ExxonMobil

ExxonMobil Corporation
Quick Facts
Type	Public
Industy	Oil and Gas
Headquarters (Benelux Organization)	Breda, the Netherlands
Year of Origin	1987
Emissions (All Scopes)	112 Megatons of CO2 (2020)
NCI assessment	Very low
Total Revenue	276,692 billion EUR
Stock Exchange	Bijv. Tokyo, Amsterdam
Key People	Darren W. Woods, Chairman and CEO
Number of Employees	63.000
Subsidiaries	Aera Energy Exxon Neftegas ExxonMobil Australia ExxonMobil Nigeria Imperial Oil SeaRiver Maritime XTO Energy

ExxonMobil Corporation

ExxonMobil Corporation is one of the world's largest multinational energy providers and chemical manufacturers, and is headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil, and was formed on November 30, 1999 by the merger of Exxon (formerly the Standard Oil Company of New Jersey) and Mobil (formerly the Standard Oil Company of New York). Worldwide, ExxonMobil markets fuels, lubricants and chemicals under four brands: Exxon, Mobil, Esso and ExxonMobil Chemical. ExxonMobil belongs to the 'supermajor' companies, the six largest state-independent oil companies and is one of the world's largest companies by revenue. In 2016, the company was ranked ninth globally in the Forbes Global 2000 list and in 2017 it was the tenth most profitable company in the Fortune 500. Unsurprisingly, the position of ExxonMobil, like other oil companies, in such lists has dropped in recent years. Approximately 55.65% of the company's shares are held by institutions. Currently, the company's largest shareholders include The Vanguard Group (8.00%), SSgA Funds Management (5.98%), and BlackRock (4.63%).

ExxonMobil (Benelux)

ExxonMobil Benelux, stylized as ExxonMobil, is a subsidiary company of the American ExxonMobil Corporation, with its headquarters in Breda, The Netherlands. In 1987, Esso The Netherlands, Esso Belgium, and Esso Luxembourg merged to form one Benelux organization. After the merge, Breda was chosen as the location of the new head office because it is situation midway between The Hague and Antwerp, where the former head offices of the Dutch and Belgian companies were based. ExxonMobil is one of the oldest hydrocarbon companies still operating in the Benelux. The Benelux company is engaged in refining and marketing oil products, and producing and marketing raw materials obtained from oil fractions for the chemical industry.

Company Structure

Board of Directors

Management Committee

Name	Function	Remuneration x1000EUR
Darren W. Woods	Chairman and Chief Executive Officer (CEO)	Unknown
Neil A. Chapman	Senior Vice President	Unknown
Kathryn A. Mikells	Senior Vice President and Chief Financial Officer	Unknown
Jack P. Williams	Senior Vice President	Unknown

Board of Directors

Name	Function	Remuneration x1000EUR
Michael J. Angelakis	Chairman	Unknown
Susan K. Avery	Director	Unknown
Angela F. Braly	Director	Unknown
Ursula M. Burns	Director	Unknown
Kenneth C. Frazier	Director	Unknown
Gregory J. Goff	Director	Unknown
Kaisa H. Hietela	Director	Unknown
Joseph L. Hooley	Director	Unknown
Steven A. Kandarian	Director	Unknown
Alexander A. Karsner	Director	Unknown
Jeffrey W. Ubben	Director	Unknown
Darren W. Woods	CEO and Director	Unknown

Main Activities

ExxonMobil Benelux operates within oil fields, gas fields, chemicals plants and refineries. The head office of the ExxonMobil Benelux is situated in Breda and houses service and staff departments of the ExxonMobil subsidiary. The company also has a relatively large number of production plants and other business locations in the Benelux area. This is mainly because of the favorable geographical position of the ports of Antwerp and Rotterdam, but also because of the area's high population density and the strong economies of the Benelux countries. The production plants in the Netherlands are located in the Rotterdam port area, where ExxonMobil has been present since 1891.

The Rotterdam Refinery processes different grades of crude oil varying from light low-sulphur to heavy high-sulphur oil. The crude oil is supplied by ship and stored at the tank farms on the Maasvlakte and in Europoort. It is transported from the tank farms to the refinery via pipelines where it is processed into a range of products, such as LPG, kerosene and diesel.

