ExxonMobil Streamlining Upstream Organization to Support Growth Plans
31 Janvier 2019 - 6:00PM
Business Wire
- Enhanced, integrated organization to
maximize value of industry-leading portfolio
- End-to-end integration across full
upstream value chain to increase value capture
- Proven project-delivery capability to
be enhanced by centralized company supporting upstream, downstream
and chemical businesses
Exxon Mobil Corporation (NYSE:XOM) said today it will streamline
its upstream organization and centralize project delivery across
the company to support previously announced plans to double
operating cash flow and earnings by 2025.
“We’re simplifying and integrating our upstream organization to
better capitalize on the industry-leading portfolio we’ve assembled
through acquisitions and exploration success in the U.S. Permian
Basin, Guyana, Mozambique, Papua New Guinea and Brazil,” said Neil
Chapman, senior vice president.
“Our focus is on increasing overall value by strengthening our
upstream business and further integrating it with the downstream
and chemical segments to take advantage of our unique capabilities
across the value chain. A clear example is what we’re doing in the
Permian, which includes upstream, midstream and downstream
investments, enabling us to maximize value unlike any of our
competitors.”
The reorganization will be effective April 1 and involve
creation of three new upstream companies -- ExxonMobil Upstream Oil
& Gas Company, ExxonMobil Upstream Business Development Company
and ExxonMobil Upstream Integrated Solutions Company.
The ExxonMobil Upstream Oil & Gas Company will focus on
end-to-end value chain management in five distinct global
businesses -- unconventional, liquefied natural gas, deepwater,
heavy oil and conventional.
ExxonMobil Upstream Business Development Company will oversee
strategy development, exploration, acquisitions and divestments and
actively manage an upstream portfolio that is considered the most
attractive since the 1999 merger of Exxon and Mobil. Consolidation
of upstream portfolio management efforts in one organization will
further strengthen the company’s ability to optimize portfolio
value.
ExxonMobil Upstream Integrated Solutions Company will provide
technical and specialized commercial skills, such as drilling,
research & technology, gas and power market optimization, and
the global deployment of resources.
The following executives will lead the new companies:
- Liam Mallon, currently president of
ExxonMobil Development Company, will become president of ExxonMobil
Upstream Oil & Gas Company.
- Steve Greenlee, currently president of
ExxonMobil Exploration Company, will become president of ExxonMobil
Upstream Business Development Company.
- Linda DuCharme, currently president of
ExxonMobil Global Services Company, will become president of
ExxonMobil Upstream Integrated Solutions Company.
The company’s proven project-delivery capability will be
enhanced through a single organization – ExxonMobil Global Projects
Company – which will centralize major capital project planning and
execution expertise into a single organization that will support
all three business segments – upstream, downstream and
chemical.
Neil Duffin, currently president of ExxonMobil Production
Company, will become president of ExxonMobil Global Projects
Company.
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 percent – to $31 billion by 2025
at constant 2017 prices – from 2017’s adjusted earnings.
Investments outlined during the annual investor presentation,
across all three segments of ExxonMobil’s business – upstream,
downstream, and chemical – will generate double digit rates of
return.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
Cautionary Statement:
Outlooks, projections, estimates, goals, targets, descriptions
of business plans and objectives, market expectations and other
statements of future events or conditions in this release are
forward-looking statements. Actual future results, including future
earnings and cash flows could differ materially due to a number of
factors. These include changes in oil or gas demand, supply, prices
or other market conditions affecting the oil, gas, petroleum and
petrochemical industries; reservoir performance; timely completion
of exploration and development projects; regional differences in
product concentration and demand; war and other political or
security disturbances; changes in law, taxes or other government
regulation, including environmental regulations, taxes, and
political sanctions; the outcome of commercial negotiations; the
actions of competitors and customers; unexpected technological
developments; general economic conditions, including the occurrence
and duration of economic recessions; unforeseen technical
difficulties; the Company’s ability to implement and realize the
benefits of organizational changes on schedule and as planned; and
other factors discussed in Item 1A. Risk Factors in our most recent
Form 10-K available on our website at www.exxonmobil.com.
This release references key highlights from ExxonMobil’s 2018
Analysts’ Meeting held on March 7, 2018. For more information
concerning the forward-looking statements and other information
contained in this release, please refer to the complete Analysts’
Meeting presentation (including important information contained in
the Cautionary Statement and Supplemental Information sections of
the presentation) which is available live and in archive form
through ExxonMobil’s website at www.exxonmobil.com. References to
the forward-looking statements outlined at the 2018 Analysts’
Meeting in this release are not intended to update those
statements.
Forward-looking statements regarding future earnings and cash
flow made at the 2018 Analysts’ Meeting and referenced in this
release are not forecasts of actual future results. These figures
are intended to help quantify the targeted future results and goals
of management plans and initiatives as outlined at the 2018
Analysts’ Meeting assuming a constant real Brent crude price of $60
per barrel through 2025. This price was used for illustrative
purposes only and does not represent management’s forecast of
future oil prices or the price management uses for internal
planning purposes. For the $60 crude price case we assumed
Downstream and Chemical product margins remained consistent with
2017 levels; that other factors such as laws and regulations
(including tax and environmental laws) and fiscal regimes remained
consistent; and otherwise developed these estimates consistently
with management’s internal planning and modeling assumptions as of
the time of the 2018 Analysts’ Meeting.
Adjusted earnings referenced in this release is a non-GAAP
measure. 2017 earnings represent approximately $19.7 billion of
GAAP earnings minus approximately $6 billion of positive effects
from U.S. tax reform, partially offset by approximately $1.5
billion of impairments for the year for adjusted 2017 earnings of
approximately $15 billion. References to returns in this release
mean discounted cash flow returns based on company estimates.
Future investment returns exclude prior exploration and acquisition
costs.
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