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)
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.

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	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 (loss) EUR	14,13 billion EUR
2021	262,87 billion EUR	21,89 billion EUR	14,18 billion EUR

Scandals and controversies

Any dirt on the companies can be added here.

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 include reaching net-zero greenhouse gas emissions in their Permian Basin operations, which account for more than 40% of ExxonMobil's net U.S. oil and natural gas production, by 2030, and ongoing investments in lower-emission solutions, including carbon capture and storage, hydrogen, and biofuels. 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 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.

ExxonMobil plans to:

• Absolute reduction of ~30% in greenhouse gas emissions in upstream business by 2025

Response to Milieudefensie's campaign

On April 14, the works council of ExxonMobil in The Netherlands responded to Milieudefensie's letter saying that they have had consultations with the management of Esso The Netherlands and endorse the position taken by the company's board of directors.

The same day, Esso The Netherlands sent a letter stating their support for the ambition of the Dutch government to aim for net-zero emissions by 2050. Michielsen, the company's president-director, states that Esso The Netherlands aims to achieve net-zero scope 1 and 2 emissions from its Rotterdam factories by 2050 and takes a "considered approach, aimed at developing comprehensive roadmaps, to reduce emissions". He lastly states that the company wants to reduce total emissions (scope 1, 2 and 3) by deploying technology and providing products that help reduce emissions, and collaborating with government, industry, and other stakeholders on public policies necessary for the developments, applications, and investments needed to help meet society's aspirations for a lower-carbon future.

Due Diligence

Keep the broader context in mind. Is the company integer when it comes to deforestation, palm oil, biodiversity, human rights etc etc? Be critical in the sources used here.