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Founded in 1870 by John D. Rockefeller in Cleveland, Ohio, Standard Oil was a pioneering oil producer, transporter, refiner, and marketer. In 1911, the company was deemed a monopoly by the U.S. Supreme Court, leading to its breakup into 34 separate entities. Notable successors included Exxon and Mobil, which merged in 1999 to become ExxonMobil. The company innovated in global markets, notably expanding into China by promoting kerosene over vegetable oil. Today, ExxonMobil operates in around 200 countries and maintains a strong commitment to innovation, including efforts to extract fuel from algae.
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Company facts • In 1870 Standard Oil was founded in Cleveland, Ohio by John. D Rockefeller • Standard Oil was an oil producing, transporting, refining, and marketing company • In 1911 the United States Supreme court ruled that Standard Oil was a monopoly • In 1911 Standard Oil was forced to be broken up into 34 companies. • Standard oil, Humble oil, Esso, Enco were the most notable companies after the break up
Marketing • The company was facing stiff competition from Texaco and Shell because those were the only two companies to market under one name • The first plan was to rebrand all stations as Enco, however they learned that “Enco” is similar in pronunciation to a Japanese term for “stalled car” • In 1972 They rebranded all their stations as Exxon • The first marketing strategy Exxon used was the slogan “Put a tiger in your tank” accompanied with the tiger mascot • In 1999 Exxon merged with Mobil to create Exxon Mobil
Expansion into China • During the 1980’s Standard oil produced so much oil that it exceeded the U.S demand • They decided to expand into China in efforts to increase profits • The problem they faced was that the Chinese were using Vegetable oil to fuel lamps instead of Kerosene
Expansion solution • In efforts to boost demand for kerosene, Standard Oil gave out free tin lamps to Chinese farmers encouraging them to switch from vegetable oil to kerosene • Standard Oil also changed their company name in China to Mei Foo. • Mei Foo translates into “American Trust” • Standard Oil saw a huge increase in profits after doing this
Global locations • Exxon Mobil has locations in about 200 countries • In 2011 only 6% of their profits came from the U.S • Currently Exxon employs 102,300 people worldwide
Legal controversy • 1989 in Alaska, an oil tanker called Exxon Valdez accidently ran into a reef. • Approximately 11 million gallons of oil spilled into • The captain of the ship was reportedly drinking heavily went the accident happened • Exxon Mobil was ordered to pay $787,000,000 dollars for clean up costs and damages
Innovation • Exxon is trying to find an economical way to get fuel from algae • They paid Synthetic Genometrics INC. 100 million dollars to find an economical way to extract fuel from the algae • If they area able to find a way to do this they are expect profits rise dramatically
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Works cited • http://fuelfix.com/blog/2013/03/05/exxon-mobil-plans-multibillion-dollar-baytown-plant-expansion/ • http://exxonmobil.com/Benelux-English/products.aspx • https://www.sciencenews.org/blog/science-public/exxon-valdez-oil-lingers-does-its-toxicity • http://www.businesswire.com/news/home/20140107006851/en/ExxonMobil-Celebrates-Singapore-Chemical-Plant-Expansion#.U153mFc256g
