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Exxon Mobil Corporation
Type Public (NYSE: XOM)
Founded 1999 (merger)
1911 (Standard Oil of New Jersey)
1911 (Standard Oil of New York)
1870 (Standard Oil)
Founder John D. Rockefeller (Standard Oil)
Headquarters Irving, Texas
Area served Worldwide
Key people Rex W. Tillerson
(Chairman) & (CEO)
Industry Oil and Gas
Products Fuels, Lubricants, Petrochemicals
Market Cap US $ 464. A public company usually refers to a company that is permitted to offer its registered securities ( Stock, bonds, etc The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) Year 1911 ( MCMXI) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar (or a Common year Standard Oil was a predominant American integrated oil producing transporting refining and marketing company Year 1911 ( MCMXI) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar (or a Common year Mobil Gas Station by David Shankbonejpg|thumb|Mobil gas station East Village section of New York City]] Mobil was a major American oil company Year 1870 ( MDCCCLXX) was a Common year starting on Saturday (link will display the full calendar of the Gregorian calendar (or a Common Standard Oil was a predominant American integrated oil producing transporting refining and marketing company An entrepreneur is a person who has possession over a company enterprise, or Venture, and assumes significant accountability for the inherent risks and the outcome John Davison Rockefeller ( July 8, 1839 &ndash May 23, 1937) was an American Industrialist and philanthropist Standard Oil was a predominant American integrated oil producing transporting refining and marketing company Irving (pronounced 'er-ving' is a city located in the US state of Texas within Dallas County. Texas ( is a state geographically located in the South Central United States and is also known as the Lone Star State. Rex W Tillerson (born March 23, 1952 in Wichita Falls Texas) is the chairman and Chief executive officer (CEO of ExxonMobil A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" These are lists of petroleum companies. List of companies by size of oil reserves A list of the largest petroleum companies is always somewhat arbitrary as state-owned companies In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need Petrochemicals are chemical products made from raw materials of Petroleum or other Hydrocarbon origin Market capitalization/capitalisation (aka market cap, mkt cap or capitalized/capitalised value) is a measurement of Corporate or Economic The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 38 Billion (2008)
Revenue ▲ US $ 404. In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 552 Billion[1] (2007)
Operating income ▲ US $ 70. In financial and business Accounting, earnings before interest and taxes (EBIT is a measure of a firm's profitability that excludes interest and income tax expenses The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 474 Billion (2007)
Net income ▲ US $ 40. Net income is equal to the Income that a firm has after subtracting costs and Expenses from the total Revenue. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 610 Billion (2007)
Total assets ▲ US $ 242. In Business and Accounting, assets are everything owned by a person or company (all tangible and intangible property that can be converted into cash. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 082 Billion (2007)
Total equity ▲ US $ 121. In accounting terms after all liabilities are paid ownership equity is the remaining interest in Assets If valuations placed on assets do not exceed liabilities The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 762 Billion (2007)
Employees 106,100 (2007) Including Company Operated Retail Sites ("CORS")[2]
Website www.exxonmobil.com

Exxon Mobil Corporation or ExxonMobil (NYSE: XOM), is an American oil and gas corporation and a direct descendant of John D. Rockefeller's Standard Oil company. Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. The United States of America —commonly referred to as the John Davison Rockefeller ( July 8, 1839 &ndash May 23, 1937) was an American Industrialist and philanthropist Standard Oil was a predominant American integrated oil producing transporting refining and marketing company [3] Formed on November 30, 1999, by the merger of Exxon and Mobil, ExxonMobil is the world's largest company by revenue, at $404. Events 1700 - Battle of Narva — A Swedish army of 8500 men under Charles XII defeats Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) Exxon is a brand of fuel sold by ExxonMobil. History Exxon formally replaced the Esso, Enco, Mobil Gas Station by David Shankbonejpg|thumb|Mobil gas station East Village section of New York City]] Mobil was a major American oil company 5 billion for the fiscal year of 2007. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. It is also the largest publicly held corporation by market capitalization, at $501. Market capitalization/capitalisation (aka market cap, mkt cap or capitalized/capitalised value) is a measurement of Corporate or Economic 17 billion on April 18, 2008. Events 1025 - Bolesław Chrobry is crowned in Gniezno, becoming the first King of Poland. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common [4] Exxon's reserves were 72 billion oil-equivalent barrels at the end of 2007 and at current rates of production are expected to last over 14 years. [5] While it is the largest of the six oil supermajors[6] with daily production of 4. The term supermajor illustrates the six largest non state-owned energy companies as seen in popular financial mediums around the world 18 million BOE (barrels of oil equivalent) in 2007[7], ExxonMobil's daily production is still surpassed by several of the largest state-owned petroleum companies[8] and it is only 14th in the world when ranked by held oil and gas reserves. The barrel of oil equivalent (bboe sometimes BOE is a unit of energy based on the approximate energy released by burning one barrel of Crude oil. [9]

Contents

Organization

The Exxon Mobil Corporation global headquarters are located in Irving, Texas. Irving (pronounced 'er-ving' is a city located in the US state of Texas within Dallas County. ExxonMobil markets products around the world under the brands of Exxon, Mobil, and Esso. Exxon is a brand of fuel sold by ExxonMobil. History Exxon formally replaced the Esso, Enco, Mobil Gas Station by David Shankbonejpg|thumb|Mobil gas station East Village section of New York City]] Mobil was a major American oil company Esso (SO is an international trade name for ExxonMobil and its related companies It also owns hundreds of smaller subsidiaries such as Imperial Oil Limited (69. Imperial Oil Limited ( French: Compagnie Pétrolière Impériale Limitée) () is Canada 's largest Petroleum company 6% ownership) in Canada, and SeaRiver Maritime, a petroleum shipping company. SeaRiver Maritime is a Privately held Subsidiary wholly owned by ExxonMobil.

