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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 US$5 billion punitive was reduced to $507.5 million by the US Supreme Court in June 2008, [59] and distributions of this award commenced in 2008. [60]
ExxonMobil is mostly composed of the Standard Oil Company of New Jersey (Jersey Standard) and the Standard Oil Company of New York (Socony). The two companies partnered on a semi-frequent basis during their infancy before pursuing mergers and acquisitions, with Jersey Standard buying Texas-based Humble Oil and Socony merging with Standard descendant Vacuum Oil to form Socony-Vacuum. [3]
ExxonMobil Corporation [a] (/ ˌ ɛ k s ɒ n ˈ m oʊ b əl / EK-son-MOH-bəl; commonly shortened to Exxon [4] [5] [6]) is an American multinational oil and gas corporation and the largest direct descendant of John D. Rockefeller's Standard Oil.
Most of the growth has been tied to the rising price of oil, but there's more to it than that: Exxon's management has done an extraordinary job allocating capital, investing in the right areas ...
John D. Rockefeller c. 1872, shortly after founding Standard Oil. Standard Oil's prehistory began in 1863, as an Ohio partnership formed by industrialist John D. Rockefeller, his brother William Rockefeller, Henry Flagler, chemist Samuel Andrews, silent partner Stephen V. Harkness, and Oliver Burr Jennings, who had married the sister of William Rockefeller's wife.
Although the oil and gas stock typically mirrors movements in crude oil prices, there's another reason why ExxonMobil was falling today. Oil price volatility is hurting investor sentiment.
Woods joined Exxon in 1992. He had worked for Exxon for 24 years prior to being promoted to CEO following Rex Tillerson's nomination by President Donald Trump to be the next United States Secretary of State. [2] [5] While his predecessor was involved in deal making and exploration, Woods is a veteran of the refining side of the oil business. [6]
Exxon generates plenty of excess cash to aggressively buy back its own stock, raise its dividend, and invest in low-carbon opportunities such as carbon capture and storage, hydrogen, and more.
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