History of ExxonMobil

Jersey Standard assumed this cooperation to be beneficial as it believed the United States oil reserves to be exhausted in the near future and that the coal hydrogenation would give an access for producing synthetic fuels.

IG Farben transferred rights to the hydrogenation process outside of Germany to the joint venture in exchange of $35 million stake of Jersey Standard shares.

[23] In 1947, Jersey Standard and Royal Dutch Shell formed the joint venture Nederlandse Aardolie Maatschappij BV [nl] for oil and gas exploration and production in the Netherlands.

The rectangular Exxon logo, with the blue strip at the bottom and red lettering with the two 'X's interlinked together, was designed by noted industrial stylist Raymond Loewy.

[49] Due to the oil embargo of 1973, Exxon and Mobil began to expand their exploration and production into the North Sea, the Gulf of Mexico, Africa, and Asia.

Mobil diversified its activities into retail sale and packaging by acquiring the parent company of Montgomery Ward and Container Corporation of America.

Beginning February 29, 1928, on NBC, Socony Oil reached radio listeners with a comedy program, Soconyland Sketches, scripted by William Ford Manley and featuring Arthur Allen and Parker Fennelly as rural New Englanders.

In 1963, it changed its trade name from "Mobiloil" to simply "Mobil", introducing a new logo (created by New York graphic design firm Chermayeff & Geismar).

[67] As automakers were switching en masse from carbureted to fuel-injected engines during the early to mid-1980s, and the detergent additives that existed in most available gasolines proved not to be enough to prevent injection clogging, leading to drivability problems, Mobil received accolades from General Motors and other automakers for increasing the detergency of its Super Unleaded gasoline in 1984 to prevent formation or deposit build-ups of the injectors but also remove existing deposits as well in normal driving.

[69] Day had in April of that year[68]"led a stockholder revolt" leading to changes in Superior's bylaws, requiring the company's management to consider takeover bids.

[105] In November 2013, ExxonMobil agreed to sell its majority stakes in a Hong Kong-based utility and power storage firm, Castle Peak Co Ltd, for a total of $3.4 billion, to CLP Holdings.

[107] On October 9, 2014, the International Centre for Settlement of Investment Disputes awarded ExxonMobil $1.6 billion in the case the company had brought against the Venezuelan government.

[108] In September 2016, the Securities and Exchange Commission contacted ExxonMobil, questioning why (unlike some other companies[109][110]) they had not yet started writing down the value of their oil reserves, given that much may have to remain in the ground to comply with future climate change legislation.

By this time, as a result of numerous mergers and rebranding, the remaining Standard Oil companies that previously objected to the Esso name had been acquired by BP.

[118][119] One of the first events under Woods' tenure was the revelation that Infineum, a joint venture of ExxonMobil and Royal Dutch Shell headquartered in England, conducted business with Iran, Syria, and Sudan while those states were under US sanctions.

Trump's denial was supported US Representative Adam Schiff, a Democrat from California, said that the "Treasury Department should reject any waiver from sanctions which would allow ExxonMobil or any other company to resume business with prohibited Russian entities.

William Holbrook, a company spokesman, said that the ExxonMobil had followed "clear guidance from the White House and Treasury Department when its representatives signed [in May 2014] documents involving ongoing oil and gas activities in Russia with Rosneft".

It came after two separate attacks on United States Military bases in Iraq and one week after two oil tankers being hit by a 'flying object' in the Gulf of Oman.

[125] In August 2020, Exxonmobil was removed from the Dow Jones Industrial Average and replaced by software corporation Salesforce, reflecting a change of time in which oil companies have lost much of their value and influence.

During a rally in Tucson, Arizona, Trump commented that he would be able to call CEO Darren Woods and obtain a $25 million donation from the company in exchange for drilling permits.

[130][131] In January 2021, ExxonMobil started a pilot program with Crusoe Energy Systems to also divert its flare gas into generators producing electricity to power shipping containers full of bitcoin miners in the Bakken region of North Dakota (which it expanded the following July), and that Crusoe has stated reduces carbon dioxide equivalent emissions by 63 percent as compared with continued flaring.

[132] In 2021 and 2022, an index constructed by researchers at the University of Cambridge showed that bitcoin mining consumed more electricity during the course of the year than the entire nations of Argentina (a G20 country) and the Netherlands.

In a company statement, ExxonMobil detailed that it stands with the Ukrainian people "as they seek to defend their freedom and determine their own future as a nation".

The company attained wide scrutiny for the higher profits throughout 2022 for high gas prices, especially from US President Joe Biden, who claimed that the oil giant was "making more money than God".

In May, Exxon sold its Barnett Shale holdings to subsidiaries of BKV Corporation for $750 million, with additional payments based on the price of natural gas.

October saw Exxon both finalize plans to sell its Billings Refinery to Par Pacific Holdings for $310 million, itself seen as a continuation of the company reducing its refining footprint, and the joint sale of its California oil wells with Shell to a German conglomerate.

In April of that year, news broke that ExxonMobil was considering acquiring Pioneer Natural Resources, a deal which would make it the largest shale gas producer in the Permian.

[166][167][168] ExxonMobil's Low Carbon Solutions division also began exploring hydrogen-related energy projects in the 2020s, including furthering the development of turning hydrogen into gasoline substitutes.

ExxonMobil announced plans to drill two wells in Essequibo waters, which resulted in a disapproving response from Venezuela's government under President Nicolás Maduro, risking further escalation of tensions between the two countries.

Brown, 1935–1944 B. Brewster Jennings, 1944–1955 Albert L. Nickerson Jr., 1955–1961 Herbert Willetts, 1961–1964 Rawleigh Warner Jr, 1965–1969 William P. Tavoulareas, 1969–1984 Allen E. Murray, 1985–1993 Lucio A. Noto, 1993–1998 Eugene A. Renna, 1998–1999 ExxonMobil today retains usage of both Exxon and Mobil as brands.