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Winner of the Financial Times and Goldman Sachs Business Book of the Year Award 2012
An “extraordinary” and “monumental” exposé of Big Oil from two-time Pulitzer Prize winner Steve Coll (The Washington Post)
In Private Empire Steve Coll investigates the largest and most powerful private corporation in the United States, revealing the true extent of its power. ExxonMobil’s annual revenues are larger than the economic activity in the great majority of countries. In many of the countries where it conducts business, ExxonMobil’s sway over politics and security is greater than that of the United States embassy. In Washington, ExxonMobil spends more money lobbying Congress and the White House than almost any other corporation. Yet despite its outsized influence, it is a black box.
Private Empire pulls back the curtain, tracking the corporation’s recent history and its central role on the world stage, beginning with the Exxon Valdez accident in 1989 and leading to the Deepwater Horizon oil spill in the Gulf of Mexico in 2010. The action spans the globe, moving from Moscow, to impoverished African capitals, Indonesia, and elsewhere in heart-stopping scenes that feature kidnapping cases, civil wars, and high-stakes struggles at the Kremlin. At home, Coll goes inside ExxonMobil’s K Street office and corporation headquarters in Irving, Texas, where top executives in the “God Pod” (as employees call it) oversee an extraordinary corporate culture of discipline and secrecy.
The narrative is driven by larger than life characters, including corporate legend Lee “Iron Ass” Raymond, ExxonMobil’s chief executive until 2005. A close friend of Dick Cheney’s, Raymond was both the most successful and effective oil executive of his era and an unabashed skeptic about climate change and government regulation.. This position proved difficult to maintain in the face of new science and political change and Raymond’s successor, current ExxonMobil chief executive Rex Tillerson, broke with Raymond’s programs in an effort to reset ExxonMobil’s public image. The larger cast includes countless world leaders, plutocrats, dictators, guerrillas, and corporate scientists who are part of ExxonMobil’s colossal story.
The first hard-hitting examination of ExxonMobil, Private Empire is the masterful result of Coll’s indefatigable reporting. He draws here on more than four hundred interviews; field reporting from the halls of Congress to the oil-laden swamps of the Niger Delta; more than one thousand pages of previously classified U.S. documents obtained under the Freedom of Information Act; heretofore unexamined court records; and many other sources. A penetrating, newsbreaking study, Private Empire is a defining portrait of ExxonMobil and the place of Big Oil in American politics and foreign policy.
- Sales Rank: #190286 in Books
- Brand: The Penguin Press
- Published on: 2012-05
- Released on: 2012-05-01
- Original language: English
- Number of items: 1
- Dimensions: 1.60" h x 6.20" w x 9.40" l, 2.25 pounds
- Binding: Hardcover
- 685 pages
- Great product!
From Bookforum
Coll employs language that’s plain, clear, and free of accusation. Though some of the details recounted across the sprawling narrative of Private Empire are outrageous, the reporting is deep and fair. — Coral Davenport
Review
“ExxonMobil has met its match in Coll, an elegant writer and dogged reporter… extraordinary… monumental.” --THE WASHINGTON POST
“Fascinating… Private Empire is a book meticulously prepared as if for trial, a lawyerly accumulation of information that lets the facts speak for themselves… a compelling and elucidatory work.” --BLOOMBERG
“Private Empire is meticulous, multi-angled and valuable… Mr. Coll’s prose sweeps the earth like an Imax camera.”
— Dwight Garner, THE NEW YORK TIMES
"ExxonMobil has cut a ruthless path through the Age of Oil. Yet intense secrecy has kept one of the world's largest companies a mystery, until now. Private Empire: ExxonMobil and American Power is a masterful study of Big Oil's biggest player… Coll's in-depth reporting, buttressed by his anecdotal prose, make Private Empire a must-read. Consider Private Empire a sequel of sorts to The Prize, Daniel Yergin's Pulitzer-winning history of the oil industry… Coll's portrait of ExxonMobil is both riveting and appalling… Yet Private Empire is not so much an indictment as a fascinating look into American business and politics. With each chapter as forceful as a New Yorker article, the book abounds in Dickensian characters.”
