Exxon Oil Company History and Information
About the Exxon oil company, its history and information including location, size, and leaders.
Location-Headquarters at 1251 Avenue of the Americas in New York City.
How Created-Exxon is a direct descendant of the Standard Oil Company of Ohio, the corporation John D. Rockefeller started in 1870, 5 years after he began refining oil in Cleveland. By 1878 Standard Oil, in collusion with other Rockefeller companies, controlled about 85% of the country's oil industry. They achieved this control by monopolizing almost every transportation facility in the oil regions of the country. In 1881 Rockefeller formed the Standard Oil Trust to own the stock of Standard Oil's various companies, but the courts ordered the trust dissolved in 1892 as the result of a suit filed by the State of Ohio. In 1899 Rockefeller created the Standard Oil Company of New Jersey as the holding company for all the separate units which the Standard Oil Trust had been forced to yield up. By 1907 the new company controlled 67 companies in all phases of the oil industry. The Supreme Court found the new trust to be in violation of the Sherman Anti-Trust Act and ordered it broken up in 1911. Today 3 of the "7 sisters"-the world's largest oil companies-are products of that split: Exxon, Standard Oil of California (Chevron), and Mobil Oil. Another, Standard Oil of Indiana (American Oil), ranks a close 8th.
Size-The world's largest industrial corporation, Exxon operates in over 100 noncommunist countries throughout the world. Its principal properties in the western hemisphere are in Texas, Louisiana, and Illinois, but it also has major production facilities in the Canadian provinces of British Columbia and the Northwest Territories, and in Venezuela and Colombia. In the eastern hemisphere Exxon owns 200 million acres (much of it in deep water) in 37 countries, and in 1973 it acquired interest in another 95 million acres including property in Egypt, France, Guinea-Bissau, Indonesia, Mali, Mauritania, Niger, Norway, Portugal, South Vietnam, and Spain. The company and its subsidiaries have 69 refineries in 37 countries on 6 continents, and its products travel the 7 seas in over 200 company-owned tankers and more than 140 chartered tankers.
Who Rules-Day-to-day policy decisions are made by officers who are elected by a 16-member all-male board of directors that includes 10 officers. The directors are elected by 722,549 stockholders owning 223,867,276 shares.
Who REALLY Rules-Ownership of the company is usually thought to be concentrated in the Rockefeller family. However, since ownership figures are not public, the current Rockefeller percentage is not available. Exxon directors sit on the boards of the 4 largest New York banks, including David Rockefeller's Chase Manhattan Bank. Since the banks' trust departments own large blocks of stock, Exxon management helps decide the policy of the stockholders who determine Exxon policy.
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