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108-617: The Standard Oil Company of Kentucky was incorporated on October 8, 1886, under Kentucky laws. It was founded as a division of the Standard Oil Trust to handle the assets of the Chess, Carley & Company, which Standard had acquired to handle product marketing and distribution for the southeastern U.S. It maintained corporate offices in all of the states it serviced, and also owned an oil refinery in Louisville, Kentucky , with

216-543: A "lower carbon future", and claims to be the world leader in carbon capture and storage (CCS). The company additionally plans that its Scope 1 and Scope 2 emissions will be carbon neutral by 2050. ExxonMobil additionally acquired biofuel company Biojet AS in 2022, and its Canadian subsidiary Imperial Oil is moving ahead with plans to produce a renewable diesel biofuel. In July 2023, Exxon agreed to acquire Denbury Resources for $ 4.9 billion to further its low-carbon efforts. In July 2024, ExxonMobil and CF Industries signed

324-484: A 500,000 barrel/year capacity. In 1892, it acquired the properties of Consolidated Tank Line Company. When the monopoly was broken up as an illegal trust in the US Supreme Court case Standard Oil Co. of New Jersey v. United States in 1911, Kyso was spun off to market to the states of Kentucky , Georgia , Florida , Alabama , and Mississippi . As was common at the time, though no longer controlled by

432-535: A 65.4% payout ratio . The total net earnings from 1882 to 1906 amounted to $ 838,783,800 (equivalent to $ 21,321,800,000 in 2023), exceeding the dividends by $ 290,347,800, which was used for plant expansions. In 1896, John Rockefeller retired from the Standard Oil Co. of New Jersey, the holding company of the group, but remained president and a major shareholder. Vice-president John Dustin Archbold took

540-524: A British petroleum entrepreneur in Mexico, began negotiating with Standard Oil in 1912–13 to sell his "El Aguila" oil company, since Pearson was no longer bound to promises to the Porfirio Díaz regime (1876–1911) to not to sell to U.S. interests. However, the deal fell through and the firm was sold to Royal Dutch Shell . Standard Oil's production increased so rapidly it soon exceeded U.S. demand and

648-656: A CCS agreement that will allow ExxonMobil to transport and permanently store 500,000 tonnes of CO2 per year starting in 2028. Exxon is working on low-carbon energy projects, focusing on basic research in five to ten key areas. This work spends a fraction of the $ 1 billion a year Exxon spends on research worldwide and the $ 8 billion it has spent since 2000 researching, developing and deploying low-carbon technologies Projects include: algae biofuels, biodiesel from agricultural waste, molten carbonate fuel cells , and new ways to manufacture plastic that produce less carbon dioxide. In November 2023 ExxonMobil started drilling for lithium in

756-736: A Spring post office address, and is adjacent to, but not in, the Spring census-designated place . Paul Takahashi of the Houston Chronicle described the headquarters as being in Spring. The headquarters was previously in Irving . The company decided to consolidate its Houston operations into one new campus located in northern Harris County and vacate its offices on 800 Bell St. which it had occupied since 1963. The decision came in 2022. The new operation complex includes twenty office buildings totaling 3,000,000 square feet (280,000 m ),

864-471: A beam of 32 feet (9.8 m), a depth of 10 feet 6 inches (3.2 m), and had a bulletproof wheelhouse. Mei Ping ("Beautiful Tranquility"), launched in 1927, was designed off-shore, but assembled and finished in Shanghai. Its oil-fuel burners came from the U.S. and water-tube boilers came from England. Standard Oil Company and Socony-Vacuum Oil Company became partners in providing markets for

972-547: A campaign to promote the use of natural gas as a clean energy source and bridge fuel to renewable energy, and of intimidating journalists reporting about the companies' climate actions and of obstructing the committee's investigation, which ExxonMobil, Shell, and the American Petroleum Institute denied. In the United States, as of 2024, dozens of states and localities have sued ExxonMobil on

1080-546: A century by Exxon and other Standard Oil predecessors, a 2011 oil spill which leaked 1,500 barrels of oil into the Yellowstone River (resulting in about $ 135 million in damages), and a 2012 1,900 barrel (80,000 gallon) spill from the company's Baton Rouge Refinery in the rivers of Point Coupee Parish, Louisiana . ExxonMobil's actives in Louisiana in particular, especially its Baton Rouge Refinery , have given

1188-462: A combination of lower-emission fuels, hydrogen, and carbon capture and storage. Low Carbon Solutions conducts research on clean energy technologies, including algae biofuels , biodiesel made from agricultural waste, carbonate fuel cells , and refining crude oil into plastic by using a membrane and osmosis instead of heat. The company speculated in April 2023 that pending good economic conditions,

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1296-665: A dozen or so within Standard Oil knew the extent of company operations. The committee counsel, Simon Sterne , questioned representatives from the Erie Railroad and the New York Central Railroad and discovered that at least half of their long-haul traffic granted rebates and much of this traffic came from Standard Oil. The committee then shifted focus to Standard Oil's operations. John Dustin Archbold , as president of Acme Oil Company, denied that Acme