— SAN FRANCISCO CHRONICLE
"Coll makes clear in his magisterial account that Exxon is mighty almost beyond imagining, producing more profit than any American company in the history of profit, the ultimate corporation in 'an era of corporate ascendancy.' This history of its last two decades is therefore a revealing history of our time, a chronicle of the intersection between energy and politics."
--Bill McKibben, NEW YORK REVIEW OF BOOKS
"Groundbreaking... Masterful as a corporate portrait, Private Empire gushes with narrative."
— AMERICAN PROSPECT
About the Author
Steve Coll is most recently the author of the New York Times bestseller The Bin Ladens. He is the president of the New America Foundation, a nonpartisan public policy institute headquartered in Washington, D.C., and a staff writer for The New Yorker. Previously heworked for twenty years at The Washington Post, where he received a Pulitzer Prize for explanatory journalism in 1990. He is the author of six other books, including the Pulitzer Prize-winning bestseller Ghost Wars.
Most helpful customer reviews
1 of 1 people found the following review helpful.
Fascinating!
By Graybeard
This is a fascinating, educational book that provides glimpses into selected notable episodes during a 21-year period in the life of oil giant Exxon Mobil Corporation, starting with the Exxon Valdez oil spill in Prince William Sound, Alaska in 1989 and ending with BP's Deepwater Horizon disaster in the Gulf of Mexico in 2010. The book provides insights into the company's corporate culture; some of the company's executives and other employees; the company's strengths, weaknesses, opportunities and threats; some of the entities it interacts with at home and abroad; the nature of those interactions; and the macroenvironmental forces it must contend with.
The book's eye-catching title is what drew me to the book in the first place, but before I was even halfway through the book it was clear that the title was wildly inaccurate and probably just was marketing overreach by the publisher or the author in an effort to drum up sales. Far from its being an empire -- even metaphorically -- Exxon Mobil, as portrayed in the book, is a battle-hardened survivor, a company that continually must fight or adapt, as appropriate, to remain a successful undertaking and a successful steward of its shareholders' capital.
This book would make for great supplementary reading in a business school course on strategic management.
5 of 5 people found the following review helpful.
So much to be told this was a disappointment
By Traveller
I think when I purchased this I was expecting a content similar in style to "The Prize" ,which was a fantastic read and I was terribly wrong and had to grind my way through , finally leaving it hugely disappointed. For such a fascinating subject I found the book to be unnecessarily repetitive with the endless comments about "Bookable Reserves" and hints but no real substance to many of the comments about the corporation's relationship to government. Almost every chapter begins with an inticing storyline which somehow manages to peter out as underlying detail is missed or simply implied but never followed up. The section on Exxon Chemicals is too brief and probably superflous to the rest of the book. The exception to the negative comment is to be found in the detail of the post-Mobil acquisition and the contrasting style of the Mobil worldwide operations, would have appreciated much more information and informed comment.
ExxonMobil is undoubtedly a corporation to be admired and vilified but the book fails to really commit the reader instead it rather numbed me.Both Raymond and Tilleson, bearing in mind the scale of the operation they ran and the results ExxonMobil consistently produced, must be larger than life characters but this fails to come across and there is an incredible lack of detail about any of the key subordinates who drove the corporation forward. Maybe they are just "men in suits" managing endless Powerpoint presentations but that is difficult to believe.
Should be read but do not expect any real insight.
221 of 233 people found the following review helpful.
You can't put this book down - It just grabs YOU - 5 STARS !!!!!
