ExxonMobil is a major manufacturer and marketer of basic petrochemicals, including olefins, aromatics, polyethylene and polypropylene, and a variety of speciality products. ExxonMobil is also engaged in the exploration, production, refining and marketing of oil and gas, mining and sale of coal, copper and other minerals, and has interests in power generation.
ExxonMobil has an organisational structure based on 12 separate global businesses designed to allow the company to compete more effectively in a changing worldwide energy industry:
(1) Upstream - exploration, development, production, gas and power marketing, and US coal businesses;
(2) Downstream - refining and supply, fuels marketing, lubricants and petroleum specialties, research and engineering; and
(3) Chemicals – please see below.
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On 1 December 1998, Exxon Corporation and Mobil Corporation signed an agreement to merge the two companies. Following shareholder approval, regulatory reviews and other conditions, Exxon Mobil Corporation was formed on 30 November 1999.
Divisions and affiliated companies of ExxonMobil operate or market products in the US and about 200 other companies and territories. Their main businesses are energy, involving exploration for, and production of crude oil and natural gas, manufacturing of petroleum products and transportation and sale of crude oil, natural gas and petroleum products.
In November 2007, ExxonMobil and Saudi Aramco sold their joint venture Saudi Arabian Lubricating Oil Company (Petrolube) to Advance Petroleum Services Limited (APSL).
In October 2007, ExxonMobil Chemical formed a specialty compounds and composites business to focus on the development, production and marketing of engineered polyolefin compounds.
The business portfolio includes a new line of polyolefins for automotive applications. Products range from soft and flexible compounds to reinforced composites, relying on ExxonMobil's portfolio of polypropylene, polyethylene, and elastomer base polymers that can be produced globally and tailored for specialty compounds.
ExxonMobil Chemical claims to be among the top three global petrochemical companies with earnings of $4.6bn and sales volumes of 27m tonnes in 2007. It has manufacturing locations in more than 20 countries and products are marketed in more than 150 countries.
Over 90% of the company's petrochemical assets are in businesses where ExxonMobil claims to hold number one or two market position including the production of olefins, polyolefins, benzene and paraxylene.
The company says its competitive advantage is derived from a combination of low-cost feedstocks, proprietary technology and application expertise. A key component is the emphasis on petroleum integration in which much of its manufacturing capacity is located in large integrated refining and chemical complexes. Molecule management to optimise the production of high value products and the sharing of common systems and support functions are examples of manufacturing synergies.
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The chemical business of ExxonMobil is believed to be a growth driver, with its high-volume commodity chemical portfolio. The company intends to grow and strengthen its chemical businesses through new product development and expansion in new markets. It will also focus on improving efficiency and reducing the costs of manufacturing, selling, and distributing its products. (Edited from: Annual Report) ICIS also provides you with key financial data listed in table form.
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INSIGHT: Crude fall moves olefins margins, hits ethane advantage
"Prices tend to fall faster than they can be recovered so this is a difficult and uncertain time."
VIDEO: ICIS special report - impact of lower crude oil prices