1404-488: A former mechanic, Paul Gill, who claimed that his cancer was caused by exposure to benzene in ExxonMobil's petroleum products while working at a Mobil gas station between 1975 and 1980. According to Fortune Global 500 , ExxonMobil was the second largest company, second largest publicly held corporation , and the largest oil company in the United States by 2017 revenue. For the fiscal year 2020, ExxonMobil reported

1512-457: A gallon or forty-two cents a barrel, an effective 71% discount from its listed rates in return for a promise to ship at least 60 carloads of oil daily and to handle loading and unloading on its own. Smaller companies decried such deals as unfair because they were not producing enough oil to qualify for discounts. Standard's actions and secret transport deals helped its kerosene price to drop from 58 to 26 cents from 1865 to 1870. Rockefeller used

1620-609: A growing Standard Oil spin-off in its own right. In the Asia-Pacific region, Jersey Standard had oil production and refineries in the Dutch East Indies but no marketing network. 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

1728-407: A large part in the running of the firm. In the year 1904, Standard Oil controlled 91% of oil refinement and 85% of final sales in the United States. At this time, state and federal laws sought to counter this development with antitrust laws. In 1911, the U.S. Justice Department sued the group under the federal antitrust law and ordered its breakup into 39 companies. Standard Oil's market position

1836-567: A lawsuit in San Francisco County Superior Court against ExxonMobil on behalf of the state of California , alleging that the company carried out a "decades-long campaign of deception" and misled the public on the merits of plastic recycling; in response ExxonMobil said that California has an ineffective recycling system that officials have known about for decades. ExxonMobil has also been accused of human rights violations and abusing its geopolitical influence. In

1944-522: A loss of US$ 22.4 billion, with an annual revenue of US$ 181.5 billion, a decline of 31.5% over the previous fiscal cycle. The key trends of ExxonMobil are (as at the financial year ending December 31): As per Fortune 500 Global list, ExxonMobil has been ranked #7 company in the World. ExxonMobil's headquarters are located in the Spring, Texas area, a suburb of Houston. The ExxonMobil campus has

2052-900: A quarter of the shares of the resultant companies, and those share values mostly doubled, he emerged from the dissolution as the richest man in the world. The dissolution had actually propelled Rockefeller's personal wealth. By 1911 the Supreme Court of the United States ruled, in Standard Oil Co. of New Jersey v. United States , that Standard Oil of New Jersey must be dissolved under the Sherman Antitrust Act and split into 39 companies. Two of these companies were Standard Oil of New Jersey (Jersey Standard or Esso), which eventually became Exxon , and Standard Oil of New York (Socony), which eventually became Mobil ; those two companies later merged into ExxonMobil . Over

2160-514: A single company. On Oct. 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 ,

2268-571: A single entity, the various "Baby Standards" still continued to cooperate. For example, Kyso was supplied by fellow "Baby Standard" Standard Oil of New Jersey , better known as Esso. The company avoided the consolidation prevalent in the industry throughout the first half of the century, and continued to sell various Esso and Mobil Oil products. In 1930, it acquired the assets of Reed Oil Corp. of Atlanta, Georgia . The Riverside Refinery, built by Kyso circa 1918 in West Louisville, Kentucky ,

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2376-560: A single holding agency managed by nine trustees. The original trust was valued at $ 70 million. On March 21, 1892, the Standard Oil Trust was dissolved and its holdings were reorganized into 20 independent companies that formed an unofficial union referred to as "Standard Oil Interests." In 1899, the Standard Oil Company (New Jersey) acquired the shares of the other 19 companies and became the holding company for

2484-414: A symbol of the reliable "standards" of quality and service that he envisioned for the nascent oil industry. In the early years, John D. Rockefeller dominated the combine; he was the single most important figure in shaping the new oil industry. He quickly distributed power and the tasks of policy formation to a system of committees, but always remained the largest shareholder . Authority was centralized in

2592-410: A tanker, was specially designed for river duty. It was built by New Engineering and Shipbuilding Works of Shanghai, who also built the 500-ton launch Mei Foo in 1912. Mei Hsia ("Beautiful Gorges") was launched in 1926 and carried 350 tons of bulk oil in three holds, plus a forward cargo hold, and space between decks for carrying general cargo or packed oil. She had a length of 206 feet (63 m),

2700-418: A wellness center, laboratory, and three parking garages. It is designed to house nearly 10,000 employees. The current chairman of the board and CEO of ExxonMobil Corp. is Darren W. Woods. Woods was elected chairman of the board and CEO effective January 1, 2017, after the retirement of former chairman and CEO Rex Tillerson . Before his election as chairman and CEO, Woods was elected president of ExxonMobil and

2808-502: 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

2916-564: Is currently in partnerships with Oracle Red Bull Racing in Formula One and Kalitta Motorsports. ExxonMobil operates 21 refineries worldwide, and the company claims 80% of its refining capacity is integrated with chemical or lube basestocks. ExxonMobil's largest refinery overall is its Beaumont Refinery and its second largest in the United States is its Baytown Refinery , located in Baytown, Texas . Its second largest refinery overall

3024-520: Is its Jurong Island facility in Singapore . ExxonMobil's global average refining capacity was 4.6 million barrels per day, with the United States producing a plurality of the company's refining capacity at about 1.77 million barrels per day. ExxonMobil's corporate website claims it refines almost 5 million barrels per day. ExxonMobil was one of few U.S. refiners to expand capacity by a significant margin following an industry downturn suffered during

