ExxonMobil restructures to reduce costs, boost value
US major ExxonMobil said January 31 it would restructure into three business units and relocate its corporate headquarters in moves aimed at improving performance, reducing costs and enhancing shareholder value.
“Our transformed business structure enables us to more fully leverage the corporation’s scale, integration, technology advantages, and the skills and capabilities of our workforce to better serve our customers,” CEO Darren Woods said. “Aligning our businesses along market-focused value chains and centralising service delivery provides the flexibility to ensure our most capable resources are applied to the highest corporate priorities and positions us to deliver greater shareholder returns.”
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Effective from April 1, the company will be organised along three business lines: ExxonMobil Upstream, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions. All three units will be supported by a centralised technology group, ExxonMobil Technology and Engineering.
ExxonMobil Upstream will consolidate all of ExxonMobil’s upstream activities, and will be headed by Liam Mallon, formerly president of ExxonMobil Upstream Oil and Gas.
ExxonMobil Product Solutions essentially combines the company’s refining and chemicals businesses. It will be headed by Karen McKee, formerly president of ExxonMobil Chemical.
ExxonMobil Technology and Engineering will integrate technology activities and will be largely focused on developing technologies to significantly reduce ExxonMobil’s Scope 1, 2 and 3 emissions. Linda DuCharme, formerly president of ExxonMobil Upstream Integrated Solutions, will lead the new unit.
Corporate headquarters will be moved by mid-2023 from Irving, Texas, in the Dallas-Fort Worth area, to ExxonMobil’s campus just north of Houston.