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The Exxon Mobil Corporation, or ExxonMobil, is an American oil and gas corporation and a direct descendant of John D. Rockefeller's Standard Oil company.^[3] Formed on November 30, 1999, by the merger of Exxon and Mobil, ExxonMobil is the world's largest company by revenue, at $404.5 billion for the fiscal year of 2007. It is also the largest publicly held corporation by market capitalization, at $501.17 billion on April 18, 2008.^[4] Exxon's reserves were 72 billion oil-equivalent barrels at the end of 2007 and, at current rates of production, are expected to last over 14 years.^[5] While it is the largest of the six oil supermajors^[6] with daily production of 4.18 million BOE (barrels of oil equivalent) in 2007^[7], this is only approximately 3% of world production and ExxonMobil's daily production is surpassed by several of the largest state-owned petroleum companies.^[8] When ranked by oil and gas reserves it is 14th in the world with less than 1% of the total. ^{[9] [10]} Currently, the company ranks #1 in the world in net income, which was almost $40 billion last year.