Exxon Mobil has announced plans to combine its exploration units in order to support previously announced plans to double operating cash flow and earnings by 2025.
Project delivery will also be centralised across the company, as part of the reorganisation.
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Under the reorganisation, which will fold seven companies into three as of 1 April this year, Exxon Mobil will create ExxonMobil Upstream Oil & Gas Company, ExxonMobil Upstream Business Development Company and ExxonMobil Upstream Integrated Solutions Company.
The three new upstream companies will help Exxon Mobil to better coordinate oil and gas production with logistics and refining operations.
Exxon Mobil senior vice-president Neil Chapman said: “We’re simplifying and integrating our upstream organisation to better capitalise on the industry-leading portfolio we’ve assembled through acquisitions and exploration success in the US Permian Basin, Guyana, Mozambique, Papua New Guinea and Brazil.
“Our focus is on increasing overall value by strengthening our upstream business and further integrating it with the downstream and chemical segments to take advantage of our unique capabilities across the value chain.”
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By GlobalDataThe primary focus of ExxonMobil Upstream Oil & Gas Company will be on end-to-end value chain management in unconventional, liquefied natural gas, deepwater, heavy oil and conventional businesses.
ExxonMobil Upstream Business Development Company will look after strategy development, exploration, acquisitions and divestments. It will also manage an upstream portfolio.
Technical and specialised commercial skills such as drilling, research & technology, gas and power market optimisation, as well as the global deployment of resources will be overseen by ExxonMobil Upstream Integrated Solutions Company
