Exxon merged with Mobil in 1999 to create ExxonMobil.
The deal reunited two major descendants of John D. Rockefeller’s Standard Oil trust. Standard Oil of New Jersey eventually became Exxon, while Standard Oil of New York became Mobil after a series of name changes and its 1931 merger with Vacuum Oil.
Exxon and Mobil announced their combination in 1998. Although commonly described as a merger, Exxon technically acquired Mobil, with Mobil shareholders receiving Exxon stock. The transaction was valued at about $81.2 billion and was completed on November 30, 1999.
The merger created one of the world’s largest integrated energy companies, combining exploration, production, refining, chemicals, fuels and retail operations. A common mix-up is confusing Mobil with Gulf Oil or Texaco: both were historically major oil companies, but neither formed ExxonMobil. The Mobil brand continues under ExxonMobil, especially in fuel stations and lubricants.