1999 – The world’s largest company forms
Exxon and Mobil sign a US$73.7 billion agreement to merge on the 30th November 1999, thus creating ExxonMobil, the world’s largest company.
Exxon Mobil Corporation, doing business as ExxonMobil, is an American multinational oil and gas corporation headquartered in Irving, Texas.
With 37 oil refineries in 21 countries constituting a combined daily refining capacity of 6.3 million barrels (1,000,000 m3), ExxonMobil is the seventh largest refiner in the world.
It is the largest direct descendant of John D. Rockefeller’s Standard Oil.
As of March 2019, ExxonMobil’s largest shareholders include The Vanguard Group (8.15%), BlackRock (6.61%), and State Street Corporation (4.83%).
Extra Note: In October 2020, ExxonMobil announced that it will cut over 1,600 jobs in Europe as a result of the Covid-19 pandemic. According to the company, the job cuts are necessary in order to produce cost cuts and they will be implemented by the end of 2021. The number of job cuts represents one-tenth of the company’s workforce, which was estimated at nearly 75,000 by the end of 2019.
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