By Richard of Connecticut
As a reader you can never really explain it, but a truly great author can make anything come alive while others will put you to sleep. Steve Coll is a Pulitzer Prize winner author of Ghost Wars - the Secret History of the CIA, which is another book you just can't put down. Private Empire is special, and the title is so appropriate, a company that has been in business for over a 100 years. It has seen 19 American Presidents come and go, and yet it remains the dominant energy company in the world, and this book covers the whole story.
There is very little devoted to the early history of the company. As we all probably know John D. Rockefeller created the Standard Oil Trust and when it was broken up by the Trust Busters in the early 20th century, one of the spin-offs was the early ancestor to what is now Exxon which eventually combined with Mobil Oil to form ExxonMobil. Rockefeller controlled 14% of the American economy at one point, and oil has remained our dominant energy source ever since.
What a book, what a story for Exxon is the tale of 20th century America and our country's rise to both prominence and dominance in the world both politically and economically. A company so powerful that it considers itself in many ways a state within a state with an internal security force the equivalent of the Secret Service that guards our President. And why not, Exxon has recruited the best of the retired Secret Service agents to develop, install, and maintain a security shield around this company's behavior and its employees.
The book devotes a chapter to the kidnapping and death of Exxon executive Sidney Reso and how CEO Lee Raymond completely revamped the entire company to ensure that it would not happen again. You will learn about the finest private corporate jet fleet in America, and how the Board of Directors mandated that the CEO would never fly a commercial flight again.
It's absolutely absorbing to study in detail how the company after decades in New York moved its corporate headquarters to Dallas Texas and how the building was designed for secrecy with an inner sanctum within an inner sanctum. It was called the God Pod, and the building was called the Death Star after the Star Wars movies.
Lee Raymond proudly proclaims about his competitors, we are Oil - the rest of you are kids. Nothing is left to chance for the dominant oil company in the world. They don't run the company on emotions, they run it on science and principles as the book points out. It is the relentless pursuit of efficiency, another catchphrase employed by the author.
COMPOSITION of the Book
This tome is over 700 pages spread over 28 chapters with extensive use of footnotes. It is separated into two parts, the first 14 chapters or part I is The End of Easy Oil, while Part II is The Risk Cycle which covers 14 additional chapters.
To truly cover the history of Exxon from the beginning, you would need 1500 to 2000 pages, so the author decided to begin with the Exxon Valdez tragedy. In March of 1989, an Exxon oil tanker traveling through Prince Edward Sound went aground and created an environmental and public relations nightmare for Exxon. The story is covered in detail and the book clearly demonstrates how Lee Raymond who would become CEO in the future used the tragedy to essentially completely revamp Exxon's corporate structure and behavior.
The author also wisely decided to use Lee Raymond as the point man or cornerstone of this book. We see Exxon through Raymond's eyes, and as Raymond says in the book, we see governments come and go. This is an acknowledgment that Exxon thinks and plans for decades at a time, not years.
CONCLUSION
Yes, it is all here. If you are into business biographies, this one is tops. If you are into geopolitical power and how corporations interact with governments including their own government this book is an eye-opener. If you want to get a real feel for what it's like for tens of thousands of people to dedicate themselves to the optimal running of a corporation and very little else, this book may turn you on or turn you off.
Exxon is a demanding master for those who serve, and for those who serve willingly, it makes them rich, and materially they want for nothing. Yes the corporation will absorb your soul and ask everything of you. This is all the more interesting when you consider that all the top people in this company seem to be cut from the same cloth meaning the same religious belief systems, basically Southern colleges, and political beliefs - no left wing partisans need to submit a resume. You simply would not pass the background check.
This reader thought the two chapter headings that best describe the Exxon culture were Chapter 4 - Do you really want us as an enemy, and Chapter 17 I pray for Exxon. The best line in the book was a sentence where Exxon's attitude is described as F_ _ _ you - no apologies, oil is here to stay. This is truly a great read. You don't want to miss it, and you will understand much more about oil, lobbyists, how our government works, and energy that you could have ever possibly wanted to know. Get it today.
Richard Stoyeck
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