Exxon Merging Oil Refining And Advertising Models

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(Provides other administration modifications, background on merging of models)

By Erwin Seba

Dec 1 (Reuters) – Exxon Mobil Corp is merging its refining and marketing divisions to spice up income from its downstream businesses, the first major restructuring below Chief Executive Darren Woods.

Neil Chapman, the top 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 4 other senior vice presidents on the committee, which oversees the corporate’s world operations. The president of ExxonMobil Chemical Co additionally was promoted to company senior vice president.

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

Bryan Milton, fifty three, president of Exxon’s fuels, lubricants & specialties advertising and marketing business, was named president of the new ExxonMobil Fuels & Lubricants Co effective Jan. 1.

Dennis Wascom, president of Exxon’s refining and supply subsidiary, will grow to be vice president of operational excellence, security, security, health and setting, stated Exxon spokesman Scott Silvestri.

Woods took over the top job in January after former chief Rex Tillerson resigned to turn into U.S. secretary of state.

The merging of refining, lubricants and advertising and marketing is the primary major transfer by Woods since replacing Tillerson and is in the corporate’s downstream operations, which he used to lead before taking over as CEO.

The reorganization goals to squeeze extra earnings from the gas and lubricant businesses as the corporate works to enhance its exploration and manufacturing operation, which have struggled since 2014 to adjust to decrease oil and fuel prices.

The corporate’s downstream sector has grown in prominence since Woods took over management of Exxon.

The adjustments come as Exxon expands its refining division. The company is investing $20 billion by 2022 to increase its chemical and oil refining plants on the U.S. Gulf Coast.

The refining and chemicals arms contributed greater than $4.2 billion apiece to 2016 earnings, in contrast with a $196 million revenue from exploration and production. Final yr’s outcomes had been affected by sharply lower crude prices. (Reporting by Ankit Ajmera in Bengaluru; Modifying by Anil D’Silva and Andrew Hay)

2017-12-02 01:34:34

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