Mobil Holdings history

1966: Mobil Oil Corporation becomes the official corporate title of Socony-Vacuum.

In 1973, however, OPEC placed an embargo on oil shipments to the United States for six months and began gradual annexation of United States-owned oil properties.

In an effort to diversify beyond its oil holdings, Mobil in 1974 acquired 54 percent of the voting shares of Marcor Inc. (then the parent company of Container Corporation of America and Montgomery Ward & Co.), and two years later Marcor merged into Mobil.

Industry observers were expecting Raymond to retire at some point midway through the decade, and the consensus on his replacement was Rex Tillerson, who joined Exxon in 1975.

In 1976 Mobil Oil Corporation again changed its name, to Mobil Corporation.

1980: Exxon's revenues exceed $100 billion because of the rapid increase in oil prices.

With the price of oil peaking around 1981 and then tumbling for most of the decade, Exxon's sales dropped sharply.

Although these efforts succeeded, in large part, in replacing Mobil's reserves as fast as they were used up, the company bought Superior Oil Company in 1984.

To make ends meet, Chairman Rawleigh Warner, Jr., and his 1986 successor, Allen E. Murray, made substantial cuts in refineries and service stations, upgrading Mobil's holdings of both to a smaller number of more modern, efficient units.

By 1988 Mobil had pulled out of the retail gasoline business in 20 states and derived 88% of its retail revenue from just 14 states, mostly in the Northeast.

In 1989 it contributed 32 percent of Mobil's net operating income--generated on sales representing less than 7 percent of the corporate total.

The Exxon Valdez oil spill was the second largest in United States history, and in the aftermath of the Exxon Valdez incident, the United States Congress passed the Oil Pollution Act of 1990.

The corporation marked its 125th anniversary in 1991, but there was little cause for celebration.

“Restructuring Still Rampant in United States,” Oil & Gas Journal, July 13, 1992.

At the end of 1993 Lee R. Raymond took over as CEO from the retiring Rawl.

In June 1994 a federal jury found that the huge oil spill had been caused by "recklessness" on the part of Exxon.

In 1995 profits jumped to an estimated $1.9 billion (largely driven by Mobil’s 30 percent stake in the rich Indonesian Arun field, which contributed one-quarter of that figure); as a result, Mobil ranked number one in the industry in terms of profitability.

Fan, Eliza, “Mobil Restructures Its Organization to Shift Power to Regional Managers,” Oil Daily, June 4, 1996.

In June 1997, in fact, Exxon formally appealed the $5 billion verdict.

Mobil Corporation, former American petroleum and chemical company that joined with Exxon in 1999 to form Exxon Mobil Corporation.

In 2000, ExxonMobil sold a refinery in Benicia, California and 340 Exxon-branded stations to Valero Energy Corp., as part of an FTC-mandated divestiture of California assets.

By 2001, cost savings from the merger reached $4.6 billion.

By 2004, the company was enjoying what Raymond, in a March 11, 2004 interview with the Oil Daily, referred to as "unprecedented developments" in Angola, Equatorial Guinea, Chad, and the Caspian Sea.

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.

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 2010, ExxonMobil bought XTO Energy, the company focused on development and production of unconventional resources.

In 2012, ExxonMobil confirmed a deal for production and exploration activities in the Kurdistan region of Iraq.

In November 2013, Exxon agreed to sell its majority stakes in a Hong Kong-based utility and power storage firm, Castle Peak Co Ltd, for a total of $3.4 billion, to CLP Holdings.”

ExxonMobil is waiting for an appropriate project to launch its FLNG development, and the only FLNG facility currently in development is being built by Shell, due for completion in around 2017.