Exxon Mobil Corporation : An Energy Company Essay

940 WordsMay 1, 20164 Pages
Headquartered in Irving, Texas. Exxon Mobil Corporation is an energy company that explores for and produces crude oil and natural gas. As one of the largest manufacturers of petroleum products in the world, it transports and sells natural gas, crude oil, and oil products. Exxon is also a major manufacturer and marketer of commodity petrochemicals and a wide variety of specialty products. It also markets and refines chemicals, and has interests in power generation facilities. The company operates in two hundred plus countries in North America, Europe, Asia-Pacific, Latin America and Middle East/Africa. Formed by the merger of two big oil companies in 1999, Exxon and Mobil, the corporation is now the world’s 8th largest by revenue and third largest publicly traded company by market capitalization. Exxon’s history is the story of two groups; both Exxon and Mobil are descendants of John D. Rockefeller 's Standard Oil Company of Ohio, incorporated as Standard Oil Trust in 1882. The Oil & Gas industry boomed after world war two. A new cultural change based on automobiles led the world oil consumption to overtake production, a scarcity that would allow the company to grow its revenue by more than 100% in 10 years from 1958 to 1968, something that the Organization of Petroleum Exporting Countries (OPEC) would also soon take advantage. In 1973, OPEC placed an embargo on oil shipments to the U.S. The price of oil almost instantly quadrupled, and a new era of energy awareness started.

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