In late 1999, Exxon Corporation and Mobil Corporation, two of the largest oil companies in the United States, finalized their agreement to merge, an action that would change the landscape of the global oil industry. The merger, announced on November 30, 1999, was valued at $73.7 billion in stock and represented a strategic alignment of two powerful forces in oil production, refining, and distribution. This was one of the most significant mergers in corporate history, emphasizing the trend of consolidation within the energy sector during that period.

The decision to merge was rooted in rising competition, the need for economies of scale, and increased operational efficiency that would enhance profitability. By joining forces, Exxon and Mobil aimed to leverage their combined resources to better navigate the complex and competitive energy market, particularly in the face of fluctuating oil prices and expanding global markets. The merger was completed in 2000, leading to the creation of ExxonMobil, which became the world's largest publicly traded company, asserting significant influence over the global economy and energy policy.

The newly formed ExxonMobil not only improved its operational efficiencies but also solidified its position in natural gas markets, refining, and retail operations. The merger attracted widespread attention and scrutiny from analysts and regulatory authorities, leading to assessments of its impact on competition, prices, and consumer choice. The deal's successful execution set a precedent for future mergers and acquisitions in various sectors, particularly in oil, energy, and related industries.