ExxonMobil is the largest non-government-owned company in the international energy industry and produces about 3% of the world's oil and about 2% of the world's energy. ExxonMobil is
vertically integrated into a number of global operating divisions. These divisions are grouped into three categories for reference purposes, though the company also has several standalone divisions, such as Coal & Minerals. It also owns hundreds of smaller subsidiaries such as
XTO Energy and
SeaRiver Maritime. ExxonMobil also has a majority ownership stake in
Imperial Oil. •
Upstream (oil exploration, extraction, shipping, and wholesale operations) •
Product Solutions (
downstream, chemical) •
Low Carbon Solutions Upstream The upstream division makes up the majority of ExxonMobil's revenue, accounting for approximately 70% of it. In 2021, ExxonMobil had about 30 billion barrels of oil and oil equivalents, as well as 38.1 billion cubic feet of
natural gas. In the United States, ExxonMobil's petroleum exploration and production activities are concentrated in the
Permian Basin,
Bakken Formation,
Woodford Shale,
Caney Shale, and the
Gulf of Mexico. ExxonMobil also has gas developments in the regions of
Marcellus Shale,
Utica Shale,
Haynesville Shale,
Barnett Shale, and
Fayetteville Shale. All natural gas activities are conducted by its subsidiary, XTO Energy. As of December 31, 2014, ExxonMobil owned in the United States, of which were offshore, of which were in the Gulf of Mexico. ExxonMobile previously had exploration activities in Madagascar, but ended these operations due to unsatisfactory results. In Asia, it holds in Azerbaijan, in Indonesia, of which are offshore, in Iraq, in Kazakhstan, in Malaysia, in Qatar, in Yemen, in Thailand, and in the United Arab Emirates. In March 2024, ExxonMobil discovered oil at the Stabroek block off the coast of
Guyana using a drillship. By the end of 2027, it plans to have 6
FPSOs at the block. Oil was discovered off the coast of Angola in May 2024 in a well drilled from February to April in the
Kizomba B development area.
Russia operations Until the
2022 Russian invasion of Ukraine, ExxonMobil held in the
Sakhalin-I project through its subsidiary
Exxon Neftegas. Together with
Rosneft, it has developed in Russia, including the
East-Prinovozemelsky field. After Russia's 2022 invasion began, though, ExxonMobil announced it was fully pulling out of both Russia and Sakhalin-I, and launched a lawsuit against Russia's federal government on August 30.
Australia operations In Australia, ExxonMobil held , including offshore. It also operates the Longford Gas Conditioning Plant, and participates in the development of
Gorgon LNG project.
Papua New Guinea operations In Papua New Guinea, it holds , including the
PNG Gas project.
Product Solutions ExxonMobil formed its Product Solutions division in 2022, combining its previously separate Downstream and Chemical divisions into a single company. On October 1, 2024, Nigeria approved the $1.28 billion sale of Exxon Mobil's onshore assets to Seplat Energy, more than two years after the deal was first agreed upon in February 2022
Downstream and retail ExxonMobil markets products around the world under the brands of Exxon, Mobil, and Esso. Mobil is ExxonMobil's primary retail gasoline brand in California,
Florida,
New York,
New England,
the Great Lakes, and the
Midwest. Exxon is the primary brand in the rest of the United States, with the highest concentration of retail outlets located in New Jersey, Pennsylvania, Texas (shared with Mobil), and in the Mid-Atlantic and Southeastern states. ExxonMobil has stations in 46 states, just behind
Shell USA and ahead of
Phillips 66, lacking a presence only in
Alaska,
Hawaii,
Iowa, and
Kansas. Outside of the United States, Esso and Mobil are primarily used, with Esso operating in 14 countries and Mobil operating in 29 countries and regions. In Japan, ExxonMobil had a 22% stake in TonenGeneral Sekiyu K.K., a refining company that merged into
Eneos in 2017. ExxonMobil's primary retail brands worldwide are Exxon,
Esso,
Mobil, with the former being used exclusively in the United States and the latter two being used in most other countries where ExxonMobil operates. Esso is the only one of its brands not used widely in the United States. Since 2008, Mobil is the only brand for the company lubricants. Since 2018, ExxonMobil has operated a
loyalty program, ExxonMobil Rewards+, where customers earn rewards points when filling up at its stations in the United States and later the United Kingdom.
