Exxon (First Draft Overview)

In: Business and Management

Submitted By smithbr2879
Words 5395
Pages 22
Intro
Exxon Mobil is one of the most successful businesses in the history of the United States. Though it did not start as Exxon, but evolved through splitting and joining of oil companies, it has always been a strong competitor in the field of oil sales. Exxon is now one of the top companies in the world, and has its eye on growth. According to Fortune 500 Exxon is the second largest company in the world, and though it is not the number one largest, it is the most profitable. In 2011 Exxon’s profits topped $30 billion, a whopping 58% jump.
Background
In 1870 a man named John D. Rockefeller founded a company called Standard Oil Company and by 1878 it controlled 95% of the US refining capacity.
By 1911 the Supreme Court of the United States[->0] ruled that Standard Oil must be dissolved and split into 34 different companies. Two of these companies were Jersey Standard[->1], which eventually became Exxon, and Socony[->2] which eventually became Mobil. [5]
Both companies grew significantly over the next few decades. In 1931, Socony merged with Vacuum Oil Co.[->3], an industry pioneer dating back to 1866. In 1966, Socony-Vacuum changed its name to ‘Mobil Oil Corporation’. A decade later, the newly incorporated Mobil Corporation absorbed Mobil Oil as a wholly owned subsidiary[->4]. Jersey Standard, led by Walter C. Teagle[->5], became the largest oil producer in the world. Jersey Standard changed its name to Exxon Corporation in 1972 and established Exxon as a trademark throughout the United States. [5]
During this time of separation, the oil sold by the companies that were originally founded by Mr. Rockefeller was used for many different famous projects such as; The Wright brothers used both Jersey Standard fuel and Mobil oil (Vacuum) lubricants for their historic first flight at Kitty Hawk, North Carolina. Amelia Earhart used Mobil oil to protect Friendship when…...

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