Jan 10, 1870 CE
Standard Oil Company Founded
John D. Rockefeller and partners incorporate Standard Oil Company in Ohio, which soon dominates the U.S. oil industry. #oil #history
Chronological Storyline (46 Milestones)
Jan 2, 1882 CE
Standard Oil Trust Formed
Standard Oil creates the first major trust, consolidating control over refineries, pipelines, and marketing across the U.S. #monopoly #oil
1892 CE
Standard Oil of New Jersey Incorporated
Following Ohio antitrust actions, Standard Oil reorganizes and incorporates in New Jersey as Standard Oil Company of New Jersey (Jersey Standard). #corporate #history
May 15, 1911 CE
Supreme Court Orders Breakup of Standard Oil
The U.S. Supreme Court finds Standard Oil in violation of the Sherman Antitrust Act, ordering its dissolution into 34 independent companies, including Standard Oil of New Jersey. #antitrust #oil
1912 CE
Jersey Standard Begins International Expansion
After the breakup, Standard Oil of New Jersey expands abroad, acquiring interests in Latin America, the Middle East, and Asia to secure crude oil supplies. #expansion #oil
By Lanzao0o1 - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=91789703
1928 CE
Red Line Agreement Signed
Jersey Standard becomes a partner in the Red Line Agreement, a cartel of oil companies that controlled oil exploration in the former Ottoman Empire. #oil #cartel
By MyName (Wikiigb (talk)) - Own work, CC0, https://commons.wikimedia.org/w/index.php?curid=34921376
1933 CE
Standard Oil of New Jersey in Saudi Arabia
Jersey Standard acquires a 30% stake in the California-Arabian Standard Oil Company (later Aramco), gaining access to Saudi Arabian oil. #oil #meast
By Ali Lajami - https://www.flickr.com/photos/199903594@N07/54171799485/, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=155939880
1940 CE
Development of Synthetic Rubber
During WWII, Jersey Standard plays a key role in developing synthetic rubber, collaborating with U.S. government and other companies. #technology #war
1947 CE
First Commercial Oil from Saudi Arabia
Jersey Standard's Aramco partner ships the first commercial oil from Saudi Arabia, marking a new era in global energy. #oil #Saudi
1954 CE
Jersey Standard Develops the Catalytic Cracker
The company introduces fluid catalytic cracking, a key refining technology that boosts gasoline yield and efficiency. #innovation #oil
By Valero Energy Corporation/TX - http://www.secinfo.com/dsvrp.uEe6.d.htm#1stPage, Public domain, https://commons.wikimedia.org/w/index.php?curid=32653449
1959 CE
Founding of Humble Oil
Jersey Standard forms Humble Oil & Refining Co. (later renamed Exxon Company, U.S.A.) as its domestic operating arm. #oil #US
Sep 14, 1960 CE
OPEC Founded
OPEC is formed with Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Jersey Standard's operations in member countries are affected by future price controls. #oil #OPEC
By Zscout370 - English Wikipedia: en:Image:Flag_of_OPEC.svg, Public domain, https://commons.wikimedia.org/w/index.php?curid=1140939
1962 CE
Standard Oil of New Jersey Gains Control of Humble
Jersey Standard merges its domestic subsidiaries into Humble Oil, consolidating U.S. operations under one brand. #merger #oil
1966 CE
Discovery of Prudhoe Bay Oil Field
Humble Oil (Jersey Standard) participates in the discovery of the Prudhoe Bay oil field in Alaska, the largest in North America. #oil #Alaska
1971 CE
Humble Oil Renamed Exxon Company, U.S.A.
To unify branding, the company renames its U.S. arm from Humble Oil to Exxon Company, U.S.A., though the parent remains Standard Oil of New Jersey. #rebranding #oil
Nov 1, 1972 CE
Standard Oil of New Jersey Renamed Exxon Corporation
The parent company changes its name from Standard Oil Company (New Jersey) to Exxon Corporation, replacing Esso and Enco brands globally. #corporate #namechange
Oct 17, 1973 CE
1973 Oil Crisis Begins
OPEC proclaims an oil embargo, causing major supply disruptions and price spikes. Exxon's profits surge, but public perception suffers. #oilcrisis
By Isochrone - Own work using: Spot Crude Oil Price: West Texas Intermediate (WTI), Dollars per Barrel, Monthly, Not Seasonally Adjusted WTI Spot Crude Oil Price, via the Federal Reserve Bank of St. Louis Inflation adjusted using: CPI Average, via the Federal Reserve Bank of St. Louis, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=156152880
1975 CE
Exxon Develops the First Offshore Drillship
Exxon introduces the first dynamically positioned drillship, enabling deepwater exploration. #technology #offshore
By Christoffer Hjeltnes Støle - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=137992465
1979 CE
Exxon Shifts to Synthetic Fuels
Exxon invests heavily in synthetic fuels from oil shale and coal, anticipating oil scarcity, but later abandons due to falling oil prices. #energy #synthetic
1981 CE
Exxon Acquires Reliance Electric
Exxon purchases Reliance Electric for $1.7 billion to diversify into energy-efficient motors, but later sells it. #acquisition #diversification
By Michael Barera - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=153883826
1985 CE
Exxon Shuts Down Its Synthetic Fuels Division
With oil prices collapsing, Exxon abandons its $5 billion synthetic fuels program, writing off investments. #oilprices #energy
1986 CE
Exxon Valdez Oil Spill (Tanker Construction)
The Exxon Valdez, a tanker built for Exxon, is christened, setting the stage for the 1989 disaster. #oil #tanker