Chemicals ExxonMobil Chemical is a petrochemical company that was created by merging Exxon's and Mobil's chemical industries in 1999. Its principal products include basic
olefins and
aromatics,
ethylene glycol,
polyethylene, and
polypropylene along with speciality lines such as
elastomers,
plasticizers,
solvents, process fluids,
oxo alcohols and
adhesive resins. The company also produces synthetic lubricant base stocks as well as lubricant additives,
propylene packaging films and
catalysts. ExxonMobil is the world's largest producer of butyl rubber. Infineum, a joint venture with Shell plc, is manufacturing and marketing
crankcase lubricant additives,
fuel additives, and specialty lubricant additives, as well as
automatic transmission fluids,
gear oils, and industrial oils.
Sponsorships Mobil 1, a brand of synthetic motor oil, is a major sponsor of multiple racing teams and the official motor oil of
NASCAR since 2003. ExxonMobil is currently in partnerships with
Oracle Red Bull Racing in
Formula One and Kalitta Motorsports.
Refineries ExxonMobil operates 21 refineries worldwide, and claims that 80% of its refining capacity is integrated with chemical or lube basestocks. ExxonMobil's largest refinery overall is its
Beaumont Refinery and its second largest in the United States is its
Baytown Refinery, located in
Baytown, Texas. After ExxonMobile committed thousands of violations of federal law at its Baytown facilities between 2005 and 2013, ExxonMobile was ordered to pay $19.95 million (later reduced to $14.25 million), a decision affirmed in 2024 by the Fifth Circuit Court of Appeals. Its second largest refinery overall is its
Jurong Island facility in
Singapore. ExxonMobil's global average refining capacity was 4.6 million barrels per day, with the United States producing a plurality of the company's refining capacity at about 1.77 million barrels per day. ExxonMobil's corporate website claims it refines almost 5 million barrels per day. ExxonMobil was one of few U.S. refiners to expand capacity by a significant margin following an industry downturn suffered during the
COVID-19 pandemic. The company completed a 250,000 barrels per day expansion at its
Beaumont, Texas, refinery in early 2023.
Low Carbon Solutions Officially formed with ExxonMobil's 2022 corporate restructuring, and currently led by former
General Motors president
Dan Ammann, Low Carbon Solutions is the company's alternative energy division. Low Carbon Solutions conducts research on clean energy technologies, including
algae biofuels,
biodiesel made from agricultural waste, carbonate
fuel cells, and refining crude oil into plastic by using a
membrane and
osmosis instead of heat. Exxon's work on low-carbon energy projects is a fraction of the $1 billion a year Exxon spends on general research and the $8 billion it has spent since 2000. , the company was in the process of designing its inaugural large-scale plant dedicated to producing low-carbon hydrogen, situated within its refining and petrochemical complex in
Baytown, Texas. This project is set to become the world's largest low-carbon hydrogen project.
Carbon capture and storage ExxonMobil publicly announced it would be investing $15 billion in what it deemed a "lower carbon future", and claims to be the world leader in
carbon capture and storage (CCS). The company additionally plans that its
Scope 1 and Scope 2 emissions will be
carbon neutral by 2050. ExxonMobil additionally acquired biofuel company Biojet AS in 2022, and its Canadian subsidiary Imperial Oil is moving ahead with plans to produce a renewable diesel biofuel. In July 2023, Exxon agreed to acquire
Denbury Resources for $4.9 billion to further its low-carbon efforts. In July 2024, ExxonMobil and
CF Industries signed a CCS agreement that will allow ExxonMobil to transport and permanently store 500,000 tonnes of CO2 per year starting in 2028.
Lithium mining In November 2023 ExxonMobil started drilling for lithium in the US State of
Arkansas. In June 2024, a preliminary agreement to supply lithium to
SK for the manufacture of
lithium-ion batteries that will power
electric vehicles was signed.
Acquisition of Pioneer Natural Resources In a nearly $60 billion all-stock deal announced in October 2023 and completed in May 2024 following U.S. antitrust review, ExxonMobil acquired Pioneer Natural Resources, more than doubling its holdings in the
Permian Basin. The acquisition created one of the largest unconventional oil and gas development positions in the region. When the deal was announced in 2023, the New York Times called it "a bet that U.S. energy policy will not move against fossil fuels in a major way." == Controversies ==