ExxonMobil

Global Snapshot

In 2012 ExxonMobil topped the Fortune 500 list of the largest American corporations ranked by revenue. It began life as the Standard Oil Company in 1882 and became ExxonMobil in 1999 as an alliance of of two of the direct descendants of John D. Rockefeller's Standard Oil Company, Exxon and Mobil. The company has several divisions and hundreds of affiliates with names including ExxonMobil, Exxon, Esso or Mobil.

At the end of 2011 the company held global proven reserves of 24.9 billion barrels of oil equivalent (boe) and average global net production over 2011 was 4.51 million boe.

In 2008, on the back of soaring global oil prices, ExxonMobil became the world's most valuable firm when shares soared by over 40% in a year.In 2010 they acquired XTO Energy, a leading developer of unconventional resources including shale oil and gas which requires advanced drilling techniques. In August of 2011, Exxon secured a $3.2 billion joint venture with Rosneft on high risk deep-sea exploration in the Arctic and Russian Black Sea.

Company Report Highlights

ExxonMobil's Annual Report for 2010 shows that capital and exploration expenditures for the year were a record $32.2 billion, and that the company planned to invest more than $165 billion over the following five years.

The company's market valuation had increased 12.9% to $364 billion in 2010 on the back of rising oil prices, after a significant dip in 2009. Net income also rose by 58% from 2009 levels to $30.46 billion, but remains some way off 2008 levels of $45.2 billion. These figures include record Chemical earnings.

In 2010, Exxon also started up three major Upstream projects and finalized an agreement with the Iraq Ministry of Oil to redevelop and expand the West Qurna oil field, in which they hold a 60% interest. The company's takeover of XTO Energy allowed them to become the largest natural gas producer in the US and their percentage of proven reserves replacement increased from 100% in 2009 to 211%.

Official Accreditations and Global Perceptions

EITI Supporter Status

As of December 2011, ExxonMobil was a supporter company of the EITI, having joined on its creation in 2002. CEO Rex Tillerson co-authored the foreword to the EITI Business Guide.

In addition to the company's membership of the EITI, ExxonMobil announced in 2010 that they would serve on the Iraq EITI Board after the country joined the initiative. The company has also been active in the multi-stakeholder committee working to implement the EITI process in Equatorial Guinea.

UN Global Compact

On their official website, ExxonMobil state that while they were not a signatory of the UN Global Compact as of December 2011, its values regarding human rights, labour standards, the environment and anti-corruption are embedded in their own Corporate Standards.

CSR Review

Exxon's 2010 'Corporate Citizen Report' marks the following highlights in corporate social responsibility: A 10% reduction in lost-time incident rate since 2009.

40 technical scholarships awarded and 1263 global internships and co-op assignments sponsored. Over 33,000 employees received anti-corruption training.

The company received a 10/10 rating from GovernanceMetrics International and was ranked among the top 1% of companies rated.

2,600 hectares of protected wildlife habitats were added.

The company managed a 20% reduction in upstream flaring.

$1.6 billion had been invested to improve energy efficiency and reduce greenhouse gas emissions since 2006.

External Coverage

Prior to BP's Deepwater Horizon spill in the Gulf of Mexico, America's worst offshore oil leak was the Exxon Valdez spill in Alaska in March 1989, when a tanker hit a reef and spilled 11 million gallons of crude oil into the waters. The spill caused long-term environmental damage, polluting coastlines, contaminating fishing ground and killing large numbers of animals. A court ordered Exxon to pay $5 billion in damages, a figure which was later reduced to only $500 million.

ExxonMobil has been criticized for its funding of climate change denial science. An analysis carried out by Carbon Brief in 2011 found that 9 out of 10 of the most prolific authors who cast doubt on climate change had some sort of connection with the company.

In 2001 an international human rights group filed a lawsuit against Exxon, accusing it of complicity in the murder, torture and sexual abuse of the local population in the Aceh province in Indonesia, by virtue of the local army units it hired to protect its gas fields. Exxon denied the allegations.

In 2003 James Giffen, merchant banker and consultant to the Kazakh government, was arrested after being accused of channeling bribes in Kazakhstan during the 1990s in order to buy influence in the country for ExxonMobil, as well as other majors such as BP and Phillips Petrolem. The payments were said to violate the Foreign Corrupt Practices Act. However none of the oil companies were accused of any wrongdoing. In 2006 gay rights groups began boycotting ExxonMobil for refusing to specifically prohibit discrimination against gays in its employment policy.

Global Operations by Country

Colombia

Main article: ExxonMobil Operations in Colombia

Iraq

Main article: ExxonMobil Operations in Iraq

Libya

Main article: ExxonMobil Operations in Libya

Tanzania

Main article: ExxonMobil Operations in Tanzania

Reference

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