Financial Analysis for Exxon
Exxon Mobil Corporation is committed to being the world's premier petroleum and petrochemical company. To that end, they try to continually achieve superior financial and operating results while holding the highest standards of business conduct. These expectations provide the foundation for their commitments to those with whom they interact. The shareholders, employees, and customers expect the best out of Exxon and that's what they give them.
In 1998, Exxon and Mobil signed an agreement to merge and form a new company called Exxon Mobil Corporation. "This merger will enhance our ability to be an effective global competitor in a volatile world economy and in an industry that is more and more competitive," said Lee Raymond and Lou Noto, chairmen and chief executive officers of Exxon and Mobil. After shareholder and regulatory approvals, the merger was completed November 30, 1999.
Both Exxon and Mobil trace their roots to the late 19th century, when American industry was booming in numerous sections - steel, railroads and banking, to name a few. The nation's petroleum industry picked up the pace to meet the growth in demand for kerosene, lubricants and greases.
John D. Rockefeller acquired a diversity of petroleum interests during that period and organized them under the Standard Oil Trust. That same year marked the incorporation of two refining and marketing organizations -- Standard Oil Co. of New Jersey and Standard Oil Co. of New York. "Jersey Standard" and "Socony," as they were commonly known, were the chief successor companies of Exxon and Mobil. For both companies, the remainder of the century was a time of expansion beyond America. Large "kerosene clippers" enabled ove ...