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Most people are familiar with the ExxonMobil brand but may be less familiar with the location of the Exxonmobil headquarters. Not surprisingly, ExxonMobil headquarters is located in one of the richest oil regions of the world: Texas. The ExxonMobil headquarters campus is located near Houston in suburban Irving, Texas.
Thousands of employees work in the corporate headquarters, where the company’s leadership runs this worldwide oil and gas manufacturer and retailer. The company has four main lines of business: upstream, downstream, chemical and natural gas. All four are managed from Irving, Texas.
Where Are the Exxonmobil Headquarters?
The ExxonMobil headquarters are located at 5959 Las Colinas Blvd Irving, TX 75039-2298 United States. Over 12,000 employees work at the sprawling suburban campus. The headquarters consist of multiple building clusters, many of which are designed with modern architecture that give the campus an air of sophistication. Many types of jobs are performed at the ExxonMobil headquarters, such as accounting, marketing, sales, operations, supply chain, and human resources.
What Is ExxonMobil’s Business?
Exxonmobil is a behemoth of the oil and gas industry and the largest oil refiner on the globe. In part it owes its size to the 1999 merger of Exxon and Mobile: two companies that were already behemoths in their own right. ExxonMobil is based in Irving, Texas but has operations all over the world. It is also the parent company of United Kingdom’s oil and gas giant, Esso.
The ExxonMobil Group’s main activities include oil and gas exploration, production, transportation and sale. It also manufactures and sells petrochemicals, has coal and mineral mining operations and has an electric power generation business line. The vast majority of its revenues result from oil refining and marketing. In the UK, Esso reigns as the largest retailer of petroleum products and the biggest oil refiner. Esso also has large exploration and production operations, though most of it is conducted under the Shell name through a joint venture.
Exxonmobil controls the largest portion of petroleum product market share in the world for a private company. Worldwide, it employs over 70,000 workers. It sells most of its petroleum through Exxon and Esso service stations, which are located in over 100 countries. It also sells aviation fuel to airports around the globe and marine fuels at more than 300 ports around the worldwide. Esso is the UKs biggest retailer with over 1500 stations and employs nearly 3,000 people.
Exxon has been at the center of several controversies. In 1989, the Exxon Valdez oil tanker ran aground off the coast of Alaska, spilling 10.8 million of its more than 50 million gallons of crude oil. Damage to wildlife and the Alaskan coastline was extensive. Exxon contributed over $2 billion to the cleanup efforts and settled hundreds of lawsuits, and got a $2.5 billion punitive damages award reduced by the U.S. Supreme Court.
After the Exxon Valdez oil spill, media outlets descended on the site and produced heart breaking pictures of thousands of oil-soaked marine animals. The shorelines have not yet been completely cleared of oil. Accusations that the captain of the ship was drunk at the time led to ridicule in the media, though the captain was eventually found not guilty of being intoxicated at the time of the crash. Many blame faulty navigation equipment that Exxon failed to repair. The equipment would have alerted the third mate, who was piloting at the time, that the ship was in danger.
The Exxonmobil story begins in 1870, when John D. Rockefeller and partners formed the Standard Oil Company. The new enterprise quickly became a behemoth and near monopoly, controlling 95% of U.S. refining capacity. Its stunning growth resulted from buying up competitors, receiving rebates on oil and making drawback agreements with railroads. In 1882, the owners of Standard Oil created the Standard Oil Trust to circumvent Ohio laws that limited ownership of out-of-state companies. This tactic allowed the company to skirt anti-monopoly regulations.
Congress passed the Sherman Antitrust Act in 1880 in response to Standard Oil’s monopoly, but the company continued to dominate and wield enormous power. The U.S. Supreme Court broke up the Standard Oil Trust in 1911, severing it into 34 different companies, though the ownership structure of this new arrangement was little different from what it was under the Standard Oil Trust. These spinoffs gave birth to the precursor companies of Exxon, Jersey Standard, and Mobil/Socony. Both companies expanded aggressively, opening operations around the world.
