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.
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.
