History of Development of Exxon Mobil - Research Paper Example

History of Exxon Mobil from 1870 to Today The oil industry is one of the main industries that constitute the economic structure of the United States. One of the key players in the oil industry is Exxon Mobil. Exxon Mobil is the descendant and presently known as Standard Oil Company. It covers different oil and oil products and known as one of the strongest company in the field since 1870. Although Exxon Mobil’s history started before 1870 as a regional marketer of kerosene, the development of the company structure known today had been established in the said year by John D.

Rockefeller (Tracy, Tordo and Arfaa 15).In 1870, Standard Oil Company with Rockefeller and his associates transformed the Exxon Mobile and the combined facilities became the main basis of what had been known as the largest refining capacity of any single company in the world. Standard had been carried as a name due to fact that the word means uniform which pertains to the quality of the oil products. In the same decade, specifically in 1879, the Standard Oil Co. owned a significant part of the Vacuum Oil Company, a pioneer in lubricant products.

The company which was established by Matthew Ewing and Hiram Bond Everest was known for products such as the revolutionary Gargoyle 600-W Steam Cylinder Oil (ExxonMobil Site). In the same year, the Standard Oil Trust had been established in cooperation with 30 affiliated companies (Tracy, Tordo and Arfaa 15).In the next decade, 1880, the domestic share in refining of the company increased to 95 percent (Tracy, Tordo and Arfaa 15). In 1882, the Standard Oil products were used for Thomas Edison’s first central generating system.

In the same year, the Standard Oil Companies in New Jersey and New York were included in the Trust. The headquarters of Standard Oil Trust then moved to Broadway, New York in a 9-storey office which became one of the most important landmarks in the city. Also in the same year, the Gargoyle Arctic was developed by Vacuum and used for new designs of generators and motors for maximum speed of 1000 rpm (ExxonMobil Site).The new century still opened new opportunities for the company. In 1903, the Wright brothers were included in the loyal clients of Jersey Standard fuel and Mobiloil lubricants by Vacuum.

Even their historic first flight was fuelled by Standard. The trust continued to monopolize the market but in 1911 it was segregated to 36 independent companies including Exxon Mobil, Chevron, ARCO, Amoco, Jersey Standard, Socony, and Vacuum Oil due to the US Supreme Court’s decision (ExxonMobil Site; Tracy, Tordo and Arfaa 15). Another achievement happened when Ralph De Palma won Indianapolis 500 by using Mobil products in 1915. Continuous growth of the brand had been observed even after the disintegration of the Trust.

In 1919, Jersey Standard owned 50 % interest of Humble Oil & Refining Company of Texas, the same year when new methods for finding oil had been discovered by the said company. A year later, Jersey Standard started producing first commercial petrochemicals such as rubbing and isopropyl alcohol. In 1926, Standard Oil started a new brand, Esso which stands for S and O of the name of the company for a new blend of fuel. In 1927, a new method for finding oil had been used by Humble geophysicist and the oil field in Sugarland, Texas had been discovered.

Amelia Earhart and Charles Lindbergh had used Mobiloil in their historic flights in 1928 and 1927 respectively. The continuous innovative discovery for market application had been made: first commercial unit cat-cracking refinery in Socony-Vacuum’s refinery in New Jersey in 1936, artificial rubber (butyl) production for tires, surgical tapes, protective coatings, etc. by Jersey Standard in 1937 (ExxonMobil Site).Through the years until the present, Standard Oil had been an active participant in landmark events related to oil products.

In 1938, the first commercial production of alkylate started in Humble in Baytown Texas. In 1942, the first fluid catalytic cracker went public through the Louisiana Standard. Uniflo motor oil, known as the first multigrade oil for summer and winter oil, had been produced in 1952 by the Jersey Standard. Esso Education Foundation had been established in 1955 by Jersey Standard. In 1958, commercial Pan American Airways used Mobil in the first trans-Atlantic flight from NY to London. In 1959, advertising was explored and the company was known for the slogan “Put a tiger in your tank.

” In 1963, another technology for oil discovery was made by Humble which is called 3-D seismic technology. In 1966, the company Mobil celebrated 100 years specifically the founding of Vacuum Oil Company and changed the name to Mobil Oil Company. The year 1972 marked the year when Jersey Standard became known as Exxon Corporation. Mobil introduced synthetic automotive engine lubricant in 1974 which started the said line in the market, thus, making Mobil the world’s leading synthetic motor oil.

In the following year, Mobil participated in Beryl A which is the first concrete production platform in the world. In addition, the company patented ZSM-5 or zeolite catalyst (1972) and was used to convert methanol to high-octane gasoline. In 1980, Exxon started corporate responsibility efforts through the establishment of Exxon Biomedical Sciences, the environmental health research at East Millstone, NJ. In 1982, Exxon celebrated 100 years while in 1986 Exxon research and engineering developed 3-D microtomography for studying internal structure of opaque objects which is important in the field.

In 1989, an oil spill occurred due to an accident met by the tanker Exxon Valdez. In the same year, Exxpol, another catalyst was introduced (ExxonMobil Site).The prowess of the company continued in the 90s. Based on the company’s logo, Exxon showed support and established the Save The Tiger Fund for the conservation of Asia’s wild tigers in 1995. In 1997, another technology known as Speedgas, an automated gas pumping system paid through credit card. In 1999, Exxon Mobil Corporation was established (ExxonMobil Site).

In the turn of the century, more innovations had been made. Upon the merging of the two companies, SCANfining process was developed by the ExxonMobil Research & Engineering Company (EMRE) a new catalyst for sulphur removal in gasoline in 2001. In 2002, the company participated in the Global Climate and Energy Project (GCEP) focused to meet energy demands while lowering green house gasses. Another academic related project is the Mickelson ExxonMobil Teachers Academy (2005) aimed to inspire students to pursue careers in science and math (ExxonMobil Site).

Continuous exploration of oil sources continued.In 2005, ExxonMobil Qatar Petroleum cooperated in the development of the giant North Field offshore Qatar known as the largest non-associated gas field in the world. Another is the Exxon Neftegas Limited’s completion of the Z-11 well drilling in 2007, known as the longest depth extended-reach drilling well in the world (ExxonMobil Site).Works Cited:ExxonMobil Site. 2011. About Us: Our History. 26 September 2011 Tracy, Brandon S., Silvana Tordo and Noora Arfaa.

National Oil Companies and Value Creation. World Bank Publications, 2011.