ExxonMobil said it would create three new upstream firms to reorganize project delivery across the company, the American energy giant announced in a statement on Thursday.
The three new firms will be ExxonMobil Upstream Oil & Gas Company, ExxonMobil Upstream Business Development Company and ExxonMobil Upstream Integrated Solutions Company, it said.
The reorganization will be effective from April 1, according to the statement.
"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, said in the statement.
Chapman noted that the reorganization would increase the overall value by strengthening the upstream business and integrating it with the downstream and chemical segments.
"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," he added.
The Upstream Oil & Gas Company will focus on five different businesses around the world -- unconventional, liquefied natural gas, deepwater, heavy oil and conventional.
Upstream Business Development Company will oversee strategy development, exploration, acquisitions, and actively manage the company's upstream portfolio.
And the Upstream Integrated Solutions Company will provide technical and specialized commercial skills, such as drilling, research and technology, gas and power market optimization, and deployment of resources around the world.
By Ovunc Kutlu