View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 1, 2019

Exxon Mobil to combine exploration units to double profits

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.

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.

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.

“Our focus is on increasing overall value by strengthening our upstream business and further integrating it with the downstream and chemical segments.”

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.”

The 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

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Offshore Technology