3132-537: Is responsible for many oil spills, the largest and most notable of which was the 1989 Exxon Valdez oil spill in Alaska and itself considered to be one of the world's worst oil spills in terms of environmental damage. The company has been the target of accusations of human rights violations, excessive influence on American foreign policy , and its impact on developing countries. ExxonMobil traces its roots to Vacuum Oil Company , founded in 1866. Vacuum Oil later

3240-523: Is still the source of considerable study due to environmental concerns Harland Sanders , founder of Kentucky Fried Chicken , started his first restaurant, the Sanders Court and Cafe, as part of a Standard Oil station in Corbin, Kentucky , in 1930. In 1961, Kyso was acquired by Standard Oil of California, effectively pushing Esso out of the former Kyso territory. Esso began marketing itself across

3348-487: Is the common name for a corporate trust in the petroleum industry that existed from 1882 to 1911. The origins of the trust lay in the operations of the Standard Oil Company (Ohio) , which had been founded in 1870 by John D. Rockefeller . The trust was born on January 2, 1882, when a group of 41 investors signed the Standard Oil Trust Agreement, which pooled their securities of 40 companies into

Kyso - Misplaced Pages Continue

3456-498: Is the largest investor-owned oil company in the world. Approximately 55.56% of the company's shares are held by institutions, the largest of which as of 2019 were The Vanguard Group (8.15%), BlackRock (6.61%), and State Street Corporation (4.83%). 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

3564-434: Is the 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 as the official motor oil of NASCAR since 2003. ExxonMobil

3672-547: The COVID-19 pandemic. The company completed a 250,000 barrels per day expansion at its Beaumont , Texas, refinery in early 2023. Officially formed with ExxonMobil's 2022 corporate restructuring, and currently led by former General Motors president Dan Ammann , Low Carbon Solutions is the company's alternative energy division. The division says it will lower emissions in hard-to-decarbonize sectors such as heavy industry, commercial transportation, and power generation using

3780-544: The Chevron Corp . Some have speculated that if not for that court ruling, Standard Oil could have possibly been worth more than $ 1 trillion in the 2000s. Whether the breakup of Standard Oil was beneficial is a matter of some controversy. Some economists believe that Standard Oil was not a monopoly, and argue that the intense free market competition resulted in cheaper oil prices and more diverse petroleum products. Critics claimed that success in meeting consumer needs

3888-676: The Erie Canal as a cheap alternative form of transportation—in the summer months when it was not frozen—to ship his refined oil from Cleveland to the industrialized Northeast. In the winter months, his only options were the three trunk lines—the Erie Railroad and the New York Central Railroad to New York City, and the Pennsylvania Railroad to Pittsburgh and Philadelphia. Competitors disliked

3996-1151: The Kearl Oil Sands Project . In Argentina, ExxonMobil holds 0.9 million acres (3,600 km ) and 4.9 million acres (20,000 km ) in Germany. In the Netherlands ExxonMobil owns 1.5 million acres (6,100 km ), in Norway it owns 0.4 million acres (1,600 km ) offshore, and the United Kingdom 0.6 million acres (2,400 km ) offshore. In Africa, upstream operations are concentrated in Angola, where it owns 0.4 million acres (1,600 km ) offshore, Chad where it owns 46,000 acres (19,000 ha), Equatorial Guinea, where it owns 0.1 million acres (400 km ) offshore, and Nigeria, where it owns 0.8 million acres (3,200 km ) offshore. In addition, ExxonMobil plans to start exploration activities off

4104-502: The Sherman Antitrust Act (Senate 51–1; House 242–0), a source of American anti-monopoly laws. The law forbade every contract, scheme, deal, or conspiracy to restrain trade, though the phrase "restraint of trade" remained subjective. The Standard Oil group quickly attracted attention from antitrust authorities leading to a lawsuit filed by Ohio Attorney General David K. Watson . From 1882 to 1906, Standard paid out $ 548,436,000 (equivalent to $ 13,941,200,000 in 2023) in dividends at

4212-430: The Sherman Antitrust Act of 1890, for sustaining a monopoly and restraining interstate commerce by: Rebates, preferences, and other discriminatory practices in favor of the combination by railroad companies; restraint and monopolization by control of pipe lines, and unfair practices against competing pipe lines; contracts with competitors in restraint of trade; unfair methods of competition, such as local price cutting at

4320-678: The South Improvement Co. which would have allowed him to receive rebates for shipping and drawbacks on oil his competitors shipped. But when this deal became known, competitors convinced the Pennsylvania Legislature to revoke South Improvement's charter. No oil was ever shipped under this arrangement. Using highly effective tactics, later widely criticized, it absorbed or destroyed most of its competition in Cleveland in less than two months and later throughout

4428-590: The US Supreme Court upheld the lower court judgment and declared the Standard Oil group to be an "unreasonable" monopoly under the Sherman Antitrust Act , Section II. It ordered Standard to break up into 39 independent companies with different boards of directors, the biggest two of the companies being Standard Oil of New Jersey (which became Exxon ) and Standard Oil of New York (which became Mobil ). Standard's president, John D. Rockefeller, had long since retired from any management role. But, as he owned

