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Exxon Merging Oil Refining and Marketing Units

Reuters, December 4, 2017
Reuters

Exxon Mobil Corp is merging its refining and marketing divisions to boost profits from its downstream businesses, the first major restructuring under Chief Executive Darren Woods. Neil Chapman, the head of its global chemicals operations, was named to the company’s management committee, a board-elected panel that typically serves as a stepping stone for future chief executives, Exxon said on Friday. Chapman, 55, joins CEO Woods and four other senior vice presidents on the committee, which oversees the company’s global operations. The president of ExxonMobil Chemical Co also was promoted to corporate senior vice president.

The merger of the world’s largest publicly-traded oil producer’s refining and marketing operations will take place in the first quarter, the company said.

 

The changes come as Exxon expands its refining division. The company is investing $20 billion through 2022 to expand its chemical and oil refining plants on the U.S. Gulf Coast. The refining and chemicals arms contributed more than $4.2 billion apiece to 2016 earnings, compared with a $196 million profit from exploration and production. Last year’s results were affected by sharply lower crude prices.


(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva and Andrew Hay)

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