ExxonMobil Success Story

BY

INFOCLUTCH | SEPTEMBER 15, 2020


ExxonMobil is an MNC having its headquarters in Texas, USA. It is one of the largest Oil and gas corporations across the world. Although the company faced many challenges, it bounced back, by gaining new markets.

ExxonMobil success story

Vision:

Safely distributing the energy with innovative services

Mission:

To be known as the premier petroleum company across the world

Core Values:

Safety and security

Diversity and integrity

Flexible work environment

Right inclusion process

Path to Challenges & Success:

In 1998, both Exxon and Mobil signed a deal of $73.7 Billion for the process of merger

In September 1999, the merger got approval from the European commission

The company came into existence on November 30, 1999, with the merger of Exxon and Mobil

The company Standard Oil founded by John D.Rockefeller later came to known as ExxonMobil

In 2000, the company had its majority of earnings from the refining process

In 2007, it achieved the success of generating 3.921 million oil barrels

In 2009, the company sold its one of the coal mines in USA

In 2011, there was a major oil spillover at the Yellowstone river

In 2012, it acquired a deal to explore the oil reserves in Iraq

In 2012, it went off with the project of development of coalbed methane in Australia

In the same year, there was a major burst in the pipeline of Exxon Corp Baton Rouge

In 2013, the pipeline at Mayflower was ruptured causing the evacuation of homes around it

As of 2014, the company had 14.6 million acres in USA

In 2016, it achieved the success of generating 20 billion barrels of oil

In 2016, the CEO of the organization got nominated for the position of secretary of state

In 2016, the company convinced US Federal court to lift the law hampering them to use Esso

In 2017, the company challenged the US government of not violating the sanctions law against Russia

In 2017, there was another revelation of the company doing business with Sudan, Syria, and Iran; countries on the list of sanctions by USA

In 2019, InfluenceMap stated that ExxonMobil is one of the companies spending a huge amount in blocking the policies on climate change

COVID-19 Effect on ExxonMobil:

The fallout is clearly visible on the capital expenditure of ExxonMobil

In April 2020, the company announced it would lower the capital expenditure by 30%

It would reduce the forecast investment from a whopping $33 billion to around $23 billion

Where ExxonMobil stands today?

ExxonMobil is now testing the market of Low-Sulfur

It would provide 0.5% of the Sulfur fuel in almost 7 ports

The organization is ready to fight the double whammy of pandemic and the global oil price war

In the latest news, the organization plans to pump $30 billion yearly for rebuilding the damage by the COVID-19 pandemic and global slowdown. It closed to 0.5% higher with the valuation of $178 billion in the New York Stock Exchange on July 31st, 2020.