To unify its retail identity, the company rolled out the Exxon brand across U.S. service stations and products, replacing the older Esso and Enco names in domestic marketing. This was a major consumer-facing change that set up a later corporate name change.
The corporate name changed from Standard Oil Company (New Jersey) to Exxon Corporation, aligning the company’s legal identity with its new retail brand. This completed the shift away from the older Standard Oil naming system in the U.S. market.
The Hibernia field was discovered offshore Newfoundland and later became one of Canada’s most important offshore developments. ExxonMobil would become the operator, linking the company’s growth to large, long-life offshore projects outside the United States.
Exxon moved ahead with buying a large stake in Reliance Electric as part of a proposed takeover. The deal drew antitrust scrutiny from the U.S. Federal Trade Commission, showing Exxon’s 1970s push to diversify beyond oil into energy-related technology and equipment.
Exxon’s office-systems business—created to compete in electronics like word processing and fax—announced significant layoffs and a plant closure. The cutbacks signaled trouble with the company’s attempt to diversify into fast-changing technology markets.
After spending more than $1 billion over about a decade, Exxon prepared to sell or shut down its money-losing office-systems effort. This marked a shift back toward focusing on Exxon’s core energy businesses rather than consumer office technology.
Exxon reported a steep earnings decline tied to a court ruling requiring major payments related to crude-oil overpricing from a Texas field. The episode highlighted how legal and regulatory decisions could materially affect the company’s financial results.
With oil prices plunging, Exxon announced a major restructuring focused on centralizing operations and eliminating some jobs and departments. The move reflected industry-wide pressure in the mid-1980s and the need to cut costs and adapt to lower prices.
The tanker Exxon Valdez ran aground on Bligh Reef in Alaska’s Prince William Sound, spilling an estimated 11 million gallons of crude oil. The disaster became one of the most consequential environmental events in U.S. oil-industry history and drove years of cleanup, legal action, and policy attention.
Exxon agreed to settle federal and Alaska civil claims and to resolve criminal charges related to the Exxon Valdez spill. The agreement included $900 million in civil damages (with potential additional liability) and a $100 million criminal fine, part of which was remitted.
After regulatory review, Exxon and Mobil completed their merger, creating ExxonMobil and reuniting two major companies descended from the old Standard Oil system. The deal reshaped the company’s global scale and set its structure for the 2000s.
In Exxon Shipping Co. v. Baker, the U.S. Supreme Court reduced punitive damages in the Exxon Valdez civil case to roughly match compensatory damages (about $507.5 million). The decision became a major legal reference point for punitive damages in federal maritime cases.
ExxonMobil agreed to buy XTO Energy, signaling a strategic bet on natural gas and unconventional production (resources produced using advanced drilling methods). The planned deal reflected a shift toward U.S. natural gas growth as a long-term business priority.
ExxonMobil completed its acquisition of XTO Energy by merger, making XTO a wholly owned subsidiary. This closed the 1972–2010 period with a clear outcome: ExxonMobil expanded strongly into U.S. natural gas and unconventional oil and gas development.
ExxonMobil Corporate Timeline (1972–2010)