XOM Exxon Mobil Corp

By Patrick Thomas

Exxon Mobil Corp. (XOM) said Thursday it will reorganize its upstream unit, creating three new companies that will focus on the management of oil and gas assets, strategy development, and technical and research operations.

The Irving, Texas-based oil giant said the reorganization is part of its previously announced plans to double its profit to $31 billion by 2025.

Effective April 1, Exxon said the new exploration and production companies will be called ExxonMobil Upstream Oil & Gas Co., ExxonMobil Upstream Business Development Co. and ExxonMobil Upstream Integrated Solutions Co.

"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," Neil Chapman, senior vice president at Exxon, said in a statement.

ExxonMobil Upstream Oil & Gas will focus on value chain management in five global businesses -- unconventional, liquefied natural gas, deepwater, heavy oil and conventional, the company said

ExxonMobil Upstream Business Development will oversee strategy, exploration, acquisitions and divestments. ExxonMobil Upstream Integrated Solutions will provide technical and specialized commercial skills, such as drilling, research and gas and power market optimization.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

January 31, 2019 13:21 ET (18:21 GMT)

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