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Exxon Mobil – History

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Standard Oil of New Jersey (Jersey Standard) and Standard Oil of New York (Socony), the chief predecessor companies of Exxon and Mobil, date back to 1882, when John D Rockefeller acquired various petroleum interests and organized them under the Standard Oil Trust.

In 1911, Standard Oil Trust was dissolved, resulting in the spin-off of 34 companies, including Jersey Standard and Socony. In 1931, Socony merged with Vacuum Oil Company. In 1955, Socony-Vacuum became Socony Mobil Oil Company; and in 1966, it was named Mobil Oil Corporation. In 1972, Jersey Standard changed its name to Exxon Corporation.

In 1999, Exxon Corporation and Mobil Oil Corporation merged to form Exxon Mobil Corporation (Exxon Mobil).

In 2000, the company completed its $2 billion Sable Offshore Energy Project located off the coast of Nova Scotia, Canada. In 2002, Exxon Mobil created a new business venture, Exxon Mobil Travel Guide, to expand the commercial product and service line of the company’s Mobil Travel Guide series. In the same year, the company disposed its coal and mineral business to focus on its core operations.

In 2003, the company launched its first synthetic blend motor oil for high mileage engines. The company consolidated its US East and US West production organizations to improve business performance, in the same year. Towards the end of 2003, Exxon Mobil’s subsidiary, Mobil North Sea, made a gas discovery in the southern sector of the North Sea, following the successful testing of an exploration well (about 32 miles east of Bacton, the UK).

Exxon Mobil Chemical acquired sales and marketing assets of the BP’s European isopropyl alcohol business, in 2004. In the same year, the government of the State of Qatar and an Exxon Mobil subsidiary, Exxon Mobil Qatar GTL, entered into a heads of agreement (HOA) for a gas-to-liquid (GTL) project worth about $7 billion. Further in 2004, the company strengthened its exploration and production activity in Angola and Columbia. Exxon Mobil also received E1.39 billion (approximately $1.73 billion) from the sale of its stake in the pipeline unit of Gasunie to the Dutch government, in the same year.

Exxon Mobil divested its 3.7% stake in China Petroleum and Chemical Corporation (Sinopec), in 2005. In the same year, Qatar Petroleum, Exxon Mobil, and Edison entered an agreement for developing a liquefied natural gas (LNG) terminal offshore the coast of Italy in the North Adriatic Sea. The company entered into a five-year supply agreement with Caterpillar to supply Caterpillar oils to Caterpillar factories and dealers worldwide, also in 2005.

Further in 2005, Exxon Mobil Chemical Company entered into a product distribution agreement with R T Vanderbilt to distribute Exxon Mobil’s commercial vistalon ethylene propylene diene rubber products in North America. The company also announced its plans to convert its 71 Tigermarket convenience stores in Nashville and Memphis to its flagship On the Run convenience store brand, in 2005.

In 2006, Exxon Mobil expanded its lubricants distribution network across Germany and Poland to distribute Exxon Aviation Oil Elite 20W-50 and the company’s other aviation lubricants for aircraft piston engines. In the same year, Exxon Mobil signed an agreement with Thailand-based PTT Chemical Public Company for production of low-density polyethylene (LDPE) and ethylene vinyl acetate (EVA) in a 100 kilotons per annum autoclave system.

Further in 2006, Exxon Mobil acquired 28% undivided interest out of Abu Dhabi National Oil Company’s exploration and production activities in the Upper Zakum oil field in Abu Dhabi. In the same year, Exxon Mobil signed an agreement with Indonesia-based PT Pertamina, to conduct exploration and production activities in Indonesia.

Subsequently, Mobil Pipe Line Company (MPLCO), Exxon Mobil’s affiliated company, commenced delivery of Canadian crude to the US Gulf Coast through an 858-mile crude oil pipeline that runs from Patoka, Illinois to Nederland, Texas. Further in 2006, Exxon Mobil Chemical and Mitsubishi Chemical Corporation (MCC) agreed to terminate certain joint venture agreements for Mytex Polymers Asia Pacific (Mytex AP) and Mytex Polymers Partnership (Mytex US). In the same year, the company started production from the Erha deepwater development, located approximately 60 miles (97 kilometers) offshore Nigeria.

Further in 2006, India-based Reliance Petroleum selected Exxon Mobil Research and Engineering Company’s (EMRE) sulfuric acid alkylation technology for the construction of their export refinery in Jamnagar, India for upgrading the gasoline pool. In the same year, Exxon Mobil extended its technology partnership with Team McLaren Mercedes to supply the Formula 1 racing team with Mobil 1-branded motor oils and high-performance fuels.

