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99-717: In 1996, the consortium completed a production-sharing agreement between the Sakhalin-I consortium, the Russian Federation and the Sakhalin government. The consortium was managed and operated by Exxon Neftegas Limited (ENL), a unit of ExxonMobil , until Exxon's withdrawal in March 2022 following the 2022 Russian Invasion of Ukraine . The Russian government froze Exxon's investment in August 2022 and ordered its transfer to

198-431: A state of emergency . Force majeure in any given situation is controlled by the law governing the contract, rather than general concepts of force majeure. Contracts often specify what constitutes force majeure via a clause in the agreement. So, the liability is decided per contract and neither by statute nor principles of general law. The first step to assess whether—and how—force majeure applies to any particular contract

297-543: 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

396-656: 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

495-540: A Chinese surveillance balloon was discovered in US air space, the Chinese government stated that this "was entirely an accident caused by force majeure". The importance of the force majeure clause in a contract, particularly one of any length in time, cannot be overstated as it relieves a party from an obligation under the contract (or suspends that obligation). What is permitted to be a force majeure event or circumstance can be

594-736: 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 ),

693-547: 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

792-546: 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

891-438: A coal-supply agreement if it cannot take the risk that there may be a geological limit to its coal supply from time to time. The outcome of that negotiation, of course, depends on the relative bargaining power of the parties and there will be cases where force majeure clauses can be used by a party effectively to escape liability for bad performance. Because of the different interpretations of force majeure across legal systems, it

990-462: 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,

1089-626: A debtor to be free of his obligation or debt. However such crises as an effect of wars such as World War II are considered as force majeure events as stated in Sagrada v. Nacoco (G.R. No. L-3756). The landmark case on this article and event is the case of Nakpil & Sons v. CA (G.R. No. L-47851). In this case, the Philippine Bar Association (PBA) building was the only building destroyed on Arzobispo St., Intramuros , Manila during an earthquake in 1968 . The PBA, through

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1188-488: 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

1287-567: 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

1386-522: 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

1485-545: A measured total length of 12,376 meters (40,604 ft), making it the longest well in the world. In November 2017, the record well reached 15 kilometers (49,000 ft) long. Sakhalin I's fields Chayvo, Arkutun-Dagi and Odoptu were discovered by the Soviets some 20 years before the Production Sharing Agreement of 1996. However these fields had never been properly assessed and a reevaluation of

1584-502: A measured total length of 12,376 meters (40,604 ft). Since the start of drilling in 2003 to 2017, Sakhalin-1 has drilled 9 of the 10 longest wells in the world. Since 2013, the project has set five records for drilling wells with the deepest depths in the world. In April 2015, the O-14 production well was drilled, with length of 13.5 kilometers (44,000 ft), in April 2014 the Z-40 well

1683-439: A member of the board of directors in 2016. As of July 28, 2021 , the current ExxonMobil board members are: Force majeure In contract law , force majeure ( / ˌ f ɔːr s m ə ˈ ʒ ɜːr / FORSS mə- ZHUR ; French: [fɔʁs maʒœʁ] ) is a common clause in contracts which essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond

1782-608: A new project company, Sakhalin 1 LLC in October 2023, Sakhalinmorneftegas-Shelf became the new manager of the project. Scientists and environmental groups have voiced concern that the Sakhalin-I oil and gas project in the Russian Far East, operated by an ExxonMobil subsidiary Exxon Neftegas, threatens the critically endangered western gray whale population. Approximately 130 western gray whales remain, of which only 30-35 are reproductive females. These whales only feed during

1881-518: A newly created Russian company the following October. Since 2003, when the first Sakhalin-1 well was drilled, six of the world's 10 record-setting extended reach drilling wells have been drilled at the fields of the project, using the Yastreb rig. It has set multiple industry records for length, rate of penetration and directional drilling . On 27 August 2012, Exxon Neftegas beat its previous record by completing Z-44 Chayvo well. This ERD well reached