Kyso - Misplaced Pages Continue

4536-512: The Yangtze River , the largest of which were Mei Ping (1,118  gross register tons  (GRT)), Mei Hsia (1,048 GRT), and Mei An (934 GRT). All three were destroyed in the 1937 USS Panay incident . Mei An was launched in 1901 and was the first vessel in the fleet. Other vessels included Mei Chuen , Mei Foo , Mei Hung , Mei Kiang , Mei Lu , Mei Tan , Mei Su , Mei Hsia , Mei Ying , and Mei Yun . Mei Hsia ,

4644-522: The single-use plastic waste in the world in 2019 (which were part of a larger group of 100 petrochemical companies that manufactured 90 percent of the waste), while in April 2022, California Attorney General Rob Bonta issued a subpoena to ExxonMobil for information related to the company's role in overstating the effectiveness of plastic recycling in reducing plastic pollution as part of an industry campaign to promote plastic usage. On September 23, 2024, California Attorney General Rob Bonta filed

4752-412: 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 to name itself Exxon in 1972 over continuing to use three distinct brands of Esso , Enco , and Humble. In 1998, the two companies agreed to merge and form ExxonMobil, with

4860-749: The Arctic Circle. As of 2020, ExxonMobil has been responsible for more than 3,000 oil spills and leakages which resulted in a loss of more than one barrel of oil, with the most in a single year being 484 spills in 2011. Additionally, since 1965, ExxonMobil has released more than 40 billion tons of carbon dioxide pollution . In 2023, Science journal published a paper reporting that the global warming projections and models created by ExxonMobil's own scientists between 1977 and 2003 had "accurately" projected and "skillfully" modeled global warming due to fossil fuel burning, and had reasonably estimated how much CO 2 would lead to dangerous warming. The authors of

4968-666: 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

5076-671: The Longford Gas Conditioning Plant, and participates in the development of Gorgon LNG project. In Papua New Guinea, it holds 1.1 million acres (4,500 km ), including the PNG Gas project. After Russia's 2022 invasion began, though, ExxonMobil announced it was fully pulling out of both Russia and Sakhalin-I, and launched a lawsuit against Russia's federal government on August 30. ExxonMobil formed its Product Solutions division in 2022, combining its previously separate Downstream and Chemical divisions into

5184-495: The Standard Oil Co. charges altogether excessive prices where it meets no competition, and particularly where there is little likelihood of competitors entering the field, and that, on the other hand, where competition is active, it frequently cuts prices to a point which leaves even the Standard little or no profit, and which more often leaves no profit to the competitor, whose costs are ordinarily somewhat higher. On May 15, 1911,

5292-475: The Standard into markets, or they have been made high to keep its competitors out of markets. Trifling differences in distances are made an excuse for large differences in rates favorable to the Standard Oil Co., while large differences in distances are ignored where they are against the Standard. Sometimes connecting roads prorate on oil—that is, make through rates which are lower than the combination of local rates; sometimes they refuse to prorate; but in either case

5400-463: The Standard name in Kentucky, though they are still owned by Chevron. Neither Chevron nor BP (which acquired Standard Oil of Ohio and Amoco and thusly gained Standard trademarks) objected to the ruling. Though now a defunct brand, Kyso road maps published during the company's prominence in the 1930s and 1940s, are highly sought after by map collectors. Standard Oil Standard Oil

5508-455: The Standard trademark in Kentucky in limbo. Ironically, in 2016 ExxonMobil (the former Standard Oil of New Jersey, which had merged with Mobil in 1999 and still has stations in Kentucky to this day) was allowed to resume using the Esso trademark nationwide and thusly the Esso logo returned to minor station signage at all Exxon and Mobil stations, effectively giving ExxonMobil de facto rights to

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5616-659: The US State of Arkansas . In June 2024, a preliminary agreement to supply lithium to SK for the manufacture of lithium-ion batteries that will power electric vehicles was signed. ExxonMobil's environmental record has faced much criticism for its stance and impact on global warming. In 2018, the Political Economy Research Institute ranks ExxonMobil tenth among American corporations emitting airborne pollutants , thirteenth by emitting greenhouse gases . A 2017 report places ExxonMobil as

5724-692: The United Arab Emirates. ExxonMobil exited the West Qurna 1 oilfield in January 2024, officially ending all energy sector operations in Iraq. The share is now owned by PetroChina and Pertamina . In March 2024, ExxonMobil discovered oil at the Stabroek block off the coast of Guyana using a drillship. By the end of 2027, it plans to have 6 FPSOs at the block. Oil was discovered off

5832-472: 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's primary retail brands worldwide are Exxon, Esso , Mobil , with the former being used exclusively in the United States and

5940-639: The United States, ExxonMobil's petroleum exploration and production activities are concentrated in the Permian Basin , Bakken Formation , Woodford Shale , Caney Shale , and the Gulf of Mexico . In addition, ExxonMobil has several gas developments in the regions of Marcellus Shale , Utica Shale , Haynesville Shale , Barnett Shale , and Fayetteville Shale . All natural gas activities are conducted by its subsidiary, XTO Energy. As of December 31, 2014, ExxonMobil owned 14.6 million acres (59,000 km ) in

