Outline

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Term Paper Title	Outline
# of Words	1970
# of Pages (250 words per page double spaced)	7.88

Outline

Thesis Statement: In a not so shocking move earlier this month, Exxon Corp. announced that they would merge with Mobil Corp. If completed, this would be the largest merger in financial history.

I. The Merger
     A. Size
     B. Recent Oil Mergers

II. Problems for the Oil Industry
     A. Corporate Problems
     B. International Problems
     C. Overproduction

III. Need for a Merger
     A. Rockefeller's Ideals
     B. What a Merger Could Do to Help
     C. Cost of a Merger
     D. Layoffs

IV. Restructuring
     A. New Aspects of the Company
     B. New Employees

V. Future
     A. Falling Oil Prices
     B. Exxon-Mobil's Responsibility
     C. OPEC Problems     In a not so surprising move earlier this month, Exxon Corporation announced that it would merge with Mobil Corporation. If allowed, this would become the largest merger in financial history. The merger is being done out of an old style of purchasing, pioneered by John D. Rockefeller. His philosophy was that when prices were falling due to overproduction, one should purchase aggressively. That is exactly what Exxon is doing. The purchase of Mobil by Exxon represents a $72 billion purchase. Combined, the two companies had revenues in excess of $203 billion last year alone.
     According to Lee Raymond and L.A. Noto, the chairmen of the two companies, "The merging of these two companies will deliver significant near-term pre-tax synergies of about $2.8 billion…. It allows us to manage our expanded, combined asset base to deliver increasing returns and growth to our shareholders while reducing our operating costs. It allows us to continue delivering quality products to our customers at competitive prices into the future."
     At $72 billion, the Exxon-Mobil merger is not only largest, but the most ambitious of all of the recent mergers in financial news. The second largest in history was Bell Atlantic's merger with GTE, at over $70 billion.
     The Exxon-Mobil merger is the latest in a string of oil mergers this year, beginning with the merger of Amoco Corp. and British Petroleum, Total SA of France and Petrofina SA of Belgium. Others include deals between Texaco Inc. and Shell Oil, and Ashland Inc. and Marathon Oil Co.
     The first question that must be asked is why are these companies merging. Most financial analysts say that falling gas prices have fueled the mergers as of late. Recently, oil prices have hit a 22-year low of $11.25 a barrel. That problem is due to overproduction of oil throughout the world. The major oil companies are finding that...

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