains Allies", "Probe of Exxon's climate change disclosures expands", "Investigation broadens into whether Exxon Mobil misled public, investors on climate change", "U.S. Virgin Islands to withdraw subpoena in climate probe into Exxon", "Exxon Mobil Beats New York's Climate-Change Accounting Case", "Top oil firms spending millions lobbying to block climate change policies, says report", "Church fund urges other ExxonMobil investors to sack board over climate", "BlackRock to flag climate concerns at ExxonMobil AGM", "What Does Net Zero Emissions Mean for Big Oil? "[214], On March 29, 2013, the Pegasus Pipeline, owned by ExxonMobil and carrying Canadian Wabasca heavy crude, ruptured in Mayflower, Arkansas, releasing about 3,190 barrels (507 m3) of oil and forcing the evacuation of 22 homes. [159], ExxonMobil funded organizations opposed to the Kyoto Protocol and seeking to influence public opinion about the scientific consensus that global warming is caused by the burning of fossil fuels. [69] The merger of Exxon and Mobil was unique in American history because it reunited the two largest companies of the Standard Oil trust. [199], After a trial, a jury ordered Exxon to pay $5 billion in punitive damages, though an appeals court reduced that amount by half. [7] ExxonMobil was the tenth most profitable company in the Fortune 500 in 2017. The refinery produced fuel oils, gasoline, kerosene and solvents. [47] The European Commission also demanded divesting of Mobil's MEGAS and Exxon's 25% stake in the German gas transmission company Thyssengas. Exxon Mobil Corp. altered the North Texas business landscape when it moved its corporate headquarters from New York City to Irving in … [192] Carcasses were found of over 35,000 birds and 1,000 sea otters. However, the company says that it has taken steps to minimise the environmental impact of its operations. These world-scale manufacturing sites, combined with our network of technology centers, provide the capacity to meet customer preferences in every region. [198] Exxon later removed the name "Exxon" from its tanker shipping subsidiary, which it renamed "SeaRiver Maritime". [175] ExxonMobil has responded that since 1997 the company has invested over $40 million to the western whale monitoring program. [116] In 2014, the company had 25.3 billion barrels (4.02×10^9 m3) of oil-equivalent reserves. [90] The company estimates it would cost about $200 million after tax.
[190][191], The March 24, 1989, Exxon Valdez oil spill resulted in the discharge of approximately 11 million US gallons (42,000 m3) of oil into Prince William Sound,[192] oiling 1,300 miles (2,100 km) of the remote Alaskan coastline. [33] As a part of the cooperation between Jersey Standard and IG Farben, a joint company, Standard I.G. In 1926, Socony purchased General Petroleum Corporation of California. In 1969, it created a subsidiary, Jersey Nuclear Company (later: Exxon Nuclear Company), for manufacturing and marketing of uranium fuel, which was to be fabricated from uranium concentrates mined by the mineral department of Humble Oil (later: Exxon Minerals Company). [59] In 1980, Exxon merged its assets in the mineral industry into newly established Exxon Minerals (later ExxonMobil Coal and Minerals). [169] In 2020, the investment arm of the Church of England asked other shareholders to not re-elect ExxonMobil's board at that year's AGM, saying that the firm's response to the climate crisis was "inadequate" and that it was "carrying on as if nothing has changed". Woods was elected chairman of the board and CEO effective January 1, 2017, after the retirement of former chairman and CEO Rex Tillerson. It notes that the company shut down its operations in Indonesia to distance itself from the abuses committed against the population by that country's army and that it decided to drill in Chad only after the World Bank agreed to ensure that the oil royalties were used for the population's benefit. Exxon Mobil moved its corporate headquarters from New York City to Irving in 1989. [41] In 1940, Socony-Vacuum purchased the Gilmore Oil Company of California, which in 1945 was merged with another subsidiary, General Petroleum Corporation. Worldwide exploration, development and production of oil, gas and natural gas liquids Is Latest to Look Into Exxon Mobil's Workings", "SEC Probes Exxon Over Accounting for Climate Change; Probe also examines company's practice of not writing down the value of oil and gas reserves", "A New Debate Over Pricing the Risks of Climate Change", "How to deal with worries about stranded assets, Oil companies need to heed investors' concerns", "Exxon Concedes It May Need to Declare Lower Value for Oil in Ground", "After 78 Years, Exxon Asks Court To Use 'Esso' Name Again", "Rex Tillerson, Exxon C.E.O., Chosen as Secretary of State", "Federal Climate Investigation of Exxon Likely to Fizzle Under Trump", "ExxonMobil and Iran did business under Secretary of State nominee Tillerson", "The Trump administration has denied ExxonMobil permission to bypass sanctions to drill for oil in Russia", Exxon Mobil Sues U.S. Over Penalty For Post-Sanctions Russian Deal, "Rocket hits ExxonMobil, other oil firms in Iraq", "Exxon Mobil eyes multi-billion dollar investment at Singapore refinery | Market Report Company - analytics, Prices, polyethylene, polypropylene, polyvinylchloride, polystyrene, Russia, Ukraine, Europe, Asia, reports", "Energy Choices: ExxonMobil - Exxon Energy", "Financial operations overview and highlights | ExxonMobil", "Exxon Mobil 2014 reserves up on oil sands, shale", "Exxon Mobil to drill offshore post-Ebola Liberia", "Ivory Coast signs deals with ExxonMobil for two oil blocks", "Exxon Mobil ends oil exploration in Madagascar after poor finds -minister", "ExxonMobil's Proposed Permian Oil Pipeline Takes Another Step Forward", "Exxon in Talks to Restructure Stake in Japan Refining Unit", "TonenGeneral to Buy Exxon Japan Refining, Marketing Unit for $3.9 Billion", "ExxonMobil chemicals: petrochemicals since 1886", "Exxon Quietly Researching Hundreds of Green Projects", "ExxonMobil Earns $19.7 Billion in 2017; $8.4 Billion in Fourth Quarter", "ExxonMobil's New Campus: Giving Houston a Second Energy Corridor", "ExxonMobil announces plans to open two new offices in Hughes Landing", "Exxon Mobil Corporation, Form 8-K, Current Report, Filing Date Dec 16, 2016", "Big US Pension Fund Joins Critics Of ExxonMobil Climate Stance", "Toxic 100 Air Polluters Index (2018 Report, Based on 2015 Data)", "Greenhouse 100 Polluters Index (2018 Report, Based on 2015 Data)", "Toxic 100 Water Polluters Index (2018 Report, Based on 2015 Data)", "Just 100 companies responsible for 71% of global emissions, study says", "New report shows just 100 companies are source of over 70% of emissions - CDP", "Familiar Back and Forth With Oil Executives", "ERES: ExxonMobil Shareholders Relying on Fumes", "What Exxon knew about the Earth's melting Arctic", "Exxon's Own Research Confirmed Fossil Fuels' Role in Global Warming Decades Ago; Top executives were warned of possible catastrophe from greenhouse effect, then led efforts to block solutions", "Exxon Mobil Acknowledges Climate Change Risk To Business For First Time", "Exxon's Support of a Tax on Carbon: Rhetoric or Reality? 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