6048-467: The United States, of which 1.7 million acres (6,900 km ) were offshore, 1.5 million acres (6,100 km ) of which were in the Gulf of Mexico. In California, it has a joint venture called Aera Energy LLC with Shell Oil . In Canada, the company holds 5.4 million acres (22,000 km ), including 1 million acres (4,000 km ) offshore and 0.7 million acres (2,800 km ) of

6156-597: The area the nickname of Cancer Alley . The company's activities, along with other operations and refineries in the area, have been the source of increased cancer infections, lower air quality, and as seen by some, potential environmental racism committed by the company. In May 2021, ExxonMobil topped the Plastic Waste Makers Index report published by the Minderoo Foundation of 20 petrochemical companies that manufactured 55 percent of

6264-424: The base of its climate change denial. ExxonMobil's operations have been subject to numerous oil spills both before and after the 1999 merger. The most widely publicized oil spill was the 1989 Valdez oil spill , where an Exxon tanker discharged approximately 11 million U.S. gallons (42,000 m3) of oil into Prince William Sound , oiling 1,300 miles (2,100 km) of the remote Alaskan coastline. The spill remains

6372-572: The book Private Empire by Steve Coll , ExxonMobil is described as extremely powerful "corporate state within the American state" in dealing with the countries in which it drills, going to the point as describing such countries' governments as "constrained". The company's corporate ancestors are also blamed for the outbreak of the 1954 Jebel Akhdar War , which was sparked by the Iraq Petroleum Company 's activities. Beginning in

6480-625: The case dismissed nine times, dragging the lawsuit out for over 20 years. In July 2022, a US District Court denied ExxonMobil's motions to dismiss the case, clearing the way for the lawsuit to go to trial, although no trial date was set. In 2023, ExxonMobile settled the case a week before trial. During a 2022 surge in profits among ExxonMobil and other large oil companies, partly due to the war in Ukraine , U.S. President Joe Biden criticized ExxonMobil. In June 2022, amid record oil prices, he said that "Exxon made more money than God this year". When

6588-846: The coast of Angola in May 2024 in a well drilled from February to April in the Kizomba B development area. Until the 2022 Russian invasion of Ukraine , ExxonMobil held 85,000 acres (34,000 ha) in the Sakhalin-I project through its subsidiary Exxon Neftegas . Together with Rosneft , it has developed 63.6 million acres (257,000 km ) in Russia, including the East-Prinovozemelsky field . In Australia, ExxonMobil held 1.7 million acres (6,900 km ), including 1.6 million acres (6,500 km ) offshore. It also operates

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6696-1180: The coast of Liberia and the Ivory Coast. In the past, ExxonMobil had exploration activities in Madagascar, however these operations were ended due to unsatisfactory results. In Asia, it holds 9,000 acres (3,600 ha) in Azerbaijan, 1.7 million acres (6,900 km ) in Indonesia, of which 1.3 million acres (5,300 km ) are offshore, 0.7 million acres (2,800 km ) in Iraq, 0.3 million acres (1,200 km ) in Kazakhstan, 0.2 million acres (810 km ) in Malaysia, 65,000 acres (26,000 ha) in Qatar, 10,000 acres (4,000 ha) in Yemen, 21,000 acres (8,500 ha) in Thailand, and 81,000 acres (33,000 ha) in

6804-416: The committee's investigation into the fossil fuel industry disinformation campaign to obscure the role of fossil fuels in causing global warming. Upon reviewing internal company documents, they accused ExxonMobil along with BP , Chevron , and Shell of greenwashing their Paris Agreement carbon neutrality pledges while continuing long-term investment in fossil fuel production and sales, for engaging in

6912-454: The company accountable for various climate-related incidents. ExxonMobil has used its own website to attack Exxon Knew , claiming that it is a coordinated effort to defame the company. In December 2022, U.S. House Oversight and Reform Committee Chair Carolyn Maloney and U.S. House Oversight Environment Subcommittee Chair Ro Khanna sent a memorandum to all House Oversight and Reform Committee members summarizing additional findings from

7020-544: 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 . In

7128-482: The company began viewing export markets. In the 1890s, Standard Oil began marketing kerosene to China's large population of close to 400 million as lamp fuel. For its Chinese trademark and brand, Standard Oil adopted the name Mei Foo ( Chinese : 美孚 ) as a transliteration. Mei Foo also became the name of the tin lamp that Standard Oil produced and gave away or sold cheaply to Chinese farmers, encouraging them to switch from vegetable oil to kerosene. The response

7236-732: The company include Henry Flagler, developer of the Florida East Coast Railway and resort cities, and Henry H. Rogers , who built the Virginian Railway . In 1885, Standard Oil of Ohio moved its headquarters from Cleveland to its permanent headquarters at 26 Broadway in New York City . Concurrently, the trustees of Standard Oil of Ohio chartered the Standard Oil Co. of New Jersey (SOCNJ) to take advantage of New Jersey's more lenient corporate stock ownership laws. In 1890, Congress overwhelmingly passed

7344-512: The company together) and the Rockefeller family controlled a majority of the stock during all the history of the company up to the present time." These families reinvested most of the dividends in other industries, especially railroads. They also invested heavily in the gas and the electric lighting business (including the giant Consolidated Gas Co. of New York City ). They made large purchases of stock in U.S. Steel , Amalgamated Copper , and even Corn Products Refining Co. Weetman Pearson ,

