Private Empire: ExxonMobil and American Power

Coll, a reporter who has covered intelligence and foreign policy, spent years on this study of ExxonMobil from the 1989 Valdez spill to around 2011, working from interviews, litigation records and diplomatic cables.

The organising argument is that ExxonMobil operates as a sovereign actor. It conducts its own foreign policy, negotiates directly with governments, maintains its own security and intelligence capabilities, and has interests that diverge from those of the United States government while remaining an American company. Coll documents this in Equatorial Guinea, Chad, Nigeria, Indonesia's Aceh province and Russia, showing the company operating in places where American policy was either absent or opposed.

The management sections describe an unusually disciplined organisation. Lee Raymond and then Rex Tillerson ran the company on the Operations Integrity Management System, a control framework built after Valdez that governs safety and operational risk in detail. Capital allocation is driven by return on capital employed measured over decades, with a stated indifference to short-term oil price forecasts. Coll shows a corporate culture that promotes exclusively from within, moves engineers globally, and treats external opinion as irrelevant.

The climate chapters document the company's funding of groups disputing climate science under Raymond and the shift in public position under Tillerson, alongside the internal recognition of the science.

Coll is a reporter rather than an analyst of energy economics, so the book covers the political and organisational dimensions far more thoroughly than the industry's fundamentals. It ends around 2011 and therefore misses the shale acquisition of XTO's consequences, the collapse in the company's returns through the following decade, the Russian venture's termination and the activist board campaign. The account of the company's operating discipline and its independent foreign relations remains accurate.