Chap001 - Opening Case: ExxonMobil Corporation Company...

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Unformatted text preview: Opening Case: ExxonMobil Corporation Company history Main business is discovering, producing, and selling oil and natural gas Descended from the Standard Oil trust In 1890 Congress passed the Sherman Antitrust Act to outlaw its monopoly Once had more than a 90% market share of the American oil market The values of its founder, John D. Rockefeller, defined the company culture In 1972 Standard Oil of New Jersey changed its name to Exxon, and in 1999 it merged with Mobil, to form ExxonMobil 1-3 Opening Case: ExxonMobil Corporation (continued) The leader John D. Rockefeller (Standard Oil) Brilliant strategist and organizer who crushed competitors Emphasized cost control, efficiency, centralized organization, and suppression of competitors Although Rockefellers influence is buried in the passage of time, ExxonMobils actions remain consistent with his nature 1-4 Opening Case: ExxonMobil Corporation (continued) Today ExxonMobil remains a powerful force, but that power is limited by economic and political forces. It now controls only 5.6% of oil production and holds less than 1% of petroleum reserves, far less than it did in the 1950s. It has complex relationships with powerful governments. For a considerable time, company managers denied that the world is warming. ExxonMobils large size attracts the watchful eye of environmental, civil rights, labor, and consumer groups....
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Chap001 - Opening Case: ExxonMobil Corporation Company...

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