ExxonMobil

Exxon Mobil Corporation (NYSE: XOM) or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas. Its affiliated with Imperial Oil which operates in Canada.

ExxonMobil is one of the largest publicly traded companies in the world, having been ranked either #1 or #2 for the past 5 years. However they are currently 6th according to Forbes Global 2000. Exxon Mobil's reserves were 72 billion oil-equivalent barrels at the end of 2007 and, at then (2007) rates of production, are expected to last over 14 years. With 37 oil refineries in 21 countries constituting a combined daily refining capacity of 6.3 million barrels, Exxon Mobil 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 six oil supermajors with daily production of 3.921 million BOE (barrels of oil equivalent). In 2008, this was approximately 3% 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% of the total.

Operating divisions

ExxonMobil is organized functionally into a number of global operating divisions. These divisions are grouped into three categories for reference purposes, though the company also has several ancillary divisions, such as Coal & Minerals, which are stand alone.

Upstream (oil exploration, extraction, shipping, and wholesale operations) based in Houston, Texas

Downstream (marketing, refining, and retail operations) based in Fairfax, Virginia

The current Chairman of the Board and CEO of Exxon Mobil Corporation is Rex Tillerson. Tillerson assumed the top position on January 1, 2006, on the retirement of long-time chairman and CEO, Lee Raymond, who received a retirement and severance package of approximately $400 million USD, of which some were critical.

As of February 5, 2009, the current ExxonMobil board members are:

Michael Boskin, professor of economics Stanford University, director of Oracle Corporation, Shinsei Bank, and Vodafone Group

Larry R. Faulkner, President, Houston Endowment; President Emeritus, the University of Texas at Austin

William W. George, professor of management practice, Harvard Business School

James R. Houghton, Chairman of the Board, Corning Incorporated

Reatha Clark King, former chairman, Board of Trustees, General Mills Foundation

Philip E. Lippincott, retired Chairman of the Board, Scott Paper Company and Campbell Soup Company

Marilyn Carlson Nelson, Chairman and CEO, Carlson Companies

Samuel J. Palmisano, Chairman of the Board, President and CEO, IBM Corporation

Joaquin Pelayo, Chairman of the Board and President, McGraw Hill.

Steven S Reinemund, retired Executive Chairman of the Board, PepsiCo

Walter V. Shipley, retired Chairman of the Board, Chase Manhattan Corporation

Rex Tillerson, Chairman of the Board and Chief Executive Officer, Exxon Mobil Corporation

Edward E. Whitacre, retired Chairman of the Board and Chief Executive Officer, AT&T

Joint ventures and other strategic alliances

Aera Energy LLC is an E&P joint venture with Shell Oil, operating in California.

Infineum is a joint venture between ExxonMobil and Royal Dutch/Shell for manufacturing and marketing lubricant and fuel additives.

Production

ExxonMobil is the largest non-government owned company in the energy industry and produces about 3 percent of the world's oil and about 2 percent of the world's energy.

ExxonMobil, like other oil companies, is struggling to find new sources of oil. According to Wall Street Journal, for every 100 barrels of oil it has pumped, it has replaced only 95. This stands in contrast to natural gas, where, for every 100 cubic feet of gas extracted, Exxon has found or bought an additional 158.

Revenue and profits

In 2005, ExxonMobil surpassed Wal-Mart as the world's largest publicly held corporation when measured by revenue, although Wal-Mart remained the largest by number of employees.ExxonMobil's $340 billion revenues in 2005 were a 25.5 percent increase over their 2004 revenues.

In 2006, Wal-Mart recaptured the lead with revenues of $348.7 billion against ExxonMobil's $335.1. ExxonMobil continued to lead the world in both profits ($39.5 billion in 2006) and market value ($460.43 billion).

In 2007, ExxonMobil had a record net income of $40.61 billion on $404.552 of revenue, an increase largely due to escalating oil prices as their actual oil equivalent production decreased by 1%, in part due to expropriation of their Venezuelan assets by the Chavez government.

As of July 1, 2010, ExxonMobil occupied 8 out of 10 slots for Largest Corporate Quarterly Earnings of All Time. Furthermore, it occupies 5 out of 10 slots on Largest Corporate Annual Earnings.