By NOAA's National Ocean Service - Exxon Valdez Oil Spill Original photo source and more information: NOAA Office of Response and Restoration Website, Public domain, https://commons.wikimedia.org/w/index.php?curid=43213003
1987 CE
Exxon Introduces Regular Unleaded Gasoline
Exxon begins widespread sale of regular unleaded gasoline, phasing out leaded fuels. #environment #fuel
Mar 24, 1989 CE
Exxon Valdez Oil Spill
The Exxon Valdez runs aground in Prince William Sound, Alaska, spilling 11 million gallons of crude oil, one of the worst environmental disasters in U.S. history. #disaster #oilspill
By Exxon Valdez Oil Spill Trustee Council - https://evostc.state.ak.us/oil-spill-facts/photo-gallery/, Public domain, https://commons.wikimedia.org/w/index.php?curid=186351424
1991 CE
Exxon Faces Massive Cleanup Costs and Lawsuits
Exxon spends over $2 billion on cleanup and faces criminal charges, eventually paying $900 million in civil settlements and $125 million in criminal fines. #legal #environment
1993 CE
Exxon Sells Its Tanker Fleet
Following the Valdez spill, Exxon begins to divest its tanker operations and shifts to using chartered vessels. #restructuring #oil
1995 CE
Exxon Launches 'Tiger in Your Tank' Campaign in Asia
Exxon expands marketing in Asia with its iconic tiger mascot, boosting brand recognition in emerging markets. #marketing #asia
1997 CE
Exxon Challenges Global Warming Science
Exxon funds climate change denial groups and lobbies against Kyoto Protocol, later facing backlash. #climate #controversy
By Johnny Silvercloud - Exxon Knew, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=127196564
Dec 1, 1998 CE
Exxon and Mobil Announce Merger
Exxon Corporation and Mobil Corporation announce a $73.7 billion merger to form ExxonMobil, the world's largest publicly traded oil company. #merger #oil
Nov 30, 1999 CE
Merger Completed: ExxonMobil Created
The merger receives regulatory approval and ExxonMobil Corporation is officially formed, combining Exxon, Mobil, Esso, and other brands. #corporate #history
2000 CE
ExxonMobil Records Record Profits
ExxonMobil posts net income of $17.7 billion, the largest annual profit by any company at that time, driven by high oil prices. #finance #profits
2003 CE
ExxonMobil Acquires Mobil's Former Assets in China
ExxonMobil expands in China by acquiring Mobil's retail network, betting on future growth in the Chinese market. #expansion #china
2005 CE
ExxonMobil's Profits Hit $36 Billion
ExxonMobil reports record annual profit of $36.1 billion, the largest ever by any corporation, amid rising oil prices. #finance #record
2006 CE
ExxonMobil Named World's Largest Company by Revenue
Fortune Global 500 ranks ExxonMobil as the largest company by revenue, surpassing Wal-Mart temporarily. #business #ranking
2008 CE
ExxonMobil's Profits Peak at $45 Billion
ExxonMobil earns $45.2 billion in net income, its highest ever, as oil prices soar to $147/barrel. #finance #oilprices
2009 CE
ExxonMobil Acquires XTO Energy for $41 Billion
ExxonMobil buys XTO Energy, a major natural gas producer, to gain access to shale gas reserves and technology. #acquisition #shalegas
By Unknown author - XTO-PDF, Public domain, https://commons.wikimedia.org/w/index.php?curid=46216122
2012 CE
ExxonMobil Sells Its Japanese Refining Business
As part of a global strategy shift, ExxonMobil sells its 50% stake in TonenGeneral Sekiyu K.K., exiting Japan's downstream market. #divestiture #japan
2014 CE
ExxonMobil Settles Clean Air Act Violations for $2.5 Million
The company pays a $2.5 million penalty for Clean Air Act violations at its Baytown, Texas, petrochemical plant. #environment #legal
2015 CE
New York Attorney General Investigates ExxonMobil on Climate Change
NY AG launches an investigation into whether ExxonMobil misled investors about climate change risks. #climate #investigation
2017 CE
ExxonMobil Acquires Bass Family's Permian Basin Assets
ExxonMobil spends $6.6 billion to acquire drilling rights in the Permian Basin, doubling its land holdings in the region. #acquisition #permian
Nov 1, 2019 CE
ExxonMobil's $200 Billion Guyana Oil Discovery
ExxonMobil announces the discovery of over 8 billion barrels of oil equivalent offshore Guyana, one of the largest finds ever. #oil #discovery
Mar 1, 2020 CE
ExxonMobil Posts Historic $22 Billion Loss
Due to COVID-19 pandemic and oil price war, ExxonMobil reports a $22 billion loss, its first annual loss in decades. #finance #loss
Oct 28, 2021 CE
Engine No. 1 Wins Board Seats at ExxonMobil
Activist hedge fund Engine No. 1 successfully places three directors on ExxonMobil's board, pushing for a more aggressive energy transition strategy. #activism #board
2022 CE
ExxonMobil Records Record $55 Billion Profit Amid Ukraine Crisis
Spiking oil and gas prices following Russia's invasion of Ukraine push ExxonMobil's annual profit to a record $55.7 billion. #finance #geopolitics
2023 CE
ExxonMobil Acquires Pioneer Natural Resources for $60 Billion
ExxonMobil announces the acquisition of Pioneer Natural Resources, consolidating its position in the Permian Basin shale play. #acquisition #shale
May 1, 2024 CE
ExxonMobil Faces Lawsuit Over Plastics Recycling Claims
California Attorney General sues ExxonMobil, alleging the company misled the public about the recyclability of plastics. #legal #plastics