Exxon Mobil Corp., or ExxonMobil, is an American multinational oil and gas corporation headquartered in Irving, Texas, United States. It is a direct descendant of John D. Rockefellers Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil (formerly Standard Oil of New Jersey and Standard Oil of New York). It is affiliated with Imperial Oil which operates in Canada. The companys largest shareholder is the Bill and Melinda Gates Foundation. The worlds third largest company by revenue, ExxonMobil is also the second largest publicly traded company by market capitalization. The company was ranked No. 5 globally in Forbes Global 2000 list in 2013.ExxonMobils reserves were 72 billion BOE (barrels of oil equivalent) at the end of 2007 and, at then (2007) rates of production, were expected to last more than 14 years. With 37 oil refineries in 21 countries constituting a combined daily refining capacity of 6.3 million barrels (1,000,000 m3), ExxonMobil is the largest refiner in the world, a title that was also associated with Standard Oil since its incorporation in 1870. ExxonMobil is the largest of the worlds supermajors with daily production of 3.921 million BOE. In 2008, this was approximately 3 percent of world production, which is less than several of the largest state-owned petroleum companies. When ranked by oil and gas reserves, it is 14th in the world—with less than 1 percent of the total. ExxonMobil has been subject to numerous criticisms, including the lack of speed during its cleanup efforts after the 1989 Exxon Valdez oil spill in Alaska, widely considered the number one spill worldwide in terms of damage to the environment. ExxonMobil has drawn criticism for funding organizations that are skeptical of the scientific opinion that global warming is caused by the burning of fossil fuels. Questions have been raised about the legality of the company’s foreign business practices. Critics note that ExxonMobil increasingly drills in terrains leased by dictatorships. The company has also has been the target of accusations of improperly dealing with human rights issues, influence on American foreign policy, and its impact on the future of nations.
Posted on: Wed, 29 Jan 2014 13:28:49 +0000
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