Exxon Mobil Corp. on Monday disclosed a sweeping restructuring of its global operations that will combine its refining and chemicals businesses into one, and put its energy transition business on the same footing as its other operations.
The broad restructuring marks its latest cost-cutting effort after activist investors seeking to boost returns and address the energy transition won three seats last spring on its board. Exxon vowed to cut $6 billion from operating costs by next year after suffering a historic $22.4 billion loss in 2020.
The changes were first considered around 2017, Exxon Senior Vice President Jack P. Williams told Reuters. Around that time, Exxon combined its fuels and lubricants division with supply and refining Three top businesses lines: Upstream, Products and Low Carbon.