1980-514: 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 ,

2079-470: A vessel or aircraft that allows it to enter normally restricted areas without penalty. An example would be the Hainan Island incident where a U.S. Navy aircraft landed at a Chinese military airbase after a collision with a Chinese fighter in April 2001. Under the principle of force majeure, the aircraft was allowed to land without interference. Similarly, the 2023 Chinese balloon incident in which

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2178-418: 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

2277-756: Is a defense against liability and is applicable throughout French law. Force majeure and cas fortuit are distinct notions in French law. In Argentina, force majeure ( fuerza mayor and caso fortuito ) is defined by the Civil Code of Argentina in Article 512, and regulated in Article 513. According to these articles, force majeure is defined by the following characteristics: In Argentina, Act of God can be used in Civil Responsibility regarding contractual or noncontractual obligations. As

2376-502: 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

2475-409: Is also estimated that nearly 13,000 jobs will be created either directly or indirectly. Approximately $ 2.8 billion has already been spent, which helped lower unemployment and improved the tax base of the regional government. The fields are projected to yield 2.3 billion barrels (370 × 10 ^  m) of oil and 17.1 trillion cubic feet (480 × 10 ^  m) of natural gas. In 2007,

2574-467: 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 , 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

2673-401: Is common for contracts to include specific definitions of force majeure, particularly at the international level. Some systems limit force majeure to an Act of God (such as floods, earthquakes, hurricanes, etc.) but exclude human or technical failures (such as acts of war, terrorist activities, labor disputes, or interruption or failure of electricity or communications systems). The advisory point

2772-564: 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

2871-412: Is in drafting of contract make distinction between act of God and other shape of force majeure. As a consequence, force majeure in areas prone to natural disaster requires a definition of the magnitude of the event for which force majeure could be considered as such in a contract. As an example, in a highly seismic area a technical definition of the amplitude of motion at the site could be established on

2970-520: 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

3069-434: 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

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3168-414: Is to ascertain the law of the country (state) which governs the contract. Time-critical and other sensitive contracts may be drafted to limit the shield of this clause where a party does not take reasonable steps (or specific precautions) to prevent or limit the effects of the outside interference, either when they become likely or when they actually occur. A force majeure may work to excuse all or part of

3267-518: Is within the owner's sphere of control.) The term cannot, however, be extended to cover delays caused by bad weather, football matches, or a funeral: the English case of Matsoukis v. Priestman & Co (1915) held that "these are the usual incidents interrupting work, and the defendants, in making their contract, no doubt took them into account.... The words 'force majeure' are not words which we generally find in an English contract. They are taken from

3366-558: The 2021–2023 Inflation Surge is also impacting force majeure provisions in leasing and other real estate contracts to include delays or excuses from performing contractual obligations due to the increased costs from rising inflation and rising interest rates . For a defendant to invoke force majeure in French law , the event proposed as force majeure must pass three tests: Other events that are candidates for force majeure in French law are hurricanes and earthquakes. Force majeure

3465-547: 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

3564-578: The Code Napoleon , and they were inserted by this Romanian gentleman or by his advisers, who were no doubt familiar with their use on the Continent." In Hackney Borough Council v. Dore (1922) it was held that "The expression means some physical or material restraint and does not include a reasonable fear or apprehension of such a restraint". In re Dharnrajmal Gobindram v. Shamji Kalidas [All India Reporter 1961 Supreme Court (of India) 1285], it

3663-587: The Jose W. Diokno Law Office , led by Sen. Diokno himself, sued Nakpil & Sons as well as the contractor of the building, United Construction Company, Inc., and won in the trial court. The case was merely reiterated and affirmed by the Court of Appeals . Finally in 1986 the case was decided with finality by the Supreme Court . The Court mentioned the four requisites, by breaking down Article 1174. These are still

