|Exxon Mobil Corporation
|Irving, Texas, United States
|30 November 1999
|John D. Rockefeller
|Number of Employees:
|United States of America and World
|Products of Company:
|oil and gas corporation
|Net Worth in 2024:
ExxonMobil is the business name for the ExxonMobil Corporation, which is a multinational gas and oil company based in the United States, with its headquarters in Irving, Texas. The corporation was formed as a result of a merger between Exxon, which used to be called the Standard Oil Company of New Jersey, and Mobil, which was formerly the Standard Oil Company of New York. The merger took place on 30 November 1999.
By revenue, ExxonMobil is one of the largest companies in the world, and between 1996 and 2017, it has traded from first to a sixth company by the market capitalization. In 2017, the company was recorded as the most profitable one in Fortune 500.
In 2008, ExxonMobil produced 3% of the world’s oil production and they had a reserve of 20 billion BOE (barrels of oil equivalent), which was expected to last for about 14 years. The company is ranked seventh when it comes to the oil refinery. They have a total of 37 oil refineries which are distributed in 21 countries and their daily production stands at 6.3 million barrels.
Well, how well do you know about ExxonMobil? If not much, we have compiled all you need to know about ExxonMobil’s net worth in 2024, wiki and complete details. Well, if you’re all set, here is what we know about ExxonMobil to date.
Before the merger, Exxon and Mobil had descended from a company that was established by John D. Rockefeller and partners in 1870, called Standard Oil. The two companies merged in November 1999, and at that time, Exxon was the world’s leading energy company while on the other hand, Mobil was the second leading company in oil and gas production.
Following the merger, Mobil was ordered to dissolve their partnership with BP, and also sell their stake in Aral. On the other hand, Exxon was to sell its Benicia Refinery and all its 340 Exxon-branded stations.
Shortly after its inception, ExxonMobil came under a lot of criticism along with other leading oil companies for their increased oil production facilities in West Quran Field and Rumaila. The company had gross revenue of $967,432,500 annually in Iraq to maintain low prices during the Iraq war. The company sold its stake in the copper-mining business in Chile, and also coal mine in Columbia in 2002.
Exxon also renewed its interest in oil shade. This was done by developing an in-situ extraction process named ExxonMobil Electrofrac. The company phased-out its coal mining business by selling its very last operation in 2009. The company had plans to phase-out from their direct-served retail market in the United States and this was implemented in 2008 when they sold all their service stations.
The company started cooperation with Rosneft, a Russian oil company in 2011. The two companies aimed at developing the East-Prinovozemelsky field and Tuapse fields. Following the international sanctions imposed against Russia, ExxonMobil was forced to end its joint venture in 2018.
Another region that the company started exploration activities was in Kurdistan, Iraq in 2012. In January 2017, ExxonMobil came under scrutiny after it emerged that it conducted business with some states under US sanctions, through Infineum which was based in Europe.
Over the years, the company has been under fire following its use of single-hull oil tankers in their crude oil shipment. They have been accused of these single-hull tankers more than ten other leading companies combined. There has also been the issue of oil spills where the company has been responsible for spills of millions of gallons in different areas in 1989, 2011, and 2012.
Awards & Achievements
Being one of the largest oil companies in the world, ExxonMobil has been the recipient of several awards over the years. Some of these include the IEAT Award and the ACC Award in 2006. In 2017 the company won the Explorer of the Year Award, and in 2018 the company was named the Large Cap Company of the Year. Apart from getting all these awards, the company has managed to set up refinery plants in 21 different countries all over the world.
Net Worth & Earnings of ExxonMobil in 2024
Exxon as a company was formed in the 1970s but was merged with Mobil in 1999. This means that even before the merger the company was still making money, and it is no wonder then that ExxonMobil has a net worth of $350 billion as of 2024. The company is operational in 21 countries where they have 37 refineries and that is their main source of revenue.
ExxonMobil has been in existence for over two decades now, within which time they have been ranked among the largest oil companies in the world. Just like any other company, ExxonMobil has been faced with tough challenges along the way but they have managed to stand the test of time and emerge among the best in the oil production industry. Following the Covid-19 pandemic in 2019, the company was forced to lay-off 1,600 of their 75,000 workers to cope with the hardships. This, however, cannot affect their production levels because those laid off were the less productive ones.