The upstream division dominates the company's cashflow, accounting for approximately 70% of revenue. The company employs over 82,000 people worldwide, as indicated in ExxonMobil's 2006 Corporate Citizen Report, with approximately 4,000 employees in its Fairfax downstream headquarters and 27,000 people in its Houston upstream headquarters. [2]

Operating divisions

ExxonMobil is organized functionally into a number of global operating divisions. These divisions are grouped into three categories for reference purposes, though the company also has several ancillary divisions, such as Coal & Minerals, which are stand alone.

Operating divisions by category are as follows:

History

See also: Exxon Valdez oil spill

Exxon Mobil Corporation was formed in 1999 by the merger of two major oil companies, Exxon and Mobil. See also Extraction of petroleum The Petroleum industry is usually divided into three major components Upstream Midstream and downstream. The petroleum industry is usually divided into three major components Upstream, Midstream and downstream This article refers to the independent city of Fairfax Va For the surrounding unincorporated area of Fairfax County with a Fairfax postal address please see Fairfax County Virginia The Exxon Valdez oil spill occurred in Prince William Sound, Alaska, on March 24 1989 Both Exxon and Mobil were descendants of the John D. Rockefeller corporation, Standard Oil which was established in 1870. John Davison Rockefeller ( July 8, 1839 &ndash May 23, 1937) was an American Industrialist and philanthropist Standard Oil was a predominant American integrated oil producing transporting refining and marketing company The reputation of Standard Oil in the public eye suffered badly after publication of Ida M. Tarbell's classic exposé The History of the Standard Oil Company in 1904, leading to a growing outcry for the government to take action against the company. Ida Minerva Tarbell ( November 5 1857 &ndash January 6 1944) was a American Teacher, Author and Journalist. The History of the Standard Oil Company is a Book written by journalist Ida Tarbell in 1904

By 1911, with public outcry at a climax, the Supreme Court of the United States ruled that Standard Oil must be dissolved and split into 34 companies. A moral panic can be defined as "the intensity of feeling expressed by a large number of people about a specific group of people who appear to threaten the social order at a given The Supreme Court of the United States is the highest judicial body in the United States and leads the federal judiciary. Two of these companies were Jersey Standard ("Standard Oil Company of New Jersey"), which eventually became Exxon, and Socony ("Standard Oil Company of New York"), which eventually became Mobil. Standard Oil was a predominant American integrated oil producing transporting refining and marketing company The petroleum industry includes the global processes of exploration, extraction, refining, transporting (often by Oil tankers and pipelines Mobil Gas Station by David Shankbonejpg|thumb|Mobil gas station East Village section of New York City]] Mobil was a major American oil company

In the same year, the nation's kerosene output was eclipsed for the first time by gasoline. Kerosene, sometimes spelled kerosine in scientific and industrial usage is a Combustible Hydrocarbon liquid The growing automotive market inspired the product trademark Mobiloil, registered by Socony in 1920. A trademark or trade mark, represented by the symbols ™ and ®, or mark is a distinctive sign or indicator used by an individual

Over the next few decades, both companies grew significantly. Jersey Standard, led by Walter C. Teagle, became the largest oil producer in the world. Walter Clark Teagle (May 1878 – January 9, 1962) was responsible for leading Standard Oil to the forefront of the oil industry and significantly expanding It acquired a 50 percent share in Humble Oil & Refining Co., a Texas oil producer. Texas ( is a state geographically located in the South Central United States and is also known as the Lone Star State. Socony purchased a 45 percent interest in Magnolia Petroleum Co., a major refiner, marketer and pipeline transporter. The Magnolia Petroleum Company was an early twentieth century petroleum company in Texas and was founded on April 24 1911 as a consolidation of several In 1931, Socony merged with Vacuum Oil Co., an industry pioneer dating back to 1866 and a growing Standard Oil spin-off in its own right. Year 1931 ( MCMXXXI) was a Common year starting on Thursday (link will display full 1931 calendar of the Gregorian calendar. Vacuum Oil Company was a Petroleum company in the United States founded in 1866

In the Asia-Pacific region, Jersey Standard had oil production and refineries in Indonesia but no marketing network. Asia-Pacific or APAC is the area generally regarded as encompassing Littoral East Asia, Southeast Asia and Australasia near the The Republic of Indonesia ( (Republik Indonesia is a Country in Southeast Asia. Socony-Vacuum had Asian marketing outlets supplied remotely from California. In 1933, Jersey Standard and Socony-Vacuum merged their interests in the region into a 50-50 joint venture. Standard-Vacuum Oil Co. , or "Stanvac," operated in 50 countries, from East Africa to New Zealand, before it was dissolved in 1962. East Africa is the Easternmost Region of the African Continent. New Zealand is an Island country in the south-western Pacific Ocean comprising two main landmasses (the North Island and the South Island

