Careers at ExxonMobil
ExxonMobil’s mission is to be the world's premier petroleum and petrochemical company.
ExxonMobil is a producer of oil and gas. The firm operates three reportable business segments: Upstream, Downstream, and Chemical.
In 1870 businessman John D. Rockefeller founded Standard Oil. In 1882 it was incorporated as Standard Oil Trust. Over the next two decades the company’s presence expanded significantly across the U.S., to the point that an anti-monopoly investigation was launched in 1898. In 1911, the Supreme Court ruled that Standard Oil must be dissolved and separated into 34 companies.
Two of the resulting firms were Jersey Standard (formally known as Standard Oil Co. of New Jersey), and Socony (short for Standard Oil Co. of New York). Both grew greatly through sales and acquisitions. In 1920, observing the growing auto market, Socony registered the trademark Mobiloil. In 1955, its name changed to Socony Mobil Oil, and in 1966, it became Mobil Oil Corporation.
In 1972 Jersey Standard wanted to establish a single name for its Enco, Esso, and Humble subsidiaries. It test-marked the name “Exxon“, which proved popular, and became the unified brand name for the three outlets in 1973. In 1998, Exxon and Mobil signed a $73.7 billion merger agreement to form a new company, Exxon Mobil Corporation – most commonly called ExxonMobil.
Business model of ExxonMobil
ExxonMobil has a mass market business model, with no significant differentiation between customer segments. The company targets its offering at consumers and businesses that need oil and gas.
ExxonMobil offers two primary value propositions: accessibility and brand/status.
The company creates accessibility by making its offerings easily available. It sells its products at over 20,251 locations worldwide -- in the U.S., Canada, Europe, Asia-Pacific, Latin America, and the Middle East/Africa. It also increases access by providing a wide variety of options. Customers can buy its products using a broad range of payment options, including bank debit and credit cards, Exxon and Mobil personal and commercial credit cards and gift cards, the Speedpass+ app and the Speedpass key tag program, and the Plenti card.
The company has established a powerful brand due to its success. It is the largest public oil and gas company in the world, and also holds the following titles:
- World’s largest refiner and marketer of petroleum products, with 37 oil refineries in 21 countries
- Eigth largest company in the world by revenue
- Fifth largest public company by market capitalization
The company produced 1.74 million barrels of crude oil and 257,000 barrels of natural gas liquid daily in 2015. Lastly, ExxonMobil has won a number of honors, including the VOMI Safety eXperience Award and the 2014 Occupational Safety and Health Gold Class I Award from the Malaysian Society for Occupational Safety and Health.
ExxonMobil’s main channels are the retail sites through which it sells its oil and gas. It owns/leases some service stations and franchises others through resellers and distributors. The company promotes its offering through its website, social media pages, and advertising.
ExxonMobil’s customer relationship is primarily of a self-service, automated nature. Customers utilize its products through service stations while having limited interaction with employees. That said, there is a personal assistance component in the form of workers at on-site convenience stores.
ExxonMobil’s business model entails producing, refining, and marketing its oil and gas products.
ExxonMobil’s key partners are the wholesalers, resellers, and distributors that sell its product through franchised service stations bearing its brand name. It has also established joint venture partnerships with companies worldwide such as Qatar Petroleum, with whom it has developed liquefaction facilities, LNG ships, and terminals where LNG is regasified and distributed.
ExxonMobil’s main resources are its physical resources, which include its reserves of billion oil-equivalent barrels and the 20,251 retail sites at which it sells its oil and gas product. As of December 2015, it owned 3,938 of these locations and franchised 16,313 to distributors and resellers. Other important physical resources include manufacturing plants and transportation systems.
ExxonMobil has an economies of scale cost structure, with costs per unit output dropping as output expands. Its biggest cost driver is crude oil and product purchases. Other major drivers are in the areas of production/manufacturing, sales/marketing, exploration, and administration.
ExxonMobil has one revenue stream: revenues it generates from the sale of its crude oil, natural gas, petroleum, and chemical products.
info: Rex Tillerson earned a Bachelor of Science in Civil Engineering at the University of Texas at Austin. He previously served as President of ExxonMobil, as Executive VP of ExxonMobil Development Company, as VP of Exxon Ventures, and as President of Exxon Neftegas.
info: Darren Woods earned a B.S. in Electrical Engineering at Texas A&M University and an MBA at Northwestern University. He previously served as President of ExxonMobil Refining and Supply Company and as VP of Supply and Transportation at ExxonMobil.
info: Andrew Swiger earned a Bachelor of Science in Petroleum Engineering at the Colorado School of Mines. He previously served as President of ExxonMobil Gas & Power Marketing and as Executive VP of ExxonMobil Production Company.
info: Michael Dolan earned a Bachelor of Science in Chemical Engineering at Worcester Polytechnic Institute and an MBA at Drexel University. He previously served as President of ExxonMobil Chemical Co., as VP of ExxonMobil, and as EVP of ExxonMobil Saudi Arabia.
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