ExxonMobil is the largest of the six multinational oil supermajors and one of the biggest energy companies worldwide, with operations spanning from oil exploration and production, oil refining, retail gas distribution, power generation, and chemical production. The company stems directly from John D. Rockfeller’s Standard Oil Company, merging with Mobil Oil in 1999 to become ExxonMobil. ExxonMobil also owns the international Esso brand.
ExxonMobil has “long has enjoyed a close relationship with Congress,” using their influence to run commercial operations on federal land and push against efforts by the Environmental Protection Agency that would influence their business. The 1999 merger between Exxon and Mobil was controversial, as the creation of the world’s largest publicly traded oil and gas company created anti-trust concerns. Heavy lobbying helped ensure the merger went through.
ExxonMobil is now the second largest public company in the country, often swapping between the top position with Wal-Mart. While Wal-Mart has an income over $100 billion larger than that of ExxonMobil, the latter is notably more profitable ($19.2 billion in 2009 compared to Wal-Mart’s $14.3 billion). The oil giant holds the all time world record for public company profitability after making $45.2 billion in profit in 2008, beating their own previous record. Combining the 2008 revenue of ExxonMobil and Chevron exceeded the GDP of all but 16 nations in the world. The first three quarters of 2010 brought the company just under $20 billion.
CEO and Chairman Rex Tillerson was compensated over $40 million in the last five years.