3762-1151: 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

3861-474: The Russian invasion of Ukraine in February . In October 2022 Vladimir Putin instructed authorities to disband Exxon Neftegaz and transfer the project and all of its assets and equipment to a new operator, in which the government will hold a controlling 80% shareholding for an initial period of one month. The Exxon Neftegaz shareholding may be sold at an auction to a third party if authorities discover any damage to

3960-522: 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

4059-473: 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

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4158-749: 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

4257-463: The Arkutun-Dagi and Chayvo fields. The results were initially average from the appraisal wells with hydrocarbons being successfully tested, but there was still a large amount of uncertainty involved with the project. However, in late 1998, a revaluation of the 3-D seismic data using the most advanced seismic-visualization techniques then available indicated that the hydrocarbon depth on the edge of

4356-682: The ERD well BD-04A in the Al Shaheen oil field in Qatar. This ERD well was drilled to a record measured length of 12,289 meters (40,318 ft) including a record horizontal reach of 10,902 meters (35,768 ft) in 36 days. On 28 January 2011, Exxon Neftegas , operator of the Sakhalin-1 project, drilled the then world's longest extended-reach well. It has surpassed both the Al Shaheen well and

4455-718: 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

4554-671: 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

4653-659: 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

4752-692: 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

4851-418: The United States have used the COVID-19 pandemic as a force majeure in an attempt to escape contractual liability by applying the elements of an (1) unforeseeable event, (2) outside of the parties’ control, that (3) renders performance impossible or impractical. Though force majeure events are generally thought to include natural events like tornadoes and often unforeseeable man-made events like labor strikes,

4950-472: 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

5049-639: 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

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5148-467: 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

5247-597: 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

5346-482: The area until their effects had been studied or plans made to mitigate any negative effects of industrial activity had been implemented. Cooperation of Sakhalin Energy-ENL with the scientific panel investigating gray whales was hampered by confidentiality agreements and by ENL's lack of motivation to cooperate with the process. ExxonMobil has responded that since 1997 the company has invested over $ 40 million to

5445-424: 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

5544-572: 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

5643-625: 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

5742-846: 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

5841-1128: 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

5940-405: The commercial viability had to be carried out. To do this, factors such as the reservoir quality, producibility and well locations had to be found. 3-D seismic is the most common way to determine much of this however shallow gas reservoirs interfered with the seismic signals and blurred the images somewhat. Two campaigns of 3-D seismic were carried out along with a number of appraisal wells into

6039-416: 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

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6138-454: 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

6237-544: 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

6336-421: The consortium reached its production goal of 250,000 barrels per day (40,000 m/d) of oil. In addition, natural gas production for the peak winter season in 2007 was 140 million cubic feet per day (4.0 × 10 ^  m/d). The first rig is in place for Sakhalin-I, Yastreb, is the most powerful land rig in the world. Parker Drilling Company is the operator of the 52 meters (171 ft) high rig. Although

6435-472: The contract and claim damages for that repudiatory breach . As interpreted by English courts, the phrase force majeure has a more extensive meaning than " act of God " or vis major . Judges have agreed that strikes and breakdowns of machinery, which though normally not included in vis major, are included in force majeure. (However, in the case of machinery breakdown, negligent lack of maintenance may negate claims of force majeure, as maintenance or its lack

6534-408: The contract processes; for large events it is not always feasible or economical to do so. Concepts such as 'damaging earthquake' in force majeure clauses do not help to clarify disruption, especially in areas where there are no other reference structures or most structures are not seismically safe. When force majeure has not been provided for in the contract (or the relevant event does not fall within

6633-404: The contract, based for example on probability of occurrence studies. This parameter or parameters can later be monitored at the construction site (with a commonly agreed procedure). An earthquake could be a small shaking or damaging event. The occurrence of an earthquake does not imply the occurrence of damage or disruption. For small and moderate events it is reasonable to establish requirements for

6732-420: The control of the parties, such as a war, strike, riot, crime, epidemic, or sudden legal change prevents one or both parties from fulfilling their obligations under the contract. Force majeure often includes events described as an act of God , though such events remain legally distinct from the clause itself. In practice, most force majeure clauses do not entirely excuse a party's non-performance but suspend it for