Mobil Chemical Company was established in 1950. The chemical industry comprises the companies that produce industrial chemicals Year 1950 ( MCML) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar. As of 1999, its principal products included basic olefins and aromatics, ethylene glycol and polyethylene. In Organic chemistry, an alkene, olefin, or olefine is an unsaturated Chemical compound containing at least one Carbon Ethylene glycol ( monoethylene glycol ( MEG) 12-ethanediol, IUPAC name: ethane-12-diol) is an Alcohol with two -OH Polyethylene or polythene ( IUPAC name poly(ethene) is a Thermoplastic commodity heavily used in consumer products (notably the The company produced synthetic lubricant base stocks as well as lubricant additives, propylene packaging films and catalysts. Propene, also known as propylene, is an unsaturated organic compound having the Chemical formula C 3 H 6 Catalysis is the process in which the rate of a Chemical reaction is increased by means of a Chemical substance known as a catalyst Exxon Chemical Company (first named Enjay Chemicals) became a worldwide organization in 1965 and in 1999 was a major producer and marketer of olefins, aromatics, polyethylene and polypropylene along with specialty lines such as elastomers, plasticizers, solvents, process fluids, oxo alcohols and adhesive resins. Polypropylene or polypropene ( PP) is a Thermoplastic Polymer, made by the Chemical industry and used in a wide variety of applications An elastomer is a Polymer with the property of Elasticity. The term which is derived from elastic polymer, is often used interchangeably with the term Plasticizers are additives that increase the Plasticity or Fluidity of the material to which they are added these include plastics cement concrete wallboard and A solvent is a liquid or gas that dissolves a solid liquid or gaseous Solute, resulting in a Solution. Oxo alcohols are Alcohols that are prepared by adding Carbon monoxide (CO and Hydrogen (usually combined together as Synthesis gas) to an Glue or adhesive is a compound that adheres or bonds two items together Resin, not to be confused with Rosin, is a Hydrocarbon Secretion of many Plants particularly coniferous trees. The company was an industry leader in metallocene catalyst technology to make unique polymers with improved performance. A Ziegler-Natta catalyst is a Reagent or a mixture of reagents used in the production of Polymers of 1-alkenes (α-olefins

In 1955, Socony-Vacuum became Socony Mobil Oil Co. Year 1955 ( MCMLV) was a Common year starting on Saturday (link displays the 1955 Gregorian calendar) and in 1966 simply Mobil Oil Corp. A decade later, the newly incorporated Mobil Corporation absorbed Mobil Oil as a wholly owned subsidiary. A subsidiary, in business matters is an entity that is controlled by a bigger and more powerful entity Jersey Standard changed its name to Exxon Corporation in 1972 and established Exxon as a trademark throughout the United States. The United States of America —commonly referred to as the In other parts of the world, Exxon and its affiliated companies continued to use its Esso trademark.

On March 24, 1989, the Exxon Valdez oil tanker struck Bligh Reef in Prince William Sound, Alaska and spilled more than 11 million gallons (42,000 m³) of crude oil. Events 1401 - Mongol emperor Timur sacks Damascus. 1603 - James VI of Scotland Year 1989 ( MCMLXXXIX) was a Common year starting on Sunday (link displays 1989 Gregorian calendar) History The technology of oil transportation has evolved alongside the oil industry Bligh Reef, sometimes known as Bligh Island Reef, is a Reef off the coast of Bligh Island in Prince William Sound, Alaska. Prince William Sound is a sound of the Gulf of Alaska on the south coast of the U Alaska ( Аляска Alyaska) is a state in the United States of America, in the northwest of the North American continent The Exxon Valdez oil spill was the second largest in U. The Exxon Valdez oil spill occurred in Prince William Sound, Alaska, on March 24 1989 S. history, and in the aftermath of the Exxon Valdez incident, the U.S. Congress passed the Oil Pollution Act of 1990. The United States Congress is the bicameral Legislature of the federal government of the United States of America, consisting of two houses The Oil Pollution Act (101 HR1465 PL 101-380) was passed by the United States Congress to prevent further Oil spills from occurring in the United States The company is still appealing a $2. 5 billion USD punitive ruling, and has not paid any damages yet. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Punitive damages (termed exemplary damages in the United Kingdom) are Damages not awarded in order to compensate the Plaintiff, but in order

In 1998, Exxon and Mobil signed a US$73. 7 billion definitive agreement to merge and form a new company called Exxon Mobil Corporation, the largest company on the planet. After shareholder and regulatory approvals, the merger was completed on November 30, 1999. A mutual shareholder or stockholder is an Individual or company (including a Corporation) that legally owns one or more shares of Events 1700 - Battle of Narva — A Swedish army of 8500 men under Charles XII defeats Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) The merger of Exxon and Mobil was unique in American history because it reunited the two largest companies of John D. Rockefeller's Standard Oil trust, Standard Oil Company of New Jersey/Exxon and Standard Oil Company of New York/Mobil, which had been forcibly separated by government order nearly a century earlier. John Davison Rockefeller ( July 8, 1839 &ndash May 23, 1937) was an American Industrialist and philanthropist Standard Oil was a predominant American integrated oil producing transporting refining and marketing company This reunion resulted in the largest merger in US corporate history.

In 2000, ExxonMobil sold a refinery in Benicia, California and 340 Exxon-branded stations to Valero Energy Corporation, as part of an FTC-mandated divestiture of California assets. Benicia is a waterside city in Solano County, California, United States. Valero Energy Corporation ( is a Fortune 500 company based in San Antonio, Texas, with 21836 employees and annual revenue of more than US$90 billion The Federal Trade Commission ( FTC) is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act ExxonMobil continues to supply petroleum products to over 700 Mobil-branded retail outlets in California. Petroleum products are useful materials derived from crude oil ( Petroleum) as it is processed in Oil refineries.

