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ExxonMobil Restructures, Creates Three New Upstream Companies

ExxonMobil Corporation says it will streamline its upstream organization and centralize project delivery across the company to support its plans to double operating cash flow and earnings by 2025.

Effective April 1, the reorganization will involve creation of three new upstream companies namely; ExxonMobil Upstream Oil & Gas Co., ExxonMobil Upstream Business Development Co., and ExxonMobil Upstream Integrated Solutions Co.

ExxonMobil Upstream Oil & Gas Co. will focus on end-to-end value chain management in five distinct global businesses – unconventional, liquefied natural gas, deepwater, heavy oil, and conventional, while ExxonMobil Upstream Business Development Co. will oversee strategy development, exploration, acquisitions and divestments and actively manage the upstream portfolio.

ExxonMobil Upstream Integrated Solutions Co. will provide technical and specialized commercial skills, such as drilling, research and technology, gas and power market optimization, and the global deployment of resources.

According to the company, Liam Mallon, currently president of ExxonMobil Development Co., will become president of ExxonMobil Upstream Oil & Gas Co., Steve Greenlee, currently president of ExxonMobil Exploration Co., will become president of ExxonMobil Upstream Business Development Co., while Linda DuCharme, currently president of ExxonMobil Global Services Co., will become president of ExxonMobil Upstream Integrated Solutions Co.

The oil giant said its Global Projects Co. will centralize major capital project planning and execution into a single organization that will support all three business segments – upstream, downstream, and chemical.

Meanwhile, Neil Duffin, currently president of ExxonMobil Production Co, will become president of ExxonMobil Global Projects Co.

 

Source: Offshore

 

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