ExxonMobil

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ExxonMobil Corporation
ExxonMobil Logo
Quick Facts
TypePublic
IndustyOil and Gas
Headquarters (Benelux Organization)Breda, the Netherlands
Year of Origin1987
Emissions (All Scopes)112 Megatons of CO2 (2020)
Total Revenue276,692 billion EUR
Stock ExchangeBijv. Tokyo, Amsterdam
Key PeopleDarren W. Woods, Chairman and CEO
Number of Employees63.000
Subsidiaries
  • Aera Energy
  • Exxon Neftegas
  • ExxonMobil Australia
  • ExxonMobil Nigeria
  • Imperial Oil
  • SeaRiver Maritime
  • XTO Energy

Exxon Mobil Corporation, stylized as ExxonMobil, is an American multinational oil and gas corporation 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). ExxonMobil's primary brands are Exxon, Mobil, Esso, and ExxonMobil Chemical. ExxonMobil is incorporated in New Jersey.

In 1987, Esso the Netherlands, Esso Belgium and Esso Luxembourg merged to form one Benelux organisation. Breda was chosen as the location of the new head office because it is situated midway between The Hague and Antwerp, where the former head offices of the Dutch and Belgian companies were based.[1]

ExxonMobil is the oldest hydrocarbons company still operating in the Benelux.

In 1994, Mobil established a subsidiary MEGAS (Mobil European Gas), which became responsible for its Mobil's natural gas operations in Europe. In 1996, Mobil and BP merged their European refining and marketing of fuels and lubricants businesses. Mobil had 30% stake in fuels and 51% stake in lubricants businesses.

Company Structure

Board of Directors

Management Committee [2]
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 [3]
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

Audit Committee

The ExxonMobil Audit Committee consists of Mr. Angelakis, Ms. Burns (Chair of the Board), Ms. Hietala, Mr. Hooley.[4]

Main Activites

The head office of the Benelux organization is situated in Breda. The production plants are located in the Rotterdam port area. ExxonMobil has been present in Rotterdam 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. [5]

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.[6]

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.[7]

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.[8]

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. [9] ExxonMobil has not received NOW support from the Dutch government. [10]

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 [11] 246,58 billion EUR 15,35 billion EUR 11,49 billion EUR
2016 [12] 214,84 billion EUR 7,45 billion EUR 11,83 billion EUR
2017 [13] 232,20 billion EUR 18,73 billion EUR 12,35 billion EUR
2018 [14] 275,77 billion EUR 19,80 billion EUR 13,11 billion EUR
2019 [15] 275,77 billion EUR 13,63 billion EUR 13,90 billion EUR
2020 [16] 169,69 billion EUR 21,32 (loss) EUR 14,13 billion EUR
2021 [17] 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

Total emissions XXX Megatonnes of CO2 (2020)
Scope 1 Scope 2 Scope 3
XXX Megatonnes of CO2 (2020) XXX Megatonnes of CO2 (2020) XXX Megatonnes of CO2 (2020)

ExxonMobil publishes by-division greenhouse gas emissions (net equity, CO2-equivalent emissions), in millions of tonnes:[18]

Greenhouse Gas Emissions Performance Data
2015 2016 2017 2018 2019 2020
Upstream 56 58 57 58 54 50
Downstream 45 45 42 42 41 40
Chemical 21 21 22 23 23 22

Climate Policy and Plans

ExxonMobil plans to:

  • Absolute reduction of ~30% in greenhouse gas emissions in upstream business by 2025 [19]

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.

Conclusion

References

  1. https://www.exxonmobil.be/en-BE/Company/Locations/Netherlands/Benelux-Head-Office
  2. https://corporate.exxonmobil.com/About-us/Who-we-are/Management-Committee
  3. https://corporate.exxonmobil.com/About-us/Who-we-are/Corporate-governance/ExxonMobil-board-of-directors#ExxonMobilCorporationBoardofDirectors
  4. https://corporate.exxonmobil.com/About-us/Who-we-are/Corporate-governance/ExxonMobil-board-of-directors#BoardCommitteesOverview
  5. https://www.exxonmobil.be/en-BE/Company/Locations/Netherlands/Rotterdam-refinery
  6. https://www.exxonmobil.be/en-BE/Company/Locations/Netherlands/Rotterdam-Aromatics-Plant
  7. https://www.exxonmobil.be/en-BE/Company/Locations/Netherlands/Rotterdam-Oxo-alcohols-Plant
  8. https://www.exxonmobil.be/en-BE/Company/Locations/Netherlands/Pernis-Lube-Oil-Blending-Plant
  9. https://www.koninklijkhuis.nl/onderwerpen/onderscheidingen/predicaat-koninklijk/overzicht-predicaat-koninklijk
  10. https://www.uwv.nl/overuwv/Images/uwv-register-now-vijfde-aanvraagperiode.pdf
  11. https://corporate.exxonmobil.com/-/media/Global/Files/investor-relations/annual-meeting-materials/annual-report-summaries/2015-Summary-Annual-Report.pdf
  12. https://corporate.exxonmobil.com/-/media/Global/Files/investor-relations/annual-meeting-materials/annual-report-summaries/2016-Summary-Annual-Report.pdf
  13. https://corporate.exxonmobil.com/-/media/Global/Files/investor-relations/annual-meeting-materials/annual-report-summaries/2017-Summary-Annual-Report.pdf
  14. https://corporate.exxonmobil.com/-/media/Global/Files/investor-relations/annual-meeting-materials/annual-report-summaries/2018-Summary-Annual-Report.pdf
  15. https://corporate.exxonmobil.com/-/media/Global/Files/investor-relations/annual-meeting-materials/annual-report-summaries/2019-Summary-Annual-Report.pdf
  16. https://corporate.exxonmobil.com/-/media/Global/Files/investor-relations/annual-meeting-materials/annual-report-summaries/2020-Annual-Report.pdf
  17. https://corporate.exxonmobil.com/-/media/Global/Files/investor-relations/annual-meeting-materials/annual-report-summaries/2021-Annual-Report.pdf?la=en&hash=B0D291A6D305D39AC78C871EC1B9C2C7E5D43AD3
  18. https://corporate.exxonmobil.com/-/media/Global/Files/energy-and-carbon-summary/Energy-and-Carbon-Summary.pdf
  19. https://corporate.exxonmobil.com/Investors/Annual-Report#Positioningforalowercarbonenergyfuture