ExxonMobil was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush. George Walker Bush ( born July 6 1946 is the forty-third and current President of the United States. [10] [11] [12]

In 2005, ExxonMobil's stock price surged in parallel with rising oil prices, surpassing General Electric as the largest corporation in the world in terms of market capitalization. Software for Fixed assets management and Stock control developed in 2004. Market capitalization/capitalisation (aka market cap, mkt cap or capitalized/capitalised value) is a measurement of Corporate or Economic At the end of 2005, it reported record profits of US $36 billion in annual income, up 42% from the previous year (the overall annual income was an all-time record for annual income by any business, and included $10 billion in the third quarter alone, also an all-time record income for a single quarter by any business). The company and the American Petroleum Institute, the oil and chemical industry's lobbying apparatus, tried to downplay its success in order to avoid consumer criticism by putting up page-long ads in major American newspapers, such as The New York Times, The Washington Post, comparing oil industry profits to those of other large industries such as pharmaceuticals and banking. The American Petroleum Institute, commonly referred to as API is the main U This list of all newspapers in the United States is a list of Newspapers printed and distributed in the United States. The Washington Post is the largest and most circulated Newspaper in Washington D [9] [10]

On June 12, 2008, ExxonMobil announced that it was exiting the retail fuel business, citing the increasing difficulty to run gas stations under rising crude oil costs. Events 1381 - Peasants' Revolt: in England, rebels arrive at Blackheath. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common A filling station, fueling station, gas station, service station, petrol station, or gasbar, Retail Outlet Petroleum ( L petroleum, from Greek πετρέλαιον, lit The multi-year process will gradually phase the corporation out of the direct market, and will affect 820 company-owned stations and approximately 1,400 other stations operated by dealers distributing across the United States. A corporation is a separate legal entity usually used to conduct business The United States of America —commonly referred to as the The sell also would not result in the disappearance of Exxon and Mobil branded stations. Exxon is a brand of fuel sold by ExxonMobil. History Exxon formally replaced the Esso, Enco, Mobil Gas Station by David Shankbonejpg|thumb|Mobil gas station East Village section of New York City]] Mobil was a major American oil company The new owners will continue to sell ExxonMobil gasoline and license the appropriate names from ExxonMobil, who will in turn get compensated for use of the brand. [11]

Corporate affairs

The current Chairman of the Board and CEO of Exxon Mobil Corporation is Rex Tillerson. Rex W Tillerson (born March 23, 1952 in Wichita Falls Texas) is the chairman and Chief executive officer (CEO of ExxonMobil Tillerson assumed the top position on January 1, 2006, on the retirement of long-time chairman and CEO, Lee Raymond, who received a retirement and severance package of approximately $400 million USD, of which some were critical. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Lee R Raymond (born August 13, 1938) was the Chief Executive Officer and Chairman of ExxonMobil from 1999 to 2005 A severance package is pay and benefits an employee receives when they leave employment at a company The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been

Board of directors

As of January 29, 2007, the current Exxon Mobil board members are: [13]

Joint ventures and other strategic alliances

Production

ExxonMobil is the largest non-government owned company in the energy industry and produces about 3 percent of the world's oil and about 2 percent of the world's energy. [14]

Revenue and profits

In 2005, ExxonMobil surpassed Wal-Mart as the world's largest publicly held corporation when measured by revenue, although Wal-Mart remained the largest by number of employees. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Wal-Mart Stores Inc (or Walmart as written in its new logo is an American public corporation that runs a chain of large discount department stores A public company usually refers to a company that is permitted to offer its registered securities ( Stock, bonds, etc [15] ExxonMobil's $340 billion revenues in 2005 were a 25. 5 percent increase over their 2004 revenues. ExxonMobil has committed roughly 0. 4% of their profits (0. 04% of total revenue) towards researching alternative energy[16], significantly less than other leading oil companies.

In 2006, Wal-Mart recaptured the lead with revenues of $348. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. 7 billion against ExxonMobil's $335. 1. ExxonMobil continues to lead the world in both profits ($39. 5 billion in 2006) and market value ($460. 43 billion). [17]

As the cost per gallon of gasoline has continued to rise, there is criticism of the petroleum industry in general and ExxonMobil in particular, about their profitability[18], although their profit margin of 10% remains well under other sectors such as pharmaceuticals and banking. Profit margin, Net Margin, Net profit margin or Net Profit Ratio all refer to a measure of Profitability. [19].

