ExxonMobil to streamline upstream organization

Jan. 31, 2019
ExxonMobil Corp. will streamline its upstream organization and centralize project delivery across the company to support its plans to double operating cash flow and earnings by 2025. Effective Apr. 1, three new upstream companies will be created: ExxonMobil Upstream Oil & Gas Co., ExxonMobil Upstream Business Development Co., and ExxonMobil Upstream Integrated Solutions Co.

ExxonMobil Corp. will streamline its upstream organization and centralize project delivery across the company to support its plans to double operating cash flow and earnings by 2025. Effective Apr. 1, three new upstream companies will be created: ExxonMobil Upstream Oil & Gas Co., ExxonMobil Upstream Business Development Co., and ExxonMobil Upstream Integrated Solutions Co.

ExxonMobil Upstream Oil & Gas will focus on end-to-end value chain management in five global businesses—unconventional, LNG, deepwater, heavy oil, and conventional. Liam Mallon, currently president of ExxonMobil Development, will become president of ExxonMobil Upstream Oil & Gas.

ExxonMobil Upstream Business Development will oversee strategy development, exploration, acquisitions and divestments, and actively manage the upstream portfolio. Steve Greenlee, currently president of ExxonMobil Exploration, will become president of ExxonMobil Upstream Business Development.

ExxonMobil Upstream Integrated Solutions will provide technical and specialized commercial skills, such as drilling, research and technology, gas and power market optimization, and the global deployment of resources. Linda DuCharme, currently president of ExxonMobil Global Services, will become president of ExxonMobil Upstream Integrated Solutions.

Additionally, a single organization—ExxonMobil Global Projects Co.—will centralize major capital project planning and execution expertise that will support all three business segments—upstream, downstream and chemical. Neil Duffin, currently president of ExxonMobil Production, will become president of ExxonMobil Global Projects.

As part of the company’s annual presentation to investment analysts in March 2018, ExxonMobil outlined a growth strategy to increase earnings by more than 100%—to $31 billion by 2025 at constant 2017 prices—from 2017’s adjusted earnings.