6831-408: 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

6930-510: The development. By November the new operator of the project Sakhalin 1 LLC was owned 30% by Exxon Mobil, 20% by India’s Oil and Natural Gas (ONGC), 30% by Japan’s Sakhalin Oil and Gas Development (SODECO), Rosneft subsidiary Sakhalinmorneftegaz-Shelf who manages the project was given 11.5% and JSC RN-Astra 8.5%. After handing over operations of Sakhalin 1 to the Rosneft subsidiary, production

7029-403: The duration of the force majeure. Force majeure is generally intended to include occurrences beyond the reasonable control of a party, and therefore would not cover: Under international law , it refers to an irresistible force or unforeseen event beyond the control of a state, making it materially impossible to fulfill an international obligation. Accordingly, it is related to the concept of

7128-495: The endangered western gray whale population from oil and gas projects in the area, including Sakhalin-I. In February 2009, the WGWAP reported that the number of western gray whales observed in the near-shore (primary) feeding area had significantly declined in the summer of 2008, which coincides with industrial activities conducted by ENL (and other companies) in the area. The WGWAP suggested a moratorium on all industrial activities in

7227-531: The field could be significantly deeper than first thought. In 2000, the Chayvo 6a delineation well confirmed what was suspected, a 150 meters (490 ft) oil column. This provided the certainty that the field was commercially viable in the hostile environment with a potential to be a 1-billion-barrels (160 × 10 ^  m) field. In 2007, the project set a world record when extended-reach drilling (ERD) well Z-11 reached 11,282 meters (37,014 ft). That record

7326-517: 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

7425-535: 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 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

7524-585: 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

7623-435: 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

7722-465: 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

7821-480: The obligations of one or both parties. For example, a strike might prevent timely delivery of goods, but not timely payment for the portion delivered. A force majeure may also be the overpowering force itself, which prevents the fulfillment of a contract. In that instance, it is actually the impossibility or impracticability defenses. In the military, "force majeure" has a slightly different meaning. It refers to an event, either external or internal, that happens to

7920-545: 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

8019-747: The oldest state with a size of over 300,000 sq km to integrate the two legal systems, the Philippines also has its own unique interpretation of force majeure events. Under the Civil Code in Article 1174, Except in cases specified by the law, or when it is otherwise declared by stipulation, or when the nature of the obligation requires the assumption of risk, no person shall be responsible for those events which, could not be foreseen, or which, though foreseen were inevitable. Fortuitous events must not be caused by man but by nature. Therefore, economic crises are not considered as force majeure events that allows

8118-502: 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

8217-404: The previous decades-long leader Kola Superdeep Borehole as the world's longest borehole . The Odoptu OP-11 Well reached a measured total length of 12,345 meters (40,502 ft) and a horizontal displacement of 11,475 meters (37,648 ft). Exxon Neftegas completed the well in 60 days. On 27 August 2012, Exxon Neftegas beat its own record by completing Z-44 Chayvo well. This ERD well reached

8316-483: The project. A company press release cited the Russian invasion of Ukraine and the desire to comply with international sanctions as reasons for the termination of operations, along with a desire to protect investors' assets. In the same document, ExxonMobil announced its intent to end any participation the company had or has planned in the country. ExxonMobil ExxonMobil Corporation ( / ˌ ɛ k s ɒ n ˈ m oʊ b əl / EK -son- MOH -bəl )

8415-598: The requisites used in Philippine courts today. These requisites are: In doing so, the Supreme Court ruled that there is no fortuitous event, after also observing certain problems in construction such as measurement deficiencies and poor foundations. Article 7.1.7 of the UNIDROIT Principles of International Commercial Contracts provides for a form of force majeure similar, but not identical, to