Financial data

Financial Data USD millions[20]
Year-end 2002 2003 2004 2005 2006
Total revenue 204 506 237 054 291 252 358 955 377 635
EBITDA 26 038 41 220 51 646 70 181 79 869
Net income 11 460 21 510 25 330 36 130 39 500
Total debt 10 748 9 545 8 293 7 991 6 645

Environmental Record

ExxonMobil's environmental record has been a consistent target of critics, not only from outside organizations such as GreenPeace but also from institutional investors who disagree with its stance on global warming. Earnings before interest taxes depreciation and amortization (EBITDA is a non- GAAP metric that can be used to evaluate a company's profitability Greenpeace, originally known as the Greenpeace Foundation, was founded in Vancouver, British Columbia, Canada in 1972 [21] Based on year 2000 data,[22] ExxonMobil was ranked sixth on the Toxic 100 list of US corporate air polluters by Political Economy Research Institute (PERI). [23]

Exxon has funded initiatives dedicated to environmentally friendly energy production. According to Stanford University, the corporation has plans to invest up to US$100,000,000 (over a ten year period) in that university's Global Climate and Energy Project. Leland Stanford Junior University, commonly known as Stanford University or simply Stanford, is a private Research university located in [24]

Exxon Valdez oil spill

Main article: Exxon Valdez oil spill

The March 24, 1989 Exxon Valdez oil spill resulted in the discharge of approximately 11 million gallons of oil (240,000 barrels) into Prince William Sound,[25] oiling 1,300 miles of the remote Alaskan coastline. The Exxon Valdez oil spill occurred in Prince William Sound, Alaska, on March 24 1989 The Exxon Valdez oil spill occurred in Prince William Sound, Alaska, on March 24 1989 Prince William Sound is a sound of the Gulf of Alaska on the south coast of the U The State of Alaska's Exxon Valdez Oil Spill Trustee Council stated that the spill "is widely considered the number one spill worldwide in terms of damage to the environment",[25] but many larger spills have occurred. This is a list of Oil spills throughout the world One tonne of crude oil is roughly equal to 308 US gallons or 7

Exxon was widely criticized for its slow response to cleaning up the disaster. John Devens, the Mayor of Valdez, has said his community felt betrayed by Exxon's inadequate response to the crisis. [26] Exxon later removed the name "Exxon" from its tanker shipping subsidiary, which it renamed "SeaRiver Maritime. SeaRiver Maritime is a Privately held Subsidiary wholly owned by ExxonMobil. " The renamed subsidiary, though wholly Exxon-controlled, has a separate corporate charter and board of directors, and the former Exxon Valdez is now the SeaRiver Mediterranean. The renamed tanker is legally owned by a small, stand-alone company, which would have minimal ability to pay out on claims in the event of a further accident. [27]

ExxonMobil has yet to pay any of the $2. 5 billion USD in punitive damages awarded to 33,000 fishermen, businesses, and affected communities as a result of the spill. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been [28] Exxon had argued that it should pay no more than $25 million in punitive damages in the case, and the case is currently on appeal to the United States Supreme Court. The Supreme Court of the United States is the highest judicial body in the United States and leads the federal judiciary. [28]

Exxon's Brooklyn oil spill

Main article: Greenpoint oil spill

New York Attorney General Andrew Cuomo announced on July 17, 2007 that he had filed suit against the Exxon Mobil Corporation and ExxonMobil Refining and Supply Company to force cleanup of the oil spill at Greenpoint, Brooklyn, and to restore Newtown Creek. The areas of the northeast industrial section of Greenpoint Brooklyn, New York along the Newtown Creek were home to Oil refineries from the mid 1800s to the mid 1900s Andrew Mark Cuomo (born December 6 1957 in Queens New York) is the New York State Attorney General. Events 180 - Twelve inhabitants of Scillium in North Africa are executed for being Christians Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Newtown Creek, is a Estuary that forms part of the border between the Boroughs of Brooklyn and Queens, in New York City, [29]

A study of the spill released by the US Environmental Protection Agency in September 2007 reported[30] that the spill consists of approximately 17 to 30 million gallons of petroleum products from the mid 1800's to the mid 1900's[31]. The largest portion of these operations were by ExxonMobil or its predecessors. By comparison, the Exxon Valdez oil spill was approximately 11 million gallons. [25] The study reported that in the early 1900s Standard Oil of New York operated a major refinery in the area where the spill is located. Mobil Gas Station by David Shankbonejpg|thumb|Mobil gas station East Village section of New York City]] Mobil was a major American oil company The refinery produced fuel oils, gasoline, kerosene and solvents. Naptha and gas oil, secondary products, were also stored in the refinery area. Naphtha normally refers to a number of different flammable liquid mixtures of hydrocarbons i Standard Oil of New York later became Mobil, a predecessor to Exxon/Mobil. [32]

