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Lore & Background

Originally, Vacuum Oil Company was founded in 1866. It later was acquired by Standard Oil in 1879 and divested from Standard in 1911 with Standard Oil's legally-mandated breakup. In 1931 Vacuum Oil merged with Standard Oil Company of New York (Socony), and the combined company became later known as Mobil. After the 1911 breakup, Standard Oil continued to exist through its New Jersey subsidiary (Jersey Standard), and retained its 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 Exxon in 1972 instead of continuing to use the three distinct brands Esso, Enco, and Humble Oil. In 1998, the two companies agreed to merge and form ExxonMobil, with the deal closing on November 30, 1999. 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. Following the merger, Exxon's NYSE ticker symbol was changed from "XON" to "XOM".

In Their Own Story

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. 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. The company has also been accused of human rights violations and exerting excessive influence on American foreign policy and developing countries. In 2024, ExxonMobil was responsible for 610 Mt of CO2 emissions, which was 1.58% of global CO2 emissions.

Reader's Guide

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. 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. The upstream division makes up the majority of ExxonMobil's revenue, accounting for approximately 70% of it. In 2021, ExxonMobil had about 30 billion barrels of oil and oil equivalents, as well as 38.1 billion cubic feet of natural gas. ExxonMobil formed its Product Solutions division in 2022, combining its previously separate Downstream and Chemical divisions into a single company. 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. 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. 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. In Japan, ExxonMobil had a 22% stake in TonenGeneral Sekiyu K.K., a refining company that merged into Eneos in 2017. 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 world's largest producer of butyl rubber. 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. Mobil 1, a brand of synthetic motor oil, is a major sponsor of multiple racing teams and the official motor oil of NASCAR since 2003. ExxonMobil is currently in partnerships with Oracle Red Bull Racing in Formula One and Kalitta Motors.

Did You Know?

• ExxonMobil was formed in 1999 from the merger of Exxon and Mobil, with Exxon as the surviving company.
• The company is the largest investor-owned oil company in the world.
• In 2024, ExxonMobil was responsible for 610 Mt of CO2 emissions, which was 1.58% of global CO2 emissions.
• ExxonMobil is the world's largest producer of butyl rubber.
• Mobil 1 has been the official motor oil of NASCAR since 2003.