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Exxon CSR & Sustainability
Transcript of Exxon CSR & Sustainability
TRACE international workshops Emily Ledwich Current Top Management Outline Company overview Rex W. Tillerson - Chairman and CEO Company Operations Corporate & Upstream headquarters: Irving, TX (moved from New York in 1993) Founded in 1882 as a part of the Standard Oil Trust by John D. Rockefeller
Vertically integrated organization by 1889 Industry Comparison 2011 Fortune 500 #1, after being #2 to Wal Mart in 2009 and 2010 Exxon Valdez 1989 - Hit the Bligh Reef in Prince William Sound, Alaska Litigation 1989 - Class action lawsuit filed against Exxon in District Court of Alaska (fishermen and other affected parties) Exxon's Response Efforts to stop the flow into the ocean and contain the spill were slow Things have not always been so great... 1975 - Production Engineer 1979 Management 1980- Mobil
Engineering & Management 1978 - Operations Engineer Big drop - Exxon Valdez CSR today - reporting and standings Company initiatives SWOT and observations Congress's passage of Sherman Anti-Trust Act of 1890 Supreme Court ordered the trust to divest into 33 subsidiaries 1972 - Standard Oil Company of New Jersey changed its name to Exxon Corporation
Sought to create uniformity among its products Exxon merged with Mobil in 1999 to form ExxonMobil Downstream headquarters: Fairfax, VA
Operations globally Exploring for natural gas on six continents World's largest publicly traded oil and gas company Presence in every part aspect of the petroleum industry
Oil fields, service stations, pipelines Mark W. Albers - Senior Vice President Michael J. Dolan - Senior Vice President Andrew P. Swiger - Senior Vice President and Financial Officer Has lead the industry in revenues and profits for years 2011 revenue - Petroleum Refining Industry
#1 - Exxon Mobil $452,926.0 million
#2 - Chevron $245,621.0 million 2011 profits
#1 Exxon Mobil - $41,060.0 million
#2 Chevron - $26,895.0 million More than 11 million gallons of crude oil were spilled
Largest in U.S. history at the time Slow deployment of resources to spill
Size of spill and remote location complicated cleanup efforts 1989-1992 Exxon spent about $2.2 billion on clean-up effort In response to the incident, Congress passed the Oil Pollution Act of 1990
Required Coast Guard to strengthen regulations State of Alaska and federal government also brought legal actions against Exxon
Compensatory damages to Alaskans - $287 million
Punitive damages $5 billion
Additional $1 billion to State of Alaska and federal government Exxon paid the compensatory damages and amounts to State of Alaska and the federal government Through many appeals - 2006 punitive damages lowered to $2.5 billion Exxon's chairman (Lawrence G. Rawl) sent lower-ranking executives to Alaska Refused to have media briefings anywhere besides Valdez, Alaska Top executives refused to comment for two weeks Contradictory information from Exxon to others
Minimal damage vs. substantial damage Exxon newspaper advertisement - did not accept responsibility Affect on Reputation Exxon lost market share. Went from the largest oil company in the world to the third-largest Many consumers boycotted their products Survey in 2009: 26,000 consumers ranked Exxon's reputation third to last
Valdez spill was common reason Annual Corporate Citizenship Report CSRhub.com rankings Managing Climate Change Risks Safety, Health, and the Workplace Corporate Governance Economic Development Human Rights and Managing Community Impacts Leadership role in improving oil response capabilities Studying practices to minimize waste generation and increase reuse and recycling Spill Performance BP Deepwater Horizon 2010 2011 - implemented Best Practice Guide - instilling a zero-spill mindset throughout ExxonMobil
Risk assessment & procedures Partnered with several companies to form Marine Well Containment Company (MWCC) Testing containment technology in the Gulf of Mexico Emissions and Waste Air emissions
5 year research program with Health Effects Institute Freshwater management
Torrence, CA - 70% consumption Sold S/R Wilmington to U.S. ship-recycling facility Reused or recycled about 50% of hazardous waste generation Comprehensive national content development programs Employee volunteerism
Company-sponsored volunteer programs
More than 728,900 volunteer hours
43 countries Workforce development
Recruiting and training locally
Hiring needs and advances economic development National Development Supplier development
Nigeria - 1st time in industry: pipe made in-country for an offshore application Strategic community investments
Community water access to disease control Strengths Huge financial backing Global reach Industry leader Weaknesses Profitable without CSR or sustainability Opportunities Strong company values Threats Government regulation Negative connotation Growing demand for alternative/renewable fuels Technology Perception of greenwashing The End Sources Exxon corporation. (n.d.). Retrieved from http://www.britannica.com/EBchecked/topic/199234/Exxon-Corporation
A Guide to the ExxonMobil Historical Collection, 1790-2004 http://www.lib.utexas.edu/taro/utcah/00352/cah-00352.html
Company website http://www.exxonmobil.com/Corporate/default.aspx
Fortune 500 http://money.cnn.com/magazines/fortune/fortune500/2012/snapshots/387.html?iid=splwinners
Skjærseth, J. B. (2003). Exxonmobil: Tiger or turtle on social responsibility?. The Fridtjof Nansen Institute,
Retrieved from http://www.fni.no/doc&pdf/FNI-R0703.pdf
EPA Exxon Valdez http://www.epa.gov/osweroe1/content/learning/exxon.htm
Bell, J. (2011). Comparison of ExxonMobil’s sustainability reporting to outcomes. Journal of Applied Business and Economics, 12(1), 17-29.
Retrieved from http://www.na-businesspress.com/jabe/bellweb.pdf
Strandjord, T. (2009, May 11). Exxon: Reputation is everything.
Retrieved from http://alisterpaine.com/2009/05/11/exxon-reputation-is-everything/
2011 Exxon CSR Report
http://www.exxonmobil.com/Corporate/Files/news_pub_ccr2011.pdf "In 2040, 90 percent of global transportation will run on liquid petroleum based fuels, compared to 95 percent today."