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Exxon Enterprises was formed by Exxon Corporation in 1964, as a wholly-owned affiliate, for the purpose of diversification - creating and investing in new businesses outside the petroleum and chemical industries. It was initially headed by Eugene ("Gene") McBrayer, President, and Hollister ("Ben") Sykes, Senior Vice President.
By 1978, Exxon's chairman, Clifton C. Garvin, had "... earmarked $1 Billion for non-oil related capital spending through 1980."[1]