Read about the companies in your portfolio
🤝 Here's another part of our series about the companies we invest in.
Last year, due to geopolitical situations and instability, the energy sector performed remarkably well. In our diverse portfolio, we naturally have a segment represented by the energy sector.
💡 Today, let's shed light on a global player in the oil, chemical, and energy industry – ExxonMobil.
ExxonMobil is one of the largest and most successful corporations globally. Based in the USA, it boasts a history of over 140 years.
🛢️ The company's origins trace back to 1859 when Colonel Edwin Drake and Uncle Billy Smith drilled the first oil well in Titusville, Pennsylvania. The Colonel's discovery sparked an oil boom akin ⭐ to the gold rush a decade earlier.
👨💼 The entire history of ExxonMobil stems from the establishment of the original company, Standard Oil, in 1870 by industrialist John D. Rockefeller.
In 1911, following a Supreme Court decision that found Standard Oil an unlawful monopoly, the company was split into 34 smaller companies. Two of these companies were Standard Oil Co of New Jersey, which later became Exxon, and Standard Oil Co of New York, later Mobil.
🔗 Both companies took their separate paths until 1998 when Exxon and Mobil reunited to sign a unifying merger agreement. The merger was completed in 1999, giving rise to ExxonMobil, heralding a new era for the world's largest oil conglomerate.
🌎 The company operates in most countries worldwide and is known primarily under the brands Exxon, Esso, and Mobil. 📈 Last year, it increased its profit to a record $59 billion – 1.3 trillion Czech korunas. High prices and demand growth contributed to this record corporate profit for the entire Western oil industry.
🔋 Recently, the company has become synonymous with innovative and sustainable energies. It focuses on researching and developing new unconventional technologies (not only) for the oil and gas industry – such as its program researching and testing biofuel production from algae. It specializes in green energy and offers affordable energy to its customers.
🌱 Its efforts also target combating global warming and developing new technologies that could help reduce greenhouse gas emissions, associated, for example, with plastic production. It also focuses on renewable sources from water, wind, and solar energy. 🌞 That's why ExxonMobil has an indispensable place in the portfolio of companies we invest in.
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