ExxonMobil Combines Chemical and Downstream, Centralizes Technology and Engineering

Photo credit: Raymond Kotewicz

ExxonMobil announced that it’s further streamlining its business structure by combining chemical and downstream companies and centralizing technology and engineering, and other support services, to better support customers, enhance performance and grow value.

• Combines Chemical and Downstream businesses, centralizes Technology and Engineering and key service organizations
• Enhances integration, customer focus and takes maximum advantage of corporate scale to improve performance, reduce costs and grow shareholder value
• Continues ongoing effort to fully leverage competitive advantages

“Our transformed business structure enables us to more fully leverage the corporation’s scale, integration, technology advantages and the skills and capabilities of our talented workforce, to better serve our customers,” said Darren Woods, chairman and chief executive officer.

“Aligning our businesses along market-focused value chains and centralizing 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.”

Effective April 1, the company will be organized along three business lines: ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions. They will be supported by a single technology organization, ExxonMobil Technology and Engineering and other centralized service-delivery groups providing like capabilities, building on the successful consolidation of major projects across the corporation in 2019.

The move is a further evolution of the company’s business model and part of its strategy to build globally competitive businesses that lead industry in earnings and cash flow growth, operating performance and the energy transition.

“We greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community,” said Woods. “Closer collaboration and the new streamlined business model will enable the company to grow shareholder value and position ExxonMobil for success through the energy transition.”