Exxon Mobil strategizes to gain industry authority
The Editorial Staff
Exxon Mobil dominates the world of petroleum business and is the most valuable company in the world today.
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Exxon Mobil is an American oil and gas producing company formally formed in 1999. Before Exxon Mobil formation, the business leadership was managing two separate companies, Exxon and Mobil. Rockefeller founded both companies.
Exxon and Mobil merged in 1999 to form Exxon Mobil, which made the company lucrative and became the world's largest company, overtaking Shell Corporation. Recently, Exxon Mobil came up on the charts as the most valuable company in the world.
Exxon Mobil introduction to the energy sector
In early 1870, Rockefeller and his partners formed an oil company called Standard Oil Company of Ohio. Later they formed a trust, which then becomes the unification of 40 oil companies representing Exxon Mobil today.
This oil giant is now working in almost every sector remotely related to energy and petroleum. Most Exxon locations operate convenience stores, auto repair, and car wash bases, among others. Exxon is also active in exploration, excavation, and has acquired related businesses such as the Standard oil and Humble oil companies. The company is also in the electric power generation business and expanding its Exxon-branded products worldwide. It also continues to specialise in crude oil and natural gas, and other petroleum products.
Exxon Mobil is now operating in over 50 countries and has 20 units worldwide doing active petroleum work. The task includes exploring, excavation of crude oil and making oil-prone wells.
Exxon Mobil pathway to success
One thing that differentiates the company from other companies, whether the state-owned or private company is, it has decentralised its business operations and delegated work to respective departments at the most productive level. In most instances, the parent company does not wield authority in subsidiaries' operations and may not interfere with their business decisions.
Brand: The popular Exxon fuel brand is focused on producing gasoline, motor fuel, and diesel fuel, among others. Related brand companies include Esso, which is one of its international trade names. Mobil is also known worldwide. Mobil was part of the famous success story of the famous trade consortium's brilliant mergers and acquisitions in history called the Seven Sisters. Seven Sisters dominated the world of petroleum business between the mid-40s and in the 1970s.
Contribution to the environment: Since Exxon Mobil is a petroleum company, there are bound to be environmental problems such as air pollution. So the company allocates enough money for environmental protection. It has given approximately more than $1 billion to the cause of environmental safety. This makes about 1% of the company’s total revenue. In 2015, however, there was a call to investigate Exxon Mobil’s claim and position on climate change, but this was still under investigation when publishing this article.
Contribution to the energy sector: Exxon Mobil has a role in producing and fulfilling the nation's energy needs. After 2007, the company has produced over 10,000 MW of power for the energy sector and selling it to the government cheaply. Exxon Mobil uses its energy resources for its business operations without depending much on government resources.
Corporate tax payer: In the last year, the company is reported to have paid more than $5 billion in taxes to the state and federal tax revenue. The payment accounts for about 0.02% of all taxes collected.
The Editorial Staff
The Editorial Staff at The Business Frontal is a team of writers dedicated to bringing seasoned news stories and how-to business articles to our readers and patrons to help maximize their entrepreneurial potentials.