Funding of global warming skeptics

ExxonMobil has drawn criticism as a major funder of organizations campaigning against the scientific opinion that global warming is caused by the burning of fossil fuels, and against the Kyoto Protocol. National and international science academies and professional societies have assessed the current scientific opinion on climate change, in particular recent Global warming. Global warming is the increase in the average measured temperature of the Fossil fuels or mineral fuels are fossil source Fuels that is Hydrocarbons found within the top layer of the Earth’s crust. The Kyoto Protocol is a protocol to the international Framework Convention on Climate Change with the objective of reducing Greenhouse gases in an effort According to Mother Jones Magazine, the company was a leading member of one of the first such skeptic groups, the Global Climate Coalition, founded in 1989. Mother Jones is an independent Nonprofit Magazine rooted in liberal political values and known for its Investigative reporting The Global Climate Coalition was a group of mainly United States businesses opposing immediate action to reduce Greenhouse gas emissions [33] According to The Guardian, ExxonMobil has funded, among other groups skeptical of global warming, the Competitive Enterprise Institute, George C. Marshall Institute, Heartland Institute, Congress on Racial Equality, TechCentralStation.com, and International Policy Network. The Guardian (until 1959 The Manchester Guardian) is a British Newspaper owned by the Guardian Media Group. The Competitive Enterprise Institute (CEI is a Non-profit public policy organization founded in 1984 by Fred L Not to be confused with the George C Marshall European Center for Security Studies or The George C The Heartland Institute is an American libertarian / conservative Free market -oriented public policy Think tank based in Chicago TCS Daily (formerly known as Tech Central Station) is an online journal with commentary and analysis on current news from a Free Market perspective The International Policy Network (IPN is a non-profit organisation based in the United Kingdom that funds groups and workshops to promote market solutions to international [34][35] ExxonMobil's support for these organizations has drawn condemnation from the Royal Society, the academy of sciences of the United Kingdom. The Royal Society of London for the Improvement of Natural Knowledge, known simply as The Royal Society, is a Learned society for science that was founded in 1660 The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located [36] The Union of Concerned Scientists released a report in 2007 accusing ExxonMobil of spending $16 million, between 1998 and 2005, towards 43 advocacy organizations which dispute the impact of global warming. History The Union of Concerned Scientists was founded in 1969 by faculty and students of the Massachusetts Institute of Technology, located in Cambridge Massachusetts [37] The report argued that ExxonMobil used disinformation tactics similar to those used by the tobacco industry in its denials of the link between lung cancer and smoking, saying that the company used "many of the same organizations and personnel to cloud the scientific understanding of climate change and delay action on the issue. The tobacco industry comprises those persons and companies engaged in the growth preparation for sale shipment advertisement and distribution of Tobacco and tobacco-related Lung cancer is a Disease of uncontrolled Cell growth in tissues of the Lung. Climate change is any long-term significant change in the “average weather” that a given region experiences "[37] These charges are consistent with a purported 1998 internal ExxonMobil strategy memo, posted by the environmental group Environmental Defense, stating

Victory will be achieved when

  • Average citizens [and the media] 'understand' (recognize) uncertainties in climate science; recognition of uncertainties becomes part of the 'conventional wisdom' …
  • Industry senior leadership understands uncertainties in climate science, making them stronger ambassadors to those who shape climate policy
  • Those promoting the Kyoto treaty on the basis of extant science appear out of touch with reality. Climatology (from Greek grc κλίμα klima, "region zone" and grc -λογία -logia) is the study of Climate, scientifically [38]

In August 2006, the Wall Street Journal revealed that a YouTube video lampooning Al Gore, titled Al Gore's Penguin Army, appeared to be astroturfing by DCI Group, a Washington PR firm with ties to ExxonMobil as well as the Republican Party. YouTube is a video sharing website where users can upload view and share Video clips YouTube was created in February 2005 by three former PayPal employees Albert Arnold Gore Jr (born March 31 1948 is an American environmental Activist, author Businessperson, former Politician, and former Al Gore's Penguin Army is a Video posted on YouTube on May 24 2006 spoofing Al Gore and his movie An Inconvenient Truth Astroturfing in American English is a Neologism for formal Public relations campaigns in Politics and Advertising which seek to create the impression DCI Group is an American Lobbying and Public relations firm Its client list includes some of the largest US Corporations including several [39][40]

In January 2007, the company appeared to change its position, when vice president for public affairs Kenneth Cohen said "we know enough now—or, society knows enough now—that the risk is serious and action should be taken. Public relations (PR is the practice of managing the flow of Information between an Organization and its Publics Public relations - often referred " Cohen stated that, as of 2006, ExxonMobil had ceased funding of the Competitive Enterprise Institute and "'five or six' similar groups". The Competitive Enterprise Institute (CEI is a Non-profit public policy organization founded in 1984 by Fred L [41] While the company did not publicly state which the other similar groups were, a May 2007 report by Greenpeace does list the five groups it stopped funding as well as a list of 41 other climate skeptic groups which are still receiving ExxonMobil funds. Greenpeace, originally known as the Greenpeace Foundation, was founded in Vancouver, British Columbia, Canada in 1972 [42]

On February 13, 2007, ExxonMobil CEO Rex W. Tillerson acknowledged that the planet was warming while carbon dioxide levels were increasing, but in the same speech gave an unalloyed defense of the oil industry and predicted that hydrocarbons would dominate the world’s transportation as energy demand grows by an expected 40 percent by 2030. Events 1258 - Baghdad falls to the Mongols, and the Abbasid Caliphate is destroyed Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Rex W Tillerson (born March 23, 1952 in Wichita Falls Texas) is the chairman and Chief executive officer (CEO of ExxonMobil Carbon dioxide ( Chemical formula:) is a Chemical compound composed of two Oxygen Atoms covalently bonded to a single Tillerson stated that there is no significant alternative to oil in coming decades, and that ExxonMobil would continue to make petroleum and natural gas its primary products,[43] saying: "I'm no expert on biofuels. I don't know much about farming and I don't know much about moonshine. . . . There is really nothing ExxonMobil can bring to that whole biofuels issue. We don't see a direct role for ourselves with today's technology. "[44]

Criticism

Foreign business practices

Investigative reporting by Forbes Magazine raised questions about ExxonMobil's dealings with the leaders of oil-rich nations. Investigative journalism is a type of reporting in which reporters deeply investigate a topic of interest often involving crime Political corruption, or some other Scandal Forbes is an American Publishing and media company Its flagship publication Forbes magazine is published bi-weekly " ExxonMobil controls concessions covering 11 million acres (44,500 km²) off the coast of Angola that hold an estimated 7. Angola, officially the Republic of Angola (República de Angola Pronounced ʁɛˈpublikɐ dɨ ɐ̃ˈgɔlɐ Repubilika ya Ngola is a country in south-central 5 billion barrels (1. 2 km³) of crude. [45]

