ExxonMobil is currently the second largest company in the world – behind PetroChina, a Hong-Kong-based oil company – based on market capitalisation and revenue. Branded in the UK as the more familiar Esso, ExxonMobil has grown into a formidable company that even the likes of Royal Dutch Shell and BP struggle to contend with. The original ExxonMobil was founded as Standard Oil, a New York and Texas based company which started in 1870 by John D. Rockefeller, the first American billionaire. In 1999, Exxon and Mobil merged to form ExxonMobil. Both Exxon and Mobil are descendants of the original Rockefeller company.
ExxonMobil often tussle with Wal-Mart and PetroChina for the number one spot of the largest company in the world and, in 2005, ExxonMobil finally surpassed Wal-Mart for the first time. ExxonMobil’s net income for 2007 was an astounding USD$40.61 billion, a huge number and the largest by any company in the world. Interestingly, ExxonMobil have occupied all ten spots on the Top Ten Corporate Quarterly Earnings Of All Times. As of 2009, ExxonMobil employ nearly 80,000 people across the world. These employees are spread across a wide range of jobs, from truck driver to research and developer.
ExxonMobil have received some complaints and criticism in its recent history. ExxonMobil had recently been the target of human rights activists for actions taken by the corporation in the Indonesian territory of Aceh. In June 2001, a lawsuit against ExxonMobil was filed in the Federal District Court of the District of Columbia under the Alien Tort Claims Act. The suit alleges that ExxonMobil knowingly assisted human rights violations, including torture, murder and rape, by employing and providing material support to Indonesian military forces, who committed the alleged offences during civil unrest in Aceh. Human rights complaints involving ExxonMobil’s relationship with the Indonesian military first arose in 1992; the company denies these accusations and has filed a motion to dismiss the suit which, as of 2006, is still pending.
ExxonMobil’s environmental record is not as good as it should be. ExxonMobil has drawn criticism for its funding of organisations critical of the Kyoto Protocol and sceptical of the scientific opinion that global warming is caused by the burning of fossil fuels. The company also donates to pro-environmental causes such as Nature Conservancy. Based on year 2000 data, ExxonMobil was ranked sixth on the Toxic 100 list of US corporate air polluters by Political Economy Research Institute (PERI). In 2005, ExxonMobil had committed less than 1% of their profits towards researching alternative energy, less than other leading oil companies.
There have been numerous oil spills due to ignorance by ExxonMobil, Exxon or Mobil. The Valdez Oil Spill, caused by Exxon in 1989 in Alaska, affected the wildlife of the Prince William Sound. This caused outrage and is deemed one of the most harmful oil spills of the 20th century.
All in all, ExxonMobil continue to provide an excellent service of oil to manufacturers and consumers worldwide, and they will still remain one of the top dogs in the business world for years to come.
Posted by mikdonalds