Exxon: make the change. Image File/Pixabay.
ExxonMobil low-carbon activities have been placed on the same footing as its other activities.
The move is part of a global restructuring and cost reduction program announced ahead of its latest quarterly results.
Putting the oil major’s low-carbon business on par with its two core businesses allows Exxon more flexibility to redirect investments as the company adjusts to the energy transition, the vice president said exxon senior Jack P. Williams told Reuters.
The new unit is called Low carbon solutions. Oil and gas production will be consolidated into a global organization called Upstream ExxonMobil with chemicals and refining going into ExxonMobil Product Solutions.
The restructuring also combines several technology and engineering activities that had been outsourced to individual business units. The new single technology organization will be called ExxonMobil Technology and Engineering.
In addition, the company will move its head office from IrvingTexas, at its campus north of Houstona move that is expected to be completed by mid-2023.