In 2003, the Office of Foreign Assets Control reported that ExxonMobil engaged in illegal trade with Sudan and it, along with dozens of other companies, settled with the United States government for $50,000. The Office of Foreign Assets Control ( OFAC) is an agency of the United States Department of the Treasury under the auspices of the Under Secretary of the Sudan (officially the Republic of Sudan) ( السودان al-Sūdān is a country in northeastern Africa. [46]

In March 2003, James Giffen of the Mercator Corporation was indicted, accused of bribing President Nursultan Nazarbayev of Kazakhstan with $78 million to help ExxonMobil win a 25 percent share of the Tengiz oilfield, the third largest in the world. Nursultan Abishuly Nazarbayev ( Kazakh: Нұрсұлтан Әбішұлы Назарбаев æbəʃʊˈlɯ nɑzɑrˈbɑjəf Russian: Нурсултан Kazakhstan, also Kazakstan ( Қазақстан, Qazaqstan, qɑzɑqˈstɑn Казахстан, Kazakhstán,) officially the Tengiz may refer to Tengiz Field - oil field in Kazakhstan Tengiz Lake - lake in Kazakhstan On April 2, 2003, former-Mobil executive J. Bryan Williams was indicted on tax charges relating to this same transaction. The case is the largest under the Foreign Corrupt Practices Act. The Foreign Corrupt Practices Act of 1977 (15 USC §§ 78dd-1 et seq [47] This series of events is depicted in the film Syriana. Syriana is a 2005 geopolitical thriller Film written and directed by Stephen Gaghan, and executive produced by George

In a U.S. Department of Justice release dated September 18, 2003, the United States Attorney for the Southern District of New York announced that J. For animal rights group see Justice Department (JD The United States Department of Justice ( DOJ) is a Cabinet department The United States District Court for the Southern District of New York (S Bryan Williams, a former senior executive of Mobil Oil Corporation, had been sentenced to three years and ten months in prison on charges of evading income taxes on more than $7 million in unreported income, "including a $2 million kickback he received in connection with Mobil's oil business in Kazakhstan. " According to documents filed with the court, Williams' unreported income included millions of dollars in kickbacks from governments, persons, and other entities with whom Williams conducted business while employed by Mobil. In addition to his sentence, Williams must pay a fine of $25,000 and more than $3. 5 million in restitution to the IRS, in addition to penalties and interest. The [12]

Human rights

Main article: ExxonMobil in Indonesia

ExxonMobil is the target of human rights activists for actions taken by the corporation in the Indonesian territory of Aceh. The Republic of Indonesia ( (Republik Indonesia is a Country in Southeast Asia. See also Sultanate of Aceh Aceh (ʔaˈtɕɛh generally anglicized as ˈɑːtʃeɪ is a special territory ( daerah istimewa) of Indonesia In June 2001 a lawsuit against ExxonMobil was filed in the Federal District Court of the District of Columbia under the Alien Tort Claims Act. District courts are a category of Courts which exists in several nations Washington DC ( formally the District of Columbia and commonly referred to as Washington, the District, or simply D The Alien Tort Statute ( ATS, also called the Alien Tort Claims Act and Alien Torts Claim Act) is a Federal law of the United States The suit alleges that the ExxonMobil knowingly assisted human rights violations, including torture, murder and rape, by employing and providing material support to Indonesian military forces, who committed the alleged offenses during civil unrest in Aceh. Torture, according to the United Nations Convention Against Torture, is "any act by which severe pain or suffering, whether physical or mental is intentionally Murder is the unlawful killing of another human person with Malice aforethought, as defined in Common Law countries Rape, also referred to as Sexual assault, is an Assault by a person involving Sexual intercourse with or Sexual penetration of another person The Armed Forces of Indonesia ( Indonesian: Tentara Nasional Indonesia, TNI, formerly Angkatan Bersenjata Republik Indonesia, best known by Civil disorder, also known as civil unrest, is a broad term that is typically used by law enforcement to describe one or more forms of disturbance caused by a group of people Human rights complaints involving ExxonMobil's relationship with the Indonesian military first arose in 1992; the company denies these accusations and has filed a motion to dismiss the suit, which as of 2006 is still pending. A legal motion is a procedural device in Law to bring a limited contested matter before a Court for decision [48]

Same-sex couples

When Exxon Corporation merged with Mobil Corporation in 1999, the newly-merged company ended enrollment in Mobil Corporation's domestic partner benefits for same-sex partners of employees, and it rescinded formal prohibitions against discrimination based on sexual orientation by removing it from the company's Equal Employment Opportunity policy. [49]

The combined company still does not provide domestic partnership benefits, although former Mobil employees continue to receive that benefit. [50]

According to a proxy statement and 2006 Corporate Citizenship Report[51], the company "has zero tolerance discrimination and harassment policies" on "discrimination and harassment for any reason, including sexual orientation. "[52] However, the company does not include sexual orientation as a protected category in its Standards of Business Conduct: Equal Employment Opportunity[53]policy, as over 90 percent of the Fortune 500 have done. In 2007, 37. 2% of ExxonMobil shareholders voted in favor of a shareholder resolution to add "sexual orientation" to the policy. [54]