Exxon Mobil Middle East Gas Marketing, a wholly-owned subsidiary of Exxon Mobil, signed the development plan and the launch of the Al Khaleej Gas-Phase Two (AKG-2) project with the State of Qatar and Qatar, also in 2006. With this, the company completed the initial stage of the project, AKG-1, which was started in November 2005. In the same year, Exxon Mobil Chemical announced the expansion of Halobutyl manufacturing at its plant in Baytown, Texas.The facility was to increase the capacity of Bromobutyl rubber by 60% by modifying existing equipment and adding new equipment.

In February 2007, Exxon Mobil completed the phase one of the Sakhalin-1 project offshore Eastern Russia with affiliates of Rosneft, RN-Astra, and Sakhalinmorneftegas-Shelf, Sakhalin Oil and Gas Development Company, and ONGC Videsh.

In March 2007, Exxon Mobil Chemical completed the expansion of its steam cracker in Singapore. The expansion project, announced in 2005, increased the ethylene capacity of the Singapore Chemical Plant by 75,000 tons per year to more than 900,000 tons per year. In the same month, the company signed a production sharing contract with the government of Indonesia for the Mandar block located in the Makassar Straits offshore West Sulawesi. The contract was to enable Exxon Mobil to begin exploration activities on the block.

Further in March 2007, Sinopec, Exxon Mobil, and Saudi Aramco received the government approval for the Fujian Refining and Ethylene Joint Venture Project. The Chinese government granted the business licenses for their two joint ventures in Fujian Province, Fujian Refining & Petrochemical Company, and Sinopec SenMei Petroleum Company.The two joint ventures, with a total investment of about $5 billion, was Exxon Mobil’s first fully integrated refining, petrochemicals, and fuels marketing project with foreign participation in China.

Exxon Mobil Chemical Company announced the establishment of a manufacturing facility for new specialty elastomer compounds to improve the durability of tires and significantly reduce fuel consumption, in June 2007. In the same month, Exxon Mobil Chemical Company completed a debottleneck project at its specialties plant in Edison increasing production of Synesstic Alkylated Naphthalene (AN) blendstocks by about 40%. Further in June 2007, Exxon Mobil announced a new addition to its Mobil Pegasus Series of lubricants for natural gas engines, Mobil Pegasus 1005.

In August 2007, Exxon Mobil Chemical Technology Licensing and Thai Paraxylene Company (Thai PX) launched the first licensed application of Exxon Mobil’s new olgone technology in Thailand.The Olgone process implemented at Thai PX’s Sriracha petrochemical complex was to help in the removal of olefinic contaminants from a heavy reformate feed and conversion to paraxylene as the final product.

In the following month, Exxon Mobil Chemical announced plans to expand its Rotterdam Aromatics Plant. The expansion would make the plant Exxon Mobil’s largest paraxylene production facility, increasing its paraxylene production capacity by 25% and benzene production capacity by 20%.

In October 2007, Exxon Mobil Chemical Company formed a new specialty compounds and composites business to focus on the development, production, and marketing of engineered polyolefin compounds. In the same month, Exxon Mobil’s subsidiary, Esso Exploration Angola (Block 15), started production from the Marimba North project, designed to develop 80 million barrels of oil in approximately 3,900 feet (1,300 meters) of water more than 90 miles (145 kilometers) off the coast of Angola.

In November 2007, Exxon Mobil Libya signed a heads of agreement to execute an exploration and production sharing agreement (EPSA) with Libya’s National Oil Corporation to initiate exploration activity offshore Libya in the Sirte Basin.

In January 2008, Exxon Mobil Chemical announced the start-up of a new $20 million compounding facility to supply high-performance polymers to the automotive, appliance, and specialty consumer products industries.The facility has an initial annual capacity of 40,000 tons of specialty compounded product.

In March 2008, Exxon Mobil Exploration and Production Malaysia, a subsidiary of Exxon Mobil, signed a 25-year production sharing contract with the Malaysian national oil company PETRONAS for sustainable energy supplies to Malaysia.

In the following month, Exxon Mobil Exploration and Production Hungary, a subsidiary of Exxon Mobil, signed an agreement with MOL Hungarian Oil and Gas for a joint exploration program in southeast Hungary. Further in April 2008, Exxon Mobil announced plans to sell Esso filling station chain in Brazil to sugar and ethanol producer Cosan. In the same month, Exxon Mobil entered into an agreement to sell Esso Espanola and Exxon Mobil Portugal Holdings to Galp Energia SGPS.

In May 2008, Exxon Mobil signed an agreement with Newfield Exploration to jointly explore and develop approximately 87,000 gross acres in south Texas.

Exxon Mobil announced an investment of about $100 million in offshore oil exploration in Philippines, in June 2008. In the same month, the company announced its plans to exit the retail gas business by selling 2,220 branded service stations in the US due to rising gasoline prices and intense competition.