ExxonMobil facts for kids
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Floating cube at ExxonMobil headquarters near Spring, Texas
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Formerly
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| Public | |
| Traded as | |
| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=US30231G1022 US30231G1022] |
| Industry | Energy: Oil and gas |
| Predecessor |
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| Founded | January 1, 2000 |
| Founders | Lucio Noto Lee Raymond |
| Headquarters | Unincorporated Harris County near Spring, Texas, U.S. |
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Area served
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Worldwide |
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Key people
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Darren Woods (Chairman & CEO) |
| Products |
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| Brands |
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| Revenue |  US$344.6 billion (2023) |
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Operating income
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US$52.78 billion (2023) |
| US$36.01 billion (2023) |
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| Total assets |  US$376.3 billion (2023) |
| Total equity | US$204.8 billion (2023) |
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Number of employees
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61,500 (2023) |
| Parent | Standard Oil (1882–1911) |
| Subsidiaries |
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ExxonMobil Corporation (often called Exxon) is a huge American company that deals with oil and gas. It's one of the biggest companies that came from John D. Rockefeller's original Standard Oil company. ExxonMobil got its current name in 1999 when two big companies, Exxon and Mobil, joined together.
This company handles all parts of the oil and gas business. It also has a special division that makes chemicals like plastic and synthetic rubber. ExxonMobil's main office is near Spring, Texas, in the United States. It is the largest oil and gas company in the U.S. and one of the biggest companies in the world by how much money it makes.
The company's story goes back to 1866 with the Vacuum Oil Company. The company we know today as ExxonMobil grew from the Standard Oil Company (New Jersey). This company worked closely with another Standard Oil company, the Standard Oil Company of New York (Socony). Both companies became bigger by joining with other companies. In the 1960s and 1970s, they changed their names. By 1999, Standard Oil Company (New Jersey) was known as Exxon, and Socony was known as Mobil. When they merged, Exxon bought Mobil and became ExxonMobil.
ExxonMobil is one of the world's largest and most powerful companies. It is the biggest oil company owned by investors and the largest of the "Big Oil" companies in terms of how much oil it produces and its market value. The company has 21 oil refineries around the world. This makes it the second largest oil refiner globally, after Sinopec.
ExxonMobil has faced criticism, mainly for environmental issues and for denying that fossil fuels cause global warming. One of the biggest problems was the Exxon Valdez oil spill in Alaska, which caused a lot of damage to the environment.
History of ExxonMobil
ExxonMobil's story began in 1866 with the Vacuum Oil Company. This company was later bought by Standard Oil in 1879. In 1911, after Standard Oil was broken up, Vacuum Oil joined with the Standard Oil Company of New York (Socony), which later became known as Mobil.
After the 1911 breakup, the Standard Oil Company of New Jersey, often called Jersey Standard, continued to exist. It grew by buying Humble Oil in the 1930s and became a very important oil company worldwide. Because it didn't own the "Standard Oil" name everywhere in the U.S., the company decided to change its name to unite all its brands. It chose the name Exxon in 1972.
In 1998, Exxon and Mobil decided to merge, and the deal was completed on November 30, 1999. The companies said they merged because oil prices were lower, and they wanted to compete better with other big oil companies around the world. The new company was named ExxonMobil, combining both their old names. Exxon was the company that bought Mobil, rather than a completely new company being formed.
How ExxonMobil Operates
ExxonMobil is the largest energy company not owned by a government. It produces about 3% of the world's oil and about 2% of the world's energy.
The company is organized into several global divisions. These are generally grouped into three main categories:
- Upstream (finding, drilling for, and shipping oil and gas)
- Product Solutions (refining oil, making chemicals, and selling products)
- Low Carbon Solutions (developing cleaner energy)
ExxonMobil also owns many smaller companies, like XTO Energy and SeaRiver Maritime. It also owns most of Imperial Oil.
Upstream Operations
The upstream division brings in most of ExxonMobil's money, about 70% of its total revenue. In 2021, ExxonMobil had about 30 billion barrels of oil and oil equivalents. It also had 38.1 billion cubic feet of natural gas.
In the United States, ExxonMobil looks for and produces oil and gas in areas like the Permian Basin and the Gulf of Mexico. Its natural gas operations are handled by its company, XTO Energy.
ExxonMobil also has operations in many other countries. These include Canada, Argentina, Germany, Norway, and the United Kingdom. In Africa, it works in Angola, Chad, Equatorial Guinea, and Nigeria. In Asia, it has operations in Azerbaijan, Indonesia, Iraq, Kazakhstan, Malaysia, and Qatar.
Russia Operations
Before the 2022 Russian invasion of Ukraine, ExxonMobil was involved in the Sakhalin-I project in Russia. It also worked with a Russian company called Rosneft on other projects. However, after Russia's invasion in 2022, ExxonMobil announced it was leaving all its operations in Russia.
Product Solutions
In 2022, ExxonMobil combined its old Downstream and Chemical divisions into a new Product Solutions division.