ExxonMobil scored a 0 out of 100 on the Human Rights Campaign's Corporate Equality Index 2006 for lesbian, gay, bisexual, and transgender people. The Corporate Equality Index is a report published by the Human Rights Campaign Foundation as a tool to rate American businesses on their treatment of Gay, Lesbian LGBT (also GLBT) is an initialism referring collectively to Lesbian, Gay, bisexual, and Transgender / transsexual [49]

See also

References

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  14. ^ global oil market
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  20. ^ Fiche d'entreprise
  21. ^ Big US Pension Fund Joins Critics Of ExxonMobil Climate Stance
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  33. ^ "Some Like It Hot", Mother Jones, May 2005. Mother Jones is an independent Nonprofit Magazine rooted in liberal political values and known for its Investigative reporting Retrieved on 2007-04-29. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1429 - Joan of Arc arrives to relieve the Siege of Orleans.  
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  35. ^ "Claims by think-tank outrage eco-groups", The Guardian, November 28, 2004. The Guardian (until 1959 The Manchester Guardian) is a British Newspaper owned by the Guardian Media Group. Retrieved on 2007-01-16. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 27 BC - The title Augustus is bestowed upon Gaius Julius Caesar Octavian by the Roman Senate.  
  36. ^ "Royal Society tells Exxon: stop funding climate change denial", The Royal Society, September 4, 2006. The Royal Society of London for the Improvement of Natural Knowledge, known simply as The Royal Society, is a Learned society for science that was founded in 1660 Events 476 - Romulus Augustus, last emperor of the Western Roman Empire, is deposed when Odoacer proclaims himself Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Retrieved on 2006-10-18. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1009 - The Church of the Holy Sepulchre, a Christian church in Jerusalem, is completely destroyed by the Fatimid  
  37. ^ a b Union of Concerned Scientists (January 3, 2006). History The Union of Concerned Scientists was founded in 1969 by faculty and students of the Massachusetts Institute of Technology, located in Cambridge Massachusetts Events 1431 - Joan of Arc is handed over to the Bishop Pierre Cauchon. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. "Scientists' Report Documents ExxonMobil’s Tobacco like Disinformation Campaign on Global Warming Science". Press release. A news release, media release, press release or press statement is a written or recorded Communication directed at members of the News Retrieved on 2007-01-04. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 46 BC - Titus Labienus defeats Julius Caesar in the Battle of Ruspina.
  38. ^ ExxonMobil. "Global Climate Science Communications. " April 3, 1998. Events 1043 - Edward the Confessor is crowned King of England. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) [2] See also Environmental Defense commentary "Guess who's funding the global warming doubt shops?"[3] and Cooperative Research history commons chronology of Exxon's PR efforts [4]
  39. ^ Antonio Regalado and Dionne Searcey. "Where did that video spoofing Gore's film come from?", August 3, 2006. Events 8 - Roman Empire General Tiberius defeats Dalmatians on the river Bathinus. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar.  
  40. ^ Chris Ayres. "Slick lobbying is behind penguin spoof of Al Gore", The Times, August 5, 2006. Events 642 - Battle of Maserfield - Penda of Mercia defeats and kills Oswald of Bernicia. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar.  
  41. ^ "Exxon cuts ties to global warming skeptics", MSNBC, January 12, 2007. Events 475 - Basiliscus becomes Byzantine Emperor, with a coronation ceremony in the Hebdomon palace in Constantinople Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Retrieved on 2007-05-09. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1457 BC - Battle of Megiddo (15th century BC between Thutmose III and a large Canaanite coalition under the King of  
  42. ^ http://www.greenpeace.org/usa/assets/binaries/exxon-secrets-analysis-of-fun.pdf
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  44. ^ "Exxon Mobil CEO: climate policy would be prudent", Reuters, February 13, 2007. Events 1258 - Baghdad falls to the Mongols, and the Abbasid Caliphate is destroyed Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century.  
  45. ^ ExxonMobil. Press release. A news release, media release, press release or press statement is a written or recorded Communication directed at members of the News [5]
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  48. ^ International Labor Rights Fund. Labor rights or workers' rights are a group of Legal rights and claimed Human rights having to do with Labor relations between Workers "ExxonMobil: How the Company is Linked with Indonesian Military Killings, Torture and other Severe Abuse in Aceh, Indonesia. "[8]
  49. ^ a b Human Rights Campaign - Equality at Exxon Mobil Corporation. Retrieved on 2008-03-07. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 161 - Roman Emperor Antoninus Pius dies and is succeeded by co-Emperors Marcus Aurelius and Lucius Verus
  50. ^ Does ExxonMobil have a problem with gay people? - May. 11, 2006
  51. ^ 2006 Corporate Citizenship Report- Employment Policies and Practices. Retrieved on 2008-03-07. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 161 - Roman Emperor Antoninus Pius dies and is succeeded by co-Emperors Marcus Aurelius and Lucius Verus
  52. ^ EXXON MOBIL CORP - XOM Proxy Statement (definitive) (DEF 14A) SHAREHOLDER PROPOSALS
  53. ^ Standards of Business Conduct- Equal Employment Opportunity. Retrieved on 2008-03-07. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 161 - Roman Emperor Antoninus Pius dies and is succeeded by co-Emperors Marcus Aurelius and Lucius Verus
  54. ^ Exxon Mobil Corporation - Shareholder Resolution on Sexual Orientation. Retrieved on 2008-03-07. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 161 - Roman Emperor Antoninus Pius dies and is succeeded by co-Emperors Marcus Aurelius and Lucius Verus

Bibliography

External links

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