The reorganization, which will take effect on Apr. 1, will create three business lines: ExxonMobil Upstream (oil & gas), ExxonMobil Product Solutions (chemicals and refining) and ExxonMobil Low Carbon Solutions, all of which will be supported by ExxonMobil Technology and Engineering.

“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,” said chairman and CEO Darren Woods.

ExxonMobil Product Solutions will be the market leader in PE and other high-value chemicals and hold the number two market position in aromatics, lubricants and fuel additives, according to the company. Karen McKee, formerly president of ExxonMobil Chemicals will lead the new is business.

The group added that it is on track to exceed $6 billion in structural cost savings by 2023 compared with 2019, partly driven by the new business structure. This is in addition to other measures, such as centralizing procurement and process digitalization, which were announced in 2020.

Author: Elaine Burridge, Freelance Journalist