The Rotterdam Aromatics Plant is one of the largest aromatics production facilities in the world. The plant was built in 1963 next door to the refinery, from which it receives its basic raw materials. The plant is one of the few facilities in the world that can produce the entire range of aromatic hydrocarbons.

The three facilities of the Rotterdam Plasticizers & Intermediates Plant are closely integrated together and with the refinery. The fact that they are so far apart is the result of the various takeovers and acquisitions that have taken place in ExxonMobil's history. In terms of production, the facilities form a logical whole: oxo-alcohols and phthalic anhydride are both raw materials for plasticizers. Plasticizers make 'hard' plastic soft and pliable. They are used to make products such as cables, textiles, wallpapering, carpeting, furniture and footwear flexible.

The Pernis Lubricant Plant - or Lube Oil Blending Plant - produces various types of engine oil for cars and lubricants for industrial applications. The plant only makes mineral-oil products; the synthetic lubricants for customers in the Benelux are imported from ExxonMobil plants in France and Finland. The lubricants are transported via pipelines to inland waterway barges or tanker trucks, or they are stored in the warehouse in barrels and cans before they are collected. Infineum, a joint venture with Royal Dutch Shell, is manufacturing and marketing crankcase lubricant additives, fuel additives, and specialty lubricant additives, as well as automatic transmission fluids, gear oils, and industrial oils.

Accountant

The independent auditor of ExxonMobil is PricewaterhouseCoopers LLP, or PwC. In the independent auditor reports, there is no mentioning of climate change-related risks on the company.

Government

ExxonMobil does not have royal status. ExxonMobil has not received NOW support from the Dutch government.

Paris Agreement until Today

On December 13, 2016, the CEO of ExxonMobil, Rex Tillerson, was nominated as Secretary of State by President-elect Donald Trump.

In January 2017, Federal climate investigations of ExxonMobil were considered less likely under the new Trump administration.

ExxonMobil made several climate pledges: reduce methane emissions by 15% and reduce flaring by 25% by the year 2020. Canadian company 'Imperial Oil" affiliated with Exxon Mobil pledged to reduce carbon intensity by 10% by the year 2023.

On August 6, 2021, ExxonMobil's membership in the Climate Leadership Council was suspended after one of the company's lobbyists admitted that he had lobbied several senators to remove or weaken measures in the Infrastructure Investment and Jobs Act that were intended to halt climate change.

Financial Results since 2015

The table below depicts the financial situation of ExxonMobil's global activities. All financial data is converted from US Dollars to Euros.

Financial situation

Year	Revenue	Profit (loss)	Dividend
2015	246,58 billion EUR	15,35 billion EUR	11,49 billion EUR
2016	214,84 billion EUR	7,45 billion EUR	11,83 billion EUR
2017	232,20 billion EUR	18,73 billion EUR	12,35 billion EUR
2018	275,77 billion EUR	19,80 billion EUR	13,11 billion EUR
2019	275,77 billion EUR	13,63 billion EUR	13,90 billion EUR
2020	169,69 billion EUR	(21,32) billion EUR	14,13 billion EUR
2021	262,87 billion EUR	21,89 billion EUR	14,18 billion EUR

Current Emissions

ExxonMobil has publicly reported the company's Scope 1 and 2 greenhouse gas emissions data, but has only in recent years started to provide an estimate of their Scope 3 emissions. In their 'Advancing Climate Solutions 2022 Progress Report', ExxonMobil first reported on their estimated Scope 3 emissions for the year 2020. According to the report, the Scope 3 estimates are associated with the use of the company's natural gas and crude production in alignment with Category 11 of IPIECA's methodology, which presents three methods for accounting that are not meant to be aggregated to avoid duplicative accounting. The three methods contemplate accounting for products at the point of extraction, processing or sales. The report further states that due to lack of third-party data, Scope 3 emissions for IPIECA categories other than Category 11 could not be estimated. For clarification, IPIECA's Scope 3 methodology includes 15 categories of activities along each product's value chain. Therefore it is important to note that the Scope 3 emissions reported are incomplete.

Total emissions since 2016 (in megatonnes CO₂-eq.)