Socony purchased Vacuum Oil in 1931, becoming Socony-Vacuum. In 1955, it changed its name to Socony Mobil Oil Co. and, finally in 1966 became Mobil Oil Company. Jersey Standard changed its name to Exxon Corporation in 1972. The American public quickly became familiar with the newly established Exxon trademark. Its affiliated companies continued to use the Esso trademark in other countries. The 1970s also marked a time when both companies ramped up efforts to find oil sources outside of the Middle East, including the North Sea, Gulf of Mexico and African and Asian locales.
Exxon and Mobil Merger
Exxon and Mobil signed an agreement to merge into Exxon Mobil Corporation in 1998. At the time, the companies declared that the merger would enhance their ability to compete globally in a volatile world economy. The proposed merger earned shareholder and regulatory approval, becoming official in November 1999.
From its inception to 2019, ExxonMobil has ranked between the first and sixth largest public company by market capitalization. Forbes ranked it 9th on its Global 200 list in 2016. The company returns high profits, ranking as the tenth most profitable of the Fortune 500 in 2017. In 2018, Exxonmobil ranked second on the Fortune 500 by revenue. As of March 2019, over 55% of ExxonMobil stock was owned by institutions. The Vanguard Group holds the biggest percentage at 8.15%, followed by BlackRock with 6.61% and State Street Corporation with 4.83%.
As one of the largest oil companies, ExxonMobil has enormous production capacity, often producing nearly 4 million barrels of oil per day. This number is exceeded only by nationalized oil companies. However, it remains the largest refiner in the world with 37 refineries in 21 countries. The company produces approximately 3% of the worldwide oil supply and holds approximately 1% of global reserves. Starting in 2008, ExxonMobil began phasing out its directly owned service stations, selling them as franchises instead. In 2010, it bought XTO Energy, which focuses on alternative energy.
What Are ExxonMobil’s Main Lines of Business?
On its website, ExxonMobil discusses the importance of the energy industry, noting that access to energy is vital to human comfort, mobility, economic development and social progress. The company explains that every aspect of modern life depends on power. ExxonMobil notes the over 100 years of history where it and its predecessor companies helped power advancement throughout the world, evolving from a regional kerosene seller to a worldwide advanced energy company. The website notes that in addition to its traditional business, the company also develops next-generation technologies.
ExxonMobil participates in four main lines of business:
Upsteam involves the company’s traditional role of oil exploration. The company prides itself on developing industry-leading technologies that assist in recovering oil and other hydrocarbon resources safely and responsibly. It uses advanced understanding of hydrocarbons and geo-scientific capabilities to identify the highest quality oil resources. Then, through seismic imaging, reservoir simulation, and effective facility design, it is able to reach deposits that, using older technologies would be unreachable.
ExxonMobil Chemical generates annual sales of 25 million tons per year. It operates major manufacturing plants in large markets worldwide. The chemical products it develops serve as components in a wide variety of consumer and industrial products. Feedstocks from ExxonMobil’s upstream and downstream operations are used and supplemented by materials bought on the open market. The end goal is manufacturing chemical products for higher value end uses. ExxonMobil notes that it focuses on products where it can capitalize on its competitive advantages in scale and technology.
ExxonMobil integrates most of its refining capacity with its lubricants and chemical businesses. The company makes and distributes products derived from its oil and other feedstocks. It is a global leader in finished feedstocks. In addition, downstream operations deliver consumer products through service station operations, including gas and grocery items.
ExxonMobil uses it knowledge of global energy markets to expand its presence in the natural gas and power industry. The company expects natural gas to play an increasingly important role in powering the world in coming decades. Positioned with a global presence in the natural gas market, the company expects to enjoy competitive advantages in natural gas going forward. Executives of ExxonMobil note the leading role the company will play in natural gas development and maintain focus on safe and clean operations.
ExxonMobil’s sprawling corporate headquarters in Irving, Texas serves as a testament to this company’s size and power. As the largest private oil and gas producer, it occupies a crucial role in the world economy. This vital economic engine is run from its corporate headquarters, where the essential plans are made for future development around the world. ExxonMobil enjoys a long history of success and remains one of the most profitable companies on the planet.