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Saturday, January 16, 2021

What do you know about Exxon?

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OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

From all indications, ExxonMobil Corporation will be the first company to begin the commercial extraction of oil in Guyana.

Here are some quick facts about this company, which is one of the largest corporations in the world today.

Facts about ExxonMobil

According to revenues and market value, the ExxonMobil Corporation is today one of the largest companies worldwide. Different sources may vary, but ExxonMobil has been ranked first or second on almost all company top lists. The oil and gas company is headquartered in Irving, Texas. It was formed in 1999 through the merger of Exxon and Mobil, but its roots go back to John D. Rockefeller’s Standard Oil Company in the 1880s. In March 2016, however, the Rockefeller Family Fund sold its ExxonMobil stock in an effort to distance itself from the fossil fuel industry.

ExxonMobil’s most successful year within a decade in terms of revenue was 2011, exceeding the previous year by almost 100 billion U.S. dollars. The same can be said for the company’s profits, which amounted to more than 41 billion U.S. dollars in that year. At the end of 2015, ExxonMobil had a market valuation of approximately 324 billion U.S. dollars. Nearly 74 thousand persons were employed by ExxonMobil in 2015.

ExxonMobil is composed of three divisions: Upstream, Downstream, and Chemical. Upstream, which includes exploration and extraction, is by far the most important division. With approximately 7.1 billion U.S. dollars, it was responsible for around 44 percent of the company’s total net income in 2015. In the same year, ExxonMobil Upstream’sproduction output in oil equivalents was some 6.4 million barrels per day (liquids plus natural gas).

The company owns oil refineries all over the world, with a refining capacity of some 5.1 million barrels per day. That makes ExxonMobil one of the world’s top refiners. The company’s total proved reserves reach a total oil equivalent of nearly 25 billion barrels. However, ExxonMobil owns less than one percent of the world’s total oil and gas reserves. (STATISTA)

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Dutch floater specialist SBM Offshore, operator of the Liza Destiny FPSO in Guyana, has received the ‘Best Oil Platform...

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