Americas News
Exxon Low Carbon Ops on par With Production, Products
ExxonMobil's low carbon operations have been put on the same footing as its other operations.
The move forms part of a global restructuring and cost-cutting package announced ahead of its latest quarterly results.
Putting the oil major's low carbon business on the same level as its two major businesses allows Exxon more flexibility to redirect investments as the company adjusts to the energy transition, Exxon senior vice-president Jack P.Williams told Reuters.
The new unit is called Low Carbon Solutions. Oil and gas production will be consolidated into a global organisation called ExxonMobil Upstream with chemicals and refining going into ExxonMobil Product Solutions.
The restructuring also combines several technology and engineering operations which had been assigned to individual business units. The new, single technology organization will be called ExxonMobil Technology and Engineering.
In addition, the company will relocate its corporate headquarters from Irving, Texas, to its campus north of Houston, a move expected to be completed in mid-2023.
