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About Exxon Mobil:
The Exxon Mobil Corporation, or
ExxonMobil, is an American multinational oil and
gas corporation. It
is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on
November 30, 1999, by the merger of Exxon and Mobil. Its
headquarters are in Irving,
ExxonMobil is one of the largest publicly traded
companies in the world, having been ranked either #1 or #2 for the past 5 years. However they are
currently 6th according to Forbes Global 2000. Exxon Mobil's reserves were 72 billion oil-equivalent barrels at
the end of 2007 and, at then (2007) rates of production, are expected to last over 14
37 oil refineries in 21 countries constituting a combined daily
refining capacity of 6.3 million barrels, Exxon Mobil is the largest refiner in the
world, a title that was
also associated with Standard Oil since its incorporation in 1870.
ExxonMobil is the largest of the six
oil supermajors with daily production of 3.921 million BOE
(barrels of oil equivalent). In 2008, this was approximately 3% of world
production, which is less than several of the largest state-owned petroleum
companies. When ranked by oil and gas reserves it is 14th in the world with less than 1% of the
Exxon Mobil Corporation was formed
in 1999 by the merger of two major oil companies, Exxon and Mobil. Both Exxon and Mobil were descendants of
the John D. Rockefeller
corporation, Standard Oil which was
established in 1870. The reputation of Standard Oil in the public eye suffered badly after publication
of Ida M.
exposé The History of the Standard Oil
Company in 1904, leading to a
growing outcry for the government to take action against the company.
By 1911, with public outcry at a climax, the Supreme Court of the United States ruled that Standard Oil must be
dissolved and split into 34 companies. Two of these companies were Jersey Standard ("Standard Oil Company of New Jersey"), which eventually became Exxon,
and Socony ("Standard Oil Company of New York"), which
eventually became Mobil.
In the same year, the nation's kerosene output was eclipsed for the first time
by gasoline. The
growing automotive market inspired the product trademark Mobiloil, registered by Socony in
Over the next few decades, both companies grew significantly.
Jersey Standard, led by Walter C. Teagle, became
the largest oil producer in the world. It acquired a 50 percent share in Humble Oil & Refining Co., a Texas oil producer. Socony purchased a 45 percent interest
in Magnolia Petroleum Co., a major refiner, marketer and pipeline transporter. In 1931, Socony
merged with Vacuum Oil Co., an industry pioneer dating back to 1866 and
a growing Standard Oil spin-off in its own right.
In the Asia-Pacific region, Jersey Standard had oil production and
refineries in Indonesia but no marketing network. Socony-Vacuum had Asian
marketing outlets supplied remotely from California. In 1933, Jersey Standard and Socony-Vacuum merged their
interests in the region into a 50-50 joint venture. Standard-Vacuum Oil Co., or "Stanvac," operated in 50
countries, from East Africa to New
Zealand, before it was dissolved in 1962.
Mobil Chemical Company was established in 1950. As of
1999, its principal products included basic olefins and aromatics, ethylene glycol and polyethylene. The
company produced synthetic lubricant base stocks as well as lubricant additives, propylene packaging films and catalysts. Exxon
Chemical Company (first named Enjay Chemicals) became a worldwide organization in 1965 and in 1999 was a major
producer and marketer of olefins, aromatics, polyethylene and polypropylene along with speciality lines such
as elastomers, plasticizers, solvents, process
fluids, oxo alcohols and adhesive resins. The company
was an industry leader in metallocene catalyst technology to make unique
polymers with improved performance.
In 1955, Socony-Vacuum became Socony Mobil Oil Co. and in 1966
simply Mobil Oil Corp. A decade later, the newly incorporated Mobil Corporation absorbed Mobil Oil as
a wholly owned subsidiary. Jersey Standard changed its name to Exxon Corporation in 1972 and established Exxon as a
trademark throughout the United States. In other parts of the world, Exxon and its affiliated companies continued
to use its Esso trademark.
On March 24, 1989, the Exxon
Valdez oil tanker struck Bligh
Reef in Prince William Sound, Alaska and spilled more than 11 million gallons (42,000
m³) of crude oil. The Exxon Valdez oil spill was the second largest in U.S.
history, and in the aftermath of the Exxon Valdez incident, the U.S. Congress passed the Oil Pollution Act of 1990. An initial award of $5 billion USD punitive was reduced to $507.5 million by the US Supreme Court
in June 2008, and distributions of this award have commenced.
In 1998, Exxon and Mobil signed a US$73.7 billion definitive
agreement to merge and form a new company called Exxon Mobil Corporation, the largest company on the planet.
After shareholder and regulatory approvals, the merger was completed on
November 30, 1999. The merger of Exxon and Mobil was unique in American history because it reunited the two
largest companies of John D. Rockefeller's Standard Oil trust, Standard Oil Company of New Jersey/Exxon
and Standard Oil Company of New York/Mobil, which had been forcibly separated by government order nearly a
century earlier. This reunion resulted in the largest merger in US corporate history.
In 2000, ExxonMobil sold a refinery in Benicia,
California and 340 Exxon-branded stations to
Corporation, as part of
an FTC-mandated divestiture of California assets. ExxonMobil continues to
supply petroleum products to over 700 Mobil-branded
retail outlets in California.
In 2005, ExxonMobil's stock price surged in parallel with rising oil prices, surpassing General Electric as the largest corporation in the world in terms
of market capitalization. At the end of 2005, it reported record profits of US $36 billion in
annual income, up 42% from the previous year (the overall annual income was an all-time record for annual income
by any business, and included $10 billion in the third quarter alone, also an all-time record income for a
single quarter by any business). The company and the American Petroleum Institute (the oil and chemical industry's
lobbying organization) put these profits in context by comparing oil industry profits to those of other large
industries such as pharmaceuticals and banking.
On June 12, 2008, ExxonMobil announced that it was exiting the
retail fuel business, citing the increasing difficulty to run gas stations under rising crude oil costs. The multi-year process will gradually phase
the corporation out of the direct market, and will affect 820
company-owned stations and approximately 1,400 other stations operated by dealers distributing across
the United States. The
sale will not result in the disappearance of Exxon and Mobil branded stations; the new owners
will continue to sell ExxonMobil gasoline and license the appropriate names from ExxonMobil,
who will in turn be compensated for use of the brand.
In 2010, ExxonMobil bought XTO
Energy, the company focused on development and production of unconventional
Mobil Properties For Sale Across the