Exxon acquired Mobil in 1999 to form ExxonMobil.
Exxon and Mobil announced their merger in December 1998, and the transaction was completed in November 1999 after approval by shareholders and regulators. The combination created Exxon Mobil Corporation, one of the world’s largest publicly traded oil and gas companies.
Both companies traced their corporate histories to the breakup of Standard Oil in 1911. Exxon had operated as Esso in several markets before adopting the Exxon name in the United States, while Mobil was known for its fuel stations, lubricants, and oil-production businesses.
The merger was structured as a stock transaction and required divestitures to address competition concerns. It is different from Chevron’s 2001 acquisition of Texaco, another major oil-industry combination that reshaped the American petroleum market.