The JX Nippon Oil & Energy Co. is one of oldest oil exploration companies located within the confines of Japan. The company was funded in 1888 as “Nippon Oil.” After merging with the former “Mitsubishi Oil,” the company operated under the legal name of “Nippon Mitsubishi Oil” until said name was changed to it current form in 2002.
JX Nippon Oil & Energy Co. is a publicly held company, traded on the TYO: 5001. Its parent company is JX Holdings, a multinational corporation and conglomerate that focuses on the oil and mining industries. JX Nippon Oil’s primary operational focus is in oil exploration, refining, and the manufacturing and sale of petroleum products such as fuel, lubricants and plastics. Most of the company’s exploration efforts take place in Japan with some international exploration and manufacturing done in the United States.
Fumiaki Watari, CEO and Shinji Nishio, President, who oversee 13,000+ employees out of the company’s headquarters in Tokyo, Japan, lead the company. The company also maintains regional operations in Schaumburg, Illinois, Torrance, California, and its lubricant operations in Childersburg, Alabama.
Historically, the company has been credited with one great innovation in the field of energy. In 2005, JX Nippon Oil & Energy Co. was the first company in the world to conduct testing on a process that would generate 1 kW household proton-exchange membrane fuel cell with coal oil as the base product. This has allowed homeowners and business operators to benefit from lower costs related to greater power-generation efficiency.
While recent financial figure are not readily available, JX Nippon Oil & Energy Co reported revenues of ¥ 7,523.990 billion and net income of ¥ 148.306 billion for its fiscal year ending in 2008. Converted, that would be $70.88 billion and $1.40 billion based on the US dollar at rates indicated in July of 2016.