Difference between Exxon and Chevron
Exxon and Chevron are two of the biggest and most recognizable energy companies in the business, which is why they are often compared with each other. A common point of comparison is both companies’ commitment toward adopting sustainable energy, which is a particularly important concern nowadays, given the prospect of rapidly dwindling fossil fuel energy sources. Just how committed are both companies to exploring sustainable energy alternatives? This comparison article should reveal all.
In Brief
Exxon sells a variety of products in over 32,000 retail outlets in the United States. In 2008, the company racked up more than $477 billion in sales, and had a workforce of 104,700 employees.
Chevron’s products are sold in over 8,800 retail outlets in the United States, and its 2008 revenues were pegged at $273 billion. The company also had a roster of 67,000 employees that year.
Sustainability Efforts
Exxon has put a lot of money into renewable energy in recent years, with the signing of a $600 million partnership with Synthetic Genomics. The deal centers on developing biofuel derived from algae, and Exxon has also entered into alternative fuels research with the Global Climate and Energy project sanctioned by Stanford University. The project has coursed more than $100 million into research over the past ten years. Exxon has also gone on record to state that the company spent more than $1.9 billion in greenhouse gas emission reduction and energy efficiency projects since 2004.
Chevron has also spent a lot of money in sustainability projects, having invested more than $3.8 billion on renewable energy sources, energy efficiency, and various other energy technologies since 2002. By 2012, the company expects to have spent more than $2.3 billion in capital investment and operating expenses in these areas. Chevron is also the first oil company to monitor its carbon emissions, and its Energy Solutions branch is currently largest solar installer in the education field in the United States.
Behind The Scenes
In spite of all these laudable efforts, what is more telling is what goes on behind the scenes. Exxon’s CEO Rex Tillerson has referred to biofuels as little more than "moonshine", and he has recently gone on record as saying that the peak of oil production has yet to come and that the use of coal, natural gas, and crude oil is expected to continue on for at least a century longer. Based on these statements, it appears that Exxon isn't quite that focused on developing alternative energy sources.
As for Chevron, its Gorgon Project has received a fair amount of scrutiny, due to its questionable safety issues. Of particular note is the fact that the company’s gas fields are located offshore, and this is expected to give rise to a host of safety and environmental concerns.
Summary
Exxon
- Racked up more than $477 billion in sales and had a workforce of 104,700 employees by 2008
- Has put a lot of money into renewable energy in recent years
- Spent more than $1.9 billion in greenhouse gas emission reduction and energy efficiency projects since 2004
Chevron
- 2008 revenues were pegged at $273 billion
- Has an workforce of over 67,000 employees
- Invested more than $3.8 billion on renewable energy sources, energy efficiency, and various other energy technologies since 2002
- Is the first oil company to monitor its carbon emissions