Downstream and Retail
ExxonMobil sells its products worldwide under the brand names Exxon, Mobil, and Esso. In the United States, Mobil is the main brand for gasoline in places like California, Florida, and New York. Exxon is the main brand in most other parts of the U.S., especially in Texas and the Southeast. ExxonMobil has gas stations in 46 U.S. states.
Outside the U.S., Esso and Mobil are the main brands used. Esso operates in 14 countries, and Mobil operates in 29 countries. Since 2008, Mobil has been the only brand for the company's lubricants (oils that make engines run smoothly).
Chemicals
ExxonMobil Chemical is a company that makes petrochemicals. It was formed in 1999 when Exxon's and Mobil's chemical businesses merged. Its main products include basic chemicals like olefins and aromatics, as well as plastics like polyethylene and polypropylene. The company also makes special products like elastomers (rubbery materials) and solvents. ExxonMobil is the largest maker of butyl rubber.
Sponsorships
Mobil 1, a type of synthetic motor oil made by ExxonMobil, sponsors many racing teams. It has been the official motor oil of NASCAR since 2003. ExxonMobil also partners with teams like Oracle Red Bull Racing in Formula One.
Refineries
ExxonMobil runs 21 refineries around the world. These are places where crude oil is turned into useful products like gasoline and diesel. The company's largest refinery is the Beaumont Refinery in Texas. Its second largest overall is in Jurong Island, Singapore. ExxonMobil refines almost 5 million barrels of oil every day.
After the COVID-19 pandemic, ExxonMobil was one of the few U.S. refiners to significantly increase its capacity. It completed a big expansion at its Beaumont, Texas, refinery in early 2023.
Low Carbon Solutions
The Low Carbon Solutions division was officially created in 2022. This part of the company focuses on finding cleaner energy solutions. It aims to reduce emissions in industries that are hard to make clean, such as heavy industry, transportation, and power generation. It plans to do this using cleaner fuels, hydrogen, and carbon capture and storage (CCS).
Low Carbon Solutions researches clean energy technologies like algae biofuels and biodiesel made from farm waste. The company believes that if economic conditions are good, this low-carbon business could become even more valuable than its oil and gas operations.
ExxonMobil is designing its first large plant to produce low-carbon hydrogen. This plant will be located at its complex in Baytown, Texas, and is expected to be the world's largest low-carbon hydrogen project.
Carbon Capture and Storage
ExxonMobil has announced it will invest $15 billion in a "lower carbon future." It claims to be a leader in carbon capture and storage (CCS), which is a technology that captures carbon dioxide emissions before they enter the atmosphere. The company also plans for its own direct emissions to be carbon neutral by 2050. In 2022, ExxonMobil bought a biofuel company called Biojet AS. In July 2023, Exxon agreed to buy Denbury Resources to help with its low-carbon efforts.
Corporate Information
| Company | Revenue (USD) | Profit (USD) | Brands |
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| ExxonMobil | $286 billion | $23 billion | Mobil Esso Imperial Oil |
| Shell plc | $273 billion | $20 billion | Jiffy Lube Pennzoil |
| TotalEnergies | $185 billion | $16 billion | Elf Aquitaine SunPower |
| BP | $164 billion | $7.6 billion | Amoco Aral AG |
| Chevron | $163 billion | $16 billion | Texaco Caltex Havoline |
| Marathon | $141 billion | $10 billion | ARCO |
| Phillips 66 | $115 billion | $1.3 billion | 76 Conoco JET |
| Valero | $108 billion | $0.9 billion | N/A |
| Eni | $77 billion | $5.8 billion | N/A |
| ConocoPhillips | $48.3 billion | $8.1 billion | N/A |
Business Performance
According to Fortune Global 500, ExxonMobil was the second largest company and the largest oil company in the United States by revenue in 2017. In 2020, ExxonMobil reported a loss of US$22.4 billion, with total yearly earnings of US$181.5 billion.
Headquarters and Offices
ExxonMobil's main headquarters are in Spring, Texas, which is a suburb of Houston.
The company decided to bring all its Houston operations together into one new campus in northern Harris County. This new complex has twenty office buildings, a wellness center, a laboratory, and parking garages. It is designed to hold almost 10,000 employees.
Board of Directors
The current chairman and CEO of ExxonMobil Corp. is Darren W. Woods. He became chairman and CEO on January 1, 2017, after the previous chairman, Rex Tillerson, retired.
As of July 28, 2021, the ExxonMobil board members include:
- Michael J. Angelakis
- Susan Avery
- Angela Braly
- Ursula Burns
- Gregory J. Goff
- Kaisa H. Hietala
- Joseph L. Hooley (lead independent director)
- Steven A. Kandarian
- Alexander A. Karsner
- Jeffrey W. Ubben
- Darren W. Woods (chairman and CEO)
Some of the directors were chosen after a challenge from a hedge fund called Engine No.1.
Key Leaders
ExxonMobil's main leaders are:
- Darren Woods, Chairman and CEO
- Neil Chapman, Senior Vice President
- Kathryn Mikells, CFO and Senior Vice President
- Jack Williams, Senior Vice President
- James Spellings, General Tax Counsel and Vice President
See also
In Spanish: ExxonMobil para niños
- Esso
- History of ExxonMobil
