Exxon Mobil Corporation
ExxonMobil is one of the leading oil and gas producers and suppliers in the world today. Exxon Mobil Corporation is dedicated to maintaining its position as on of the global leading petroleum and petrochemical company. As part of its corporate strategy, ExxonMobil strives to continuously achieve and maintain advanced financial and operational outcomes that constantly adhere to the premier business conduct standards.
In the oil and gas industry there are many players such as BP and ExxonMobil helps meet the increasing energy needs by exploring, producing crude oil and natural gas, manufacturing petroleum products as well as transporting and selling of crude oil, natural gas, and petroleum products. ExxonMobil is one of the leading manufacturers and marketer of commodity as well as specialty petrochemicals and the company has shown great interest in electric power generation services. .
The desire to enhance its competitive in the industry the company’s greatest merger between Exxon and Mobil was mainly targeted at the company’s corporate strategy to compete in the energy industry. With operations in over 20 countries around the world ExxonMobil’s operations are based on three main segments: the Upstream, the Downstream and the Chemicals. In the Upstream segment the company performs exploration and production functions while in the Downstream segment, manufacture and marketing functions are handled.
The major ExxonMobil’s chemical segment is mainly for the production and supply of petrochemicals. As Grant (2005) defines the strategies; Corporate strategy defines the scope of the firm in terms of the industries and markets in which it competes. Corporate strategy decisions include investment in diversification, vertical integration, acquisitions, and new ventures, the allocation of resources between the different businesses of the firm; and divestments.
Business strategy is concerned with how the firm competes within a particular industry or market. If the firm is to prosper within an industry, it must establish a competitive advantage over its rivals. Hence, this area of strategy is also referred to as competitive strategy (22). Figure 1: Company strategies 1. 1 Company Operations For over 30 years ExxonMobil has advanced the Standards of Business Conduct openly rooted in its administrative strategy. Every company decision made at ExxonMobil replicates its dedication to corporate responsibility.
The company’s main belief is that the process it employs to achieve its results is always as critical as the results themselves. To this end, the company has continuously employed its expertise and resources to the day to day quest of supplying energy to the global consumers in conformity to economic, environmental, and socially responsible way. Throughout its operations, corporate and business level strategies as well as structure and control systems, ExxonMobil has always committed all its resources towards competitiveness, profitability as well as corporate citizenship.