Raymond presided over the rapid growth of Exxon during the nineties. He orchestrated the successful merger of Exxon with Mobil Corporation and extracted over $7 billion of savings from the combined entity. The $81 billion merger was the largest industrial merger in history. During his tenure as the head of the largest oil corporation in the world, Raymond has consistently produced results which have exceeded competitors and market expectations. Exxon Mobil beat the S&P 500 performance every year between 1993 and 2003.