Market Overview

ExxonMobil Streamlining Upstream Organization to Support Growth Plans

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  • 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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