Exxon Mobil is an American oil and gas company that was formally formed in 1999. Before the formation of Exxon Mobil, the business leadership was managing two separate companies, Exxon and Mobil. Both companies were founded by John Rockefeller.
Exxon and Mobil merged in 1999 to form Exxon Mobil which made the company lucrative and became the largest oil company in the world, overtaking Shell Corporation. Recently, Exxon Mobil came up on the charts as the most valuable company in the world.
Early Exxon Mobil Introduction
In early 1870 Rockefeller and his partners came together and form an oil company called Standard Oil Company of Ohio. Later they formed a trust, which then become the unification of 40 oil companies that represents Exxon Mobil today.
This oil giant is now working in almost every sector that is even remotely related to energy and petroleum. Most Exxon locations operate convenient stores, auto repair and car wash bases among others. Exxon is also actively in exploration, excavation, and the marketing of related businesses such as standard oil and humble oil. The company is also in the electric power generation business and expanding its Exxon-branded products worldwide. It also continue to specialize is in the business of crude oil and natural gas and other petroleum products.
Exxon Mobil is now operating in more than 50 countries and has 20 units around the world that are doing active petroleum work. This includes the exploring, excavation, and crude oil digging and making oil prone wells.
How Exxon Mobil Became What it is Now
One thing that differentiates the company from other companies, whether state owned or private company is, it has decentralized its business operations and delegated work to respective departments at the most productive level. In most instances, the parent company does not wield authority in subsidiaries operations and may not interfere with their business decisions.
Brand: The popular Exxon fuel brand is focused on producing gasoline, motor fuel and diesel fuel among others. Related brand companies include Esso which is one of its international trade name. Mobil is also known worldwide. Mobil was part of the brilliant success story of trade consortium and mergers and acquisitions in history called the Seven Sisters. Seven Sisters dominated the world of petroleum business between the mid 40s and in the 1970s.
Contribution to the Environment: Since Exxon Mobil is a petroleum company, there are bond to be some environment problems and pollution issues. So the company allocates enough money for environmental protection. It has approximately given more than $1 billion to the cause of environmental safety. This makes about 1% of the company’s total revenue. In 2015 however, there was a call to investigate Exxon Mobil’s claim and position on climate change but this was still under investigation at the time of publishing this article.
Contribution to the Energy Sector: Exxon Mobil has a role when it comes to the producing and fulfilling the energy needs of the nation. After 2007, the company has been producing more than 10,000 MW of power for the energy sector and selling it to the government at a cheap rate. Exxon Mobil uses its own energy resources for its business operations without depending much on government resources.
Good Tax Paying Company: In the last year, the company is reported to have paid more than $5 billion in taxes to the state and local tax revenue. This also accounts for about 0.02% of all taxes collected.