Exxon Mobil Corporation
ExxonMobil is an American multinational oil and gas corporation headquartered in Texas. The group has 3 main areas of activity:
- 79.3%: Refining and distribution: 5.5m barrels of oil products (diesel fuel, gasoline, fuel oil, lubricants, motor oils, etc.) are sold per day. The group operates a network of 20,806 service stations under the brands Exxon, Mobil, Esso, etc. (Dec.2018)
- 11.6%: Petrochemical: primarily oils, aromas, alcohols, ethylene, elastomers, propylene, and polymers for the pharmaceutical, cosmetic, textile, electrical industries.
- 9.1%: Exploration and production of hydrocarbons (worldwide leader): 2.3m barrels of crude oil and natural gas produced per day.
Carbon Majors Oct.2019 update: ExxonMobil holds the No.4 spot in the Top 20.
Carbon Majors Report: No.9 in the Top 50 worst GHG emitters.
Climate Policy Rating: InfluenceMap E
ExxonMobil continues to oppose climate regulation, whilst promoting an energy policy agenda to accelerate fossil fuel development. It also continues to question the desirability or feasibility of urgent action towards a global low-carbon energy transition. IM Report
- 47.2%: Exxon Mobil Corporation
- 8.19% Vanguard Group Inc
- 4.78% SSgA Funds Management Inc
- 2.49% BlackRock Fund Advisors
- 1.73% Putnam Investments LLC
- 1.57% Capital Research & Management Company (Global)
- 1.46% Geode Capital Management LLC
- 1.32% Capital Research & Management Company
- 1.30% Northern Trust Investments Inc
- 1.23% Wellington Management Company LLP
- 1.03% Norges Bank Investment Management
- 68.9% § Imperial Oil Ltd
- 66.0% § Esso (Thailand) PCL
- 82.9% § Esso SAF, ref
- 17.2% New Zealand Refining Company Ltd
ExxonMobil Chemical was formed by merging Exxon's and Mobil's chemical industries. Its principal products includes 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. The company was an industry leader in metallocene catalyst technology to make unique polymers with improved performance.ref, ref
- Nov.1999: ExxonMobil: Exxon and Mobil merged.
- Apr.30.2019: Two Exxon shareholders to withhold support for directors over inadequate climate change response. The Church Commissioners, managing the endowment fund of the Church of England, and New York State Comptroller Thomas DiNapoli, who manages the state’s pension fund, also urged other shareholders to vote in favor of an independent chairman. Loren Elliott, Reuters.
- Sept.20.2018: ExxonMobil agrees to join oil and gas climate change alliance. U-turn means company will join BP, Shell and Total in contributing $100m to project. ExxonMobil has joined the oil and gas industry’s flagship climate change project OGCI, reversing its decision not to join the alliance 4 years ago. Exxon promoted climate denial for years despite knowing about the risks since 1981. Two other US oil companies, Chevron and Occidental Petroleum, have also joined the initiative, taking its total climate fund to $1.3bn. The project has been derided as “greenwash” by campaigners. Adam Vaughan, The Guardian.
- Mar.29.2018: Catch Me If You Can: Exxon complicit in corrupt Liberian oil sector. We expose how US oil giant Exxon purchased a Liberian oil block it knew was tainted by corruption – while attacking US anti-corruption laws. In 2013, oil giant Exxon signed a $120 million deal with the Liberian Government for an oil block it knew was tainted by corruption. As our exposé reveals, Exxon negotiated the deal despite its concern over "issues regarding US anti-corruption laws". Exxon and Tillerson lobbied against anti-corruption laws. What Exxon knew about the Liberian oil block. Liberian officials received unusual payments. Global Witness.
- Mar.29.2018: ExxonMobil Liberian oil deal went ahead despite anti-corruption concerns. ExxonMobil worked with a company connected to a senior Conservative party figure to transfer an oil asset in Liberia despite "concern over issues regarding US anti-corruption laws". ExxonMobil proposed a complex financial arrangement to move the rights to a Liberian oil block through two financial transactions on the same day, after concerns were raised about the original allocation of the rights. Under the arrangement, a company called Peppercoast sold rights in a west African oil block to a company called Canadian Overseas Petroleum Ltd. Viscount Astor, David Cameron's father-in-law, is a director of COPL, which is registered in Bermuda. COPL then immediately sold the majority of the asset to ExxonMobil. Before the deal went through, Lord Flight, a Conservative peer and a shareholder in Peppercoast, wrote to Henry Bellingham (Henry Bellingham (Norfolk MP)), then Foreign Office minister, expressing concerns about the sale being blocked. A major interest in Peppercoast was held by RAB Capital, a London-based hedge fund. RAB Capital is a major Conservative donor, as are both founders, Michael Alen-Buckley and Philip Richards. They were both members of the Leader's Group. Viscount Astor, who is married to Samantha Cameron’s mother, became a consultant for COPL, and then a director. Several Conservative donors had shares in Peppercoast. David Cameron travelled to Liberia in Feb.2013, meeting both then president and her son Robert Sirleaf, then the chairman of NOCAL, which oversaw the transfer of the asset to Exxon. Holly Watt, The Guardian.
- Mar.01.2018: ExxonMobil abandons joint ventures with Russia’s Rosneft. ExxonMobil is abandoning most of its joint ventures with Rosneft, walking away from a partnership promising big new projects in areas including the Arctic and the Black Sea that were once important growth prospects but have been hit by US sanctions. The formal withdrawal after years of limbo ends a troubled strategic co-operation agreement that was signed in 2011 with much fanfare, but was called into question after the US and EU imposed sanctions against Russia following Moscow’s 2014 invasion and subsequent annexation of Crimea. Exxon and Rosneft struck a series of agreements that were reported to entail investments of as much as $500bn in exploration projects in the Russian Arctic, shale oilfields in Siberia and deep water in the Black Sea. Rosneft said on Thursday that the projects had reserves of 12.3bn tons of oil and 15.2tn cubic meters of gas. The partnership, formed after the collapse of a similar deal between Rosneft and BP, was seen as a strategic coup for Rex Tillerson, then chief executive of Exxon and now US secretary of state. In 2013-14 Rosneft and Exxon set up joint ventures to conduct research and exploration, but the 2014 sanctions specifically targeted the areas covered by Exxon’s agreements: the Arctic, shale and deep water. Rosneft said it would push ahead with the projects but leave the door open to Exxon in the future. The Financial Times.
- Carbon Majors. Update 8 October 2019: Accounting for carbon and methane emissions, Top Twenty investor-owned and state-owned oil, gas, and coal companies 1965-2017. Climate Accountability Institute, Oct.08.2019.
- New report shows just 100 companies are source of over 70% of emissions. Carbon Majors research finds 100 active fossil fuel producers including ExxonMobil, Shell, BHP Billiton and Gazprom are linked to 71% of industrial greenhouse gas emissions since 1988. CDP, Jul.10.2018.