8514-507: The rig is land based it will drill more than 20 extended-reach wells 10 kilometers (6.2 mi) horizontally out into the Sea of Okhotsk , and 2,600 meters (8,500 ft) in depth. This land-based offshore drilling arrangement is needed because the Sea of Okhotsk is frozen about four months out of the year. The rig is designed to be resistant to the earthquakes that frequent the area, and operate in

8613-587: The scientific consensus that fossil fuels significantly contribute to global warming . The company 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

8712-425: The scope of the force majeure clause), and a supervening event prevents performance, it will be a breach of contract . The law of frustration will be the sole remaining course available to the party in default to end the contract. If the failure to perform the contract deprives the innocent party of substantially the whole benefit of the contract it will be a repudiatory breach, entitling the innocent party to terminate

8811-406: 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

8910-493: The source of much controversy in the negotiation of a contract and a party should generally resist any attempt by the other party to include something that should, fundamentally, be at the risk of that other party. For example, in a coal -supply agreement, the mining company may seek to have " geological risk" included as a force majeure event; however, the mining company should be doing extensive exploration and analysis of its geological reserves and should not even be negotiating

9009-870: The summer and autumn, in feeding grounds which happen to lie adjacent to Sakhalin-I project onshore and offshore facilities and associated activities along the northeast coast of Sakhalin Island. Particular concerns were caused by the decision to construct a pier and to start shipping in Piltun Lagoon. Since 2006, the International Union for the Conservation of Nature (IUCN) has convened the Western Gray Whale Advisory Panel (WGWAP), consisting of marine scientists who provide expert analysis and advice concerning impacts on

9108-548: The western whale monitoring program. In June 2018 the Sakhalin Environment Watch reported a huge die off of Pacific herring fish at the River Kadylaniy near Sakhalin's pipeline outlet. Low oxygen concentrations, related to oil production work has been suggested as the culprit. On March 1, 2022, ExxonMobil, the principal operator of the Sakhalin I project, announced its complete withdrawal from

9207-600: The −40 °C (−40 °F) temperatures that can occur in the winter. As part of the project, Russia is in the process of building a 220-kilometre (140 mi) pipeline across the Tatar Strait from Sakhalin Island to De-Kastri oil terminal on the Russian mainland. From De-Kastri it will be loaded onto tankers for transport to East Asian markets. Prior to March 2, 2022 the consortium consisted of: Both Russian entities are Rosneft affiliates. Restructured with

9306-510: 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

9405-476: Was broken in early 2008 with extended-reach well Z-12 reaching 11,680 meters (38,320 ft). Both extended-reach wells are in the Chayvo field and reach over 11 kilometers (6.8 mi). As of early 2008, the Chayvo field contains 17 of the world's 30 longest extended-reach-drilling wells. However, in May 2008, both world records of ERD well were surpassed by the GSF Rig 127 operated by Transocean , which drilled

9504-514: Was completed with a length of 13 kilometers (43,000 ft), in April and June 2013 - the Z-43 and Z-42 wells 12.45 kilometers (40,800 ft) and 12.7 kilometers (42,000 ft) long, respectively. In November 2017 the record well reached 15 kilometers (49,000 ft) long. Production from Sakhalin 1 halted in May 2022, when operator Exxon Neftegaz declared force majeure at the project in response to international sanctions imposed on Russia after

9603-482: Was held that "An analysis of ruling on the subject shows that reference to the expression is made where the intention is to save the defaulting party from the consequences of anything over which he had no control." Even if a force majeure clause covers the relevant supervening event, the party unable to perform will not have the benefit of the clause where performance merely become (1) more difficult, (2) more expensive, and/or (3) less profitable. For example, parties in

9702-418: Was re-established with an output of 140,000 barrels per day (22,000 m/d)-150,000 barrels per day (24,000 m/d) expected to rise to 220,000 barrels per day (35,000 m/d) eventually. The three fields will be developed in this order: Chayvo, Odoptu and Arkutun-Dagi. The total project is estimated to cost US$ 10–12  billion , making it the largest direct investment in Russia from foreign sources. It

9801-495: 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

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