Year	Scope 1	Scope 2	Scope 3	Total All Scopes
2016	116	8	N/A	124 (incomplete)
2017	112	9	N/A	121 (incomplete)
2018	115	8	N/A	123 (incomplete)
2019	110	8	N/A	118 (incomplete)
2020	104	7	540 (incomplete)	651 (incomplete)

Climate Policy and Plans

Early 2021, ExxonMobil announced their ambition to achieve net-zero Scope 1 and 2 greenhouse gas emissions from their operations by 2050. They aim to reach this goal by developing detailed emission-reduction roadmaps for each major operated asset. ExxonMobil stated that these roadmaps include energy efficiency measures, methane mitigation, equipment upgrades, and the elimination of venting and routine flaring. Further opportunities lie in power and steam co-generation and electrification of operations, using renewable or lower-emission power.

Their net-zero ambition builds on the company's 2030 emission-reduction plans, which they state to be consistent with Paris-aligned pathways, the U.S. and European Union's Global Methane Pledge, and the U.S. Methane Emissions Reduction Action Plan. Compared to a 2016 base year, these plans are expected to achieve:

• 20-30% reduction in corporate-wide greenhouse gas intensity and an absolute reduction of approximately 20% (or approximately 23 million metric tons);
• 40-50% reduction in upstream greenhouse gas intensity and an absolute reduction of approximately 30% (or approximately 15 million metric tons);
• 70-80% reduction in corporate-wide methane intensity;
• 60-70% reduction in corporate-wide flaring intensity.

ExxonMobil had previously identified a 2025 target that included a 15-20% reduction in greenhouse gas intensity of their Upstream operations, a 40-50% reduction in methane intensity and a 35-45% reduction in flaring intensity. These targets were met in 2021, four years ahead of schedule. It is not mentioned against what base year these targets were measured.

In their 'Advancing Climate Solutions 2022 Progress Report, ExxonMobil furthermore states that they plan to invest more than $15 billion on initiatives to lower greenhouse gas emissions over the next six years. A significant share of this money will be focused on scaling up carbon capture, storage, hydrogen and biofuels.

Due Diligence

Due Diligence

Human Rights

ExxonMobil states on their website that they are "committed to respecting human rights as a fundamental principle in [their] operations, reinforced through training and integrated into [their] policies and practices". With this perspective, they say that they reflect the spirit and intent of the United Nations' Universal Declaration of Human Rights and are guided by elements of the United Nations' Guiding Principles on Business and Human Rights.

Scandals and controversies

In October 2019, ExxonMobil went to court accused of misleading investors about the potential costs of climate regulation to its business. This was only the second climate change trial in the U.S. and the suit was filed by New York's attorney general in 2018, after years of investigation by state authorities. "The state says that internal documents show Exxon evaluated new projects based on forecasts for costs associated with climate change that were lower than those it told investors it was using. Those calculations made investments appear less risky and more valuable" ExxonMobil does not dispute the claims that it used two calculations to evaluate the cost of potential regulation, however the company argues those calculations were 'proprietary' and investors were not misled. This case dates back to 2015, when stories by InsideClimate News and the LA Times found that ExxonMobil was outwardly casting doubt on global warming while their scientists were inwardly researching climate change to plan their operations. In the end, a judge handed ExxonMobil a victory saying that the attorney general failed to prove that the oil giant broke the law. "Nothing in this opinion is intended to absolve ExxonMobil from responsibility for contributing to climate change through the emission of greenhouse gasses in the production of its fossil fuel products, but this is a securities fraud case, not a climate change case."

In August 2021, ExxonMobil was suspended from the Climate Leadership Council, a pro-carbon tax group backed by conservation groups and some of the world's biggest corporations. The suspension came just weeks after an Exxon lobbyist was secretly recorded by an undercover Greenpeace reported saying that the U.S. oil giant only publicly supports a carbon tax because it believes such a policy would never gain enough political support to pass as a law. ExxonMobil was one of the founding members of the Climate Leadership Council when it was formed in 2017.

On May 24 2022, the Massachusetts high court ruled that the oil company must face a trial over accusations that it lied about the climate crisis and covered up the role of the fossil fuel industry in advancing climate change. ExxonMobil denies wrongdoing and argues that the case is brought forward to punish the company for its political stances on climate change.