7452-422: The company's business practices, but consumers liked the lower prices. Standard Oil, being formed well before the discovery of the Spindletop oil field (in Texas, far from Standard Oil's base in the Midwest) and a demand for oil other than for heat and light, was well placed to control the growth of the oil business. The company was perceived to own and control all aspects of the trade. In 1872, Rockefeller joined

7560-407: The company's main office in Cleveland, but decisions in the office were made cooperatively. The company grew by increasing sales and through acquisitions. After purchasing competing firms, Rockefeller shut down those he believed to be inefficient and kept the others. In a seminal deal, in 1868, the Lake Shore Railroad, a part of the New York Central , gave Rockefeller's firm a going rate of one cent

7668-408: The deal closing on November 30, 1999. The two companies cited lower oil prices and a better ability to compete with other state-owned oil companies outside of the United States like Pemex and Aramco . With the deal, the two companies practically merged, with the new company's name containing both of the trade names of its immediate predecessors. However, the structure of the merger provided that Exxon

7776-517: The fifth largest contributor to greenhouse gas emissions from 1988 to 2015. As of 2005 , ExxonMobil had committed less than 1% of their profits towards researching alternative energy, which, according to the advocacy organization Ceres , is less than other leading oil companies. According to the 2021 Arctic Environmental Responsibility Index (AERI), ExxonMobil is ranked as the sixth most environmentally responsible company among 120 oil, gas, and mining companies involved in resource extraction north of

7884-652: The largest public oil company in the world. Many of the companies disassociated from Jersey Standard in 1911 remained powerful businesses through the twentieth century. These included the Standard Oil Company of New York , Standard Oil Company (Indiana) , Standard Oil Company (California) , Ohio Oil Company , Continental Oil Company , and Atlantic Refining Company . Standard Oil's prehistory began in 1863, as an Ohio partnership formed by industrialist John D. Rockefeller , his brother William Rockefeller , Henry Flagler , chemist Samuel Andrews , silent partner Stephen V. Harkness , and Oliver Burr Jennings , who had married

7992-585: The late 1980s, ExxonMobil (through predecessor Mobil) hired military units of the Indonesian National Army to provide security for their gas extraction and liquefaction project in Aceh , Indonesia, and these military units were accused of committing human rights violations, including sexual assault, battery and unlawful detention. ExxonMobil eventually pulled out from Indonesia completely in 2001, while denying any wrongdoing. Exxon attempted to have

8100-435: The latter two being used in most other countries where ExxonMobil operates. Esso is the only one of its brands not used widely in the United States. Since 2008, Mobil is the only brand for the company lubricants. Since 2018, ExxonMobil has operated a loyalty program , ExxonMobil Rewards+, where customers earn rewards points when filling up at its stations in the United States and later the United Kingdom. ExxonMobil Chemical

8208-465: The low-carbon solutions business could eclipse the value of its oil and gas operations. As of 2023 , the company was in the process of designing its inaugural large-scale plant dedicated to producing low-carbon hydrogen, situated within its refining and petrochemical complex in Baytown, Texas . This project is set to become the world's largest low-carbon hydrogen project. ExxonMobil publicly announced it would be investing $ 15 billion in what it deemed

8316-406: The modern company was formed in 1999 following the merger of Exxon and Mobil . It is vertically integrated across the entire oil and gas industry, and within it is also a chemicals division which produces plastic, synthetic rubber, and other chemical products. As the largest U.S.-based oil and gas company, ExxonMobil is the seventh-largest by revenue in the U.S. and 13th-largest in the world . It

8424-524: The newly formed company changed over all of the former Kyso stations to the Chevron logo while retaining the Standard brand name. It still maintains some Standard-branded stations in all of its former territories, including the former Kyso states, in order to protect its use of the brand in those areas. Following the acquisition by Chevron, the "Kyso" name fell out of use. In 2010, Chevron discontinued its retailing operations in Kentucky, leaving ownership of

8532-579: The next few decades, both companies grew significantly. Jersey Standard, led by Walter C. Teagle , became the largest oil producer in the world. It acquired a 50 percent share in Humble Oil & Refining Co. , a Texas oil producer. Socony purchased a 45 percent interest in Magnolia Petroleum Co. , a major refiner, marketer, and pipeline transporter. In 1931, Socony merged with Vacuum Oil Co. , an industry pioneer dating back to 1866, and

8640-551: The northeastern United States. A. Barton Hepburn was directed by the New York State Legislature in 1879, to investigate the railroads' practice of giving rebates to their largest clients within the state . Merchants without ties to the oil industry had pressed for the hearings. Prior to the committee's investigation, few knew of the size of Standard Oil's control and influence on seemingly unaffiliated oil refineries and pipelines—Hawke (1980) cites that only

8748-545: The oil giant reported its second quarter earnings in 2022, CNN reported that Exxon made US$ 2,245.62 per second in profit across the 92-day long second quarter. In May 2024, a Pennsylvania jury found ExxonMobil liable for negligently failing to warn about the health risks of benzene , which is classified by the US Environmental Protection Agency as a known carcinogen , and ordered the company to pay $ 725.5 million in compensatory damages to

