Between 1965 and 2019, ExxonMobil was behind 41.9 billion tonnes of carbon dioxide equivalent emissions. It has a long history of actively contributing to climate breakdown, such as funding climate change sceptics, exercising its massive influence on American foreign policy, conducting business with dictatorships and developing Canada’s tar sands.
Banks and other financial institutions must demand that their fossil fuel major clients immediately halt all activities that expand fossil fuel infrastructure, and develop and implement credible phase-out plans for their existing fossil-fuel-based activities, on a timescale aligned with Paris Agreement goals. In the absence of such commitments, banks must stop servicing ExxonMobil.
| Sectors | Oil and Gas Extraction |
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listed on NYSE
ExxonMobil's shareholder structure can be accessed here. |
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| Website | https://corporate.exxonmobil.com/ |
ExxonMobil is the world’s largest publicly traded integrated petroleum and natural gas company. Headquartered in Irving, Texas, the American multinational operates facilities and markets products around the world. ExxonMobil’s main activities are exploring for oil and natural gas on six continents and manufacturing, producing, transporting and selling petroleum, crude oil and gas products. During 2021, ExxonMobil produced approximately four million oil-equivalent barrels of net oil and gas daily and generated USD 178.2 billion in revenue, which placed it sixth among the world’s oil and gas supermajors.
Qatar's oil and gas fields ExxonMobil signed an agreement with QatarEnergy to increase the extraction of gas from Qatar's North Field, the biggest non-associated gas field in the world and one of the world's largest carbon bombs. ExxonMobil is a shareholder in North Field East. If all the reserves of Qatar's oil and gas fields are burned this will lead to an additional 50 gigatonnes of CO2 emissions. These emissions will lead to USD 20 trillion in economic damage and 11 million people dying prematurely. These deaths will most likely take place in poor, marginalised and/or Indigenous communities who bear very little responsibility for causing the climate crisis.
Between 2016 and 2021, nine commercial banks financed ExxonMobil through corporate loans, credit facilities and underwriting services totalling almost USD 87 billion. See below for more detailed information.
The US Government has approved the merging of Exxon Corp. and Mobil Corp, which will create the world's largest privately owned petroleum company. The oil and gas giants announced an intention to merge in December 1998. Observers expect the deal’s completion in a matter of weeks. Exxon-Mobil must sell various assets as part of this approval to appease concerns of anti-competitive price rises.
The Exxon Valdez spilled more than 11 million gallons of crude oil into Prince William Sound, Alaska, after running into Bligh Reef. The largest-ever oil spill in the US was only accessible by helicopter and boat, which critically hampered clean-up efforts. In response, the United States’ Oil Pollution Act was introduced in 1990.