8856-731: The oil reserves in the Middle East. In 1906, SOCONY (later Mobil) opened its first fuel terminals in Alexandria. It explored in Palestine before the World War broke out, but ran into conflict with the local authorities. By 1890, Standard Oil controlled 88 percent of the refined oil flows in the United States. The state of Ohio successfully sued Standard, compelling the dissolution of the trust in 1892. But Standard simply separated Standard Oil of Ohio and kept control of it. Eventually,

8964-399: The open arrangement of rates; (3) discriminations in classification and rules of shipment; (4) discriminations in the treatment of private tank cars. The government alleged: Almost everywhere the rates from the shipping points used exclusively, or almost exclusively, by the Standard are relatively lower than the rates from the shipping points of its competitors. Rates have been made low to let

9072-502: The paper concluded: "Yet, whereas academic and government scientists worked to communicate what they knew to the public, ExxonMobil worked to deny it." Between the 1980s and 2014, ExxonMobil was a notable denier of climate change, though the company officially changed its position in 2014 to acknowledge the existence of climate change. ExxonMobil's prolonged response incited the creation of the Exxon Knew movement, which aims to hold

9180-427: The period of 1904 to 1906 and concluded that "beyond question ... the dominant position of the Standard Oil Co. in the refining industry was due to unfair practices—to abuse of the control of pipe-lines, to railroad discriminations, and to unfair methods of competition in the sale of the refined petroleum products". Because of competition from other firms, their market share gradually eroded to 70 percent by 1906 which

9288-426: The points where necessary to suppress competition; [and] espionage of the business of competitors, the operation of bogus independent companies, and payment of rebates on oil, with the like intent. The lawsuit argued that Standard's monopolistic practices had taken place over the preceding four years: The general result of the investigation has been to disclose the existence of numerous and flagrant discriminations by

9396-524: The railroads in behalf of the Standard Oil Co. and its affiliated corporations. With comparatively few exceptions, mainly of other large concerns in California, the Standard has been the sole beneficiary of such discriminations. In almost every section of the country that company has been found to enjoy some unfair advantages over its competitors, and some of these discriminations affect enormous areas. The government identified four illegal patterns: (1) secret and semi-secret railroad rates; (2) discriminations in

9504-566: The region as the "official" Standard brand oil. In 1966, Chevron sued over the use of Standard, and won, forcing Esso to rebrand itself as Enco over the former Kyso territory. During and after the merger, Kyso constructed the Pascagoula Refinery in Pascagoula, Mississippi , which began operations in 1963, and continues to operate today. In 1984, Standard Oil of California merged with Gulf Oil and renamed itself to Chevron ;

9612-519: The reporting of Ida Tarbell , who wrote The History of the Standard Oil Company . The net value of companies severed from Jersey Standard in 1911 was $ 375 million, which constituted 57 per cent of Jersey's value. After the dissolution, Jersey Standard became the United States' second largest corporation after United States Steel . The Standard Oil Company (New Jersey), which was renamed Exxon in 1973 and ExxonMobil in 1999, remains

9720-599: The result of their policy is to favor the Standard Oil Co. Different methods are used in different places and under different conditions, but the net result is that from Maine to California the general arrangement of open rates on petroleum oil is such as to give the Standard an unreasonable advantage over its competitors. The government said that Standard raised prices to its monopolistic customers but lowered them to hurt competitors, often disguising its illegal actions by using bogus, supposedly independent companies it controlled. The evidence is, in fact, absolutely conclusive that

9828-787: The scale of companies, Rockefeller and his associates developed innovative ways of organizing to effectively manage their fast-growing enterprise. On January 2, 1882, they combined their disparate companies, spread across dozens of states, under a single group of trustees. By a secret agreement, the existing 37 stockholders conveyed their shares "in trust" to nine trustees: John and William Rockefeller, Oliver H. Payne , Charles Pratt , Henry Flagler , John D. Archbold , William G. Warden, Jabez Bostwick , and Benjamin Brewster . "Whereas some state legislatures imposed special taxes on out-of-state corporations doing business in their states, other legislatures forbade corporations in their state from holding

9936-406: The second largest in American history, only trailing BP's Deepwater Horizon spill in the Gulf of Mexico . ExxonMobil was also responsible for various other oil spills across the world. Some of Exxon's largest and most notable oil spills in the United States include long-lasting oil leaks totaling into an estimated 30 million gallon spill into New York City's Newtown Creek over the course of

10044-472: The sister of William Rockefeller's wife. In 1870, Rockefeller abolished the partnership and incorporated Standard Oil in Ohio. Of the initial 10,000 shares, John D. Rockefeller received 2,667, Harkness received 1,334, William Rockefeller, Flagler, and Andrews received 1,333 each, Jennings received 1,000, and the firm of Rockefeller, Andrews & Flagler received 1,000. Rockefeller chose the "Standard Oil" name as

10152-669: The state of New Jersey changed its incorporation laws to allow a company to hold shares in other companies in any state. So, in 1899, the Standard Oil Trust, based at 26 Broadway in New York, was legally reborn as a holding company , the Standard Oil Co. of New Jersey (SOCNJ), which held stock in 41 other companies, which controlled other companies, which in turn controlled yet other companies. According to Daniel Yergin in his Pulitzer Prize-winning The Prize: The Epic Quest for Oil, Money, and Power (1990), this conglomerate

10260-493: The stock of companies based elsewhere. (Legislators established such restrictions in the hope that they would force successful companies to incorporate—and thus pay taxes—in their state.)" Standard Oil's organizational concept proved so successful that other giant enterprises adopted this "trust" form. By 1882, Rockefeller's top aide was John Dustin Archbold , whom he left in control after disengaging from business to concentrate on philanthropy after 1896. Other notable principals of

10368-415: The trust. Jersey Standard operated a near monopoly in the American oil industry from 1899 until 1911 and was the largest corporation in the United States. In 1911, the landmark Supreme Court case Standard Oil Co. of New Jersey v. United States found Jersey Standard guilty of anticompetitive practices and ordered it to break up its holdings. The charge against Jersey came about in part as a consequence of

10476-467: Was a Standard company only from 1908 until 1911. One of the original " Muckrakers " Ida M. Tarbell , was an American author and journalist whose father was an oil producer whose business had failed because of Rockefeller's business dealings. After extensive interviews with a sympathetic senior executive of Standard Oil, Henry H. Rogers , Tarbell's investigations of Standard Oil fueled growing public attacks on Standard Oil and monopolies in general. Her work

10584-438: Was acquired by Standard Oil in 1879, divested from Standard in 1911 with its breakup , and merged by the Standard Oil Company of New York (Socony), later known as Mobil , in 1931. After the 1911 breakup, Standard Oil continued to exist through its New Jersey subsidiary, sometimes shortened to Jersey Standard, and retained the Standard Oil name in much of the eastern United States. Jersey Standard grew by acquiring Humble Oil in

10692-410: Was associated with Standard Oil. He then admitted to being a director of Standard Oil. The committee's final report scolded the railroads for their rebate policies and cited Standard Oil as an example. This scolding was largely moot to Standard Oil's interests since long-distance oil pipelines were now their preferred method of transportation. In response to state laws that had the result of limiting

10800-462: Was dissolved in 1962. Rockefeller's original company, Standard Oil Company of Ohio ( Sohio ), effectively ceased to exist when it was purchased by BP in 1987. BP continued to sell gasoline under the Sohio brand until 1991. Other Standard oil entities include "Standard Oil of Indiana" which became Amoco after other mergers and a name change in the 1980s, and "Standard Oil of California" which became

10908-404: Was driving other companies, who were not as successful, out of the market. ExxonMobil ExxonMobil Corporation ( / ˌ ɛ k s ɒ n ˈ m oʊ b əl / EK -son- MOH -bəl ) is an American multinational oil and gas corporation headquartered in Spring, Texas , a suburb of Houston . Founded as the largest direct successor of John D. Rockefeller 's Standard Oil ,

11016-597: Was formed in 1933. To distribute its products, Standard Oil constructed storage tanks, canneries (bulk oil from large ocean tankers was re-packaged into 5-US-gallon (19 L; 4.2 imp gal) tins), warehouses, and offices in key Chinese cities. For inland distribution, the company had motor tank trucks and railway tank cars, and for river navigation, it had a fleet of low-draft steamers and other vessels. Stanvac's North China Division, based in Shanghai, owned hundreds of vessels, including motor barges, steamers, launches, tugboats, and tankers. Up to 13 tankers operated on

11124-519: Was initially established through an emphasis on efficiency and responsibility. While most companies dumped gasoline in rivers (this was before the automobile was popular), Standard used it to fuel its machines. While other companies' refineries piled mountains of heavy waste, Rockefeller found ways to sell it. For example, Standard bought the company that invented and produced Vaseline , the Chesebrough Manufacturing Co. , which

11232-619: Was positive, sales boomed and China became Standard Oil's largest market in Asia. Prior to Pearl Harbor, Stanvac was the largest single U.S. investment in Southeast Asia . The North China Department of Socony (Standard Oil Company of New York) operated a subsidiary called Socony River and Coastal Fleet, North Coast Division, which became the North China Division of Stanvac (Standard Vacuum Oil Company) after that company

11340-654: Was published in 19 parts in McClure's magazine from November 1902 to October 1904, then in 1904 as the book The History of the Standard Oil Co . The Standard Oil Trust was controlled by a small group of families. Rockefeller stated in 1910: "I think it is true that the Pratt family, the Payne– Whitney family (which were one, as all the stock came from Colonel Payne), the Harkness-Flagler family (which came into

11448-449: Was seen by the public as all-pervasive, controlled by a select group of directors, and completely unaccountable. In 1904, Standard controlled 91 percent of production and 85 percent of final sales. Most of its output was kerosene , of which 55 percent was exported around the world. After 1900 it did not try to force competitors out of business by selling at a loss. The federal Commissioner of Corporations studied Standard's operations from

11556-495: 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". ExxonMobil is the largest non-government-owned company in the 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

11664-434: Was the year when the antitrust case was filed against Standard. Standard's market share was 64 percent by 1911 when Standard was ordered broken up. At least 147 refining companies were competing with Standard including Gulf, Texaco, and Shell. It did not try to monopolize the exploration and extraction of oil (its share in 1911 was 11 percent). In 1909, the U.S. Justice Department sued Standard under federal antitrust law,

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