The world's largest publicly traded oil producer is reorganizing the refining and chemical operations in a bid to boost profits, Reuters has learned. Fred Katayama reports.
Exxon Mobil's new CEO putting his stamp on the company with a big restructuring. Reuters has learned Rex Tillerson's successor, Darren Woods, will combine the fuels and lubricants divsion with its supply and refining divisions. A company spokesman said Exxon is reorganizing its refining and chemical operations - two units where Woods worked - to boost profits. Woods is also shifting financial responsibility for the merged operation from divisional bosses to country and regional chiefs. The spokeswoman said the moves are aimed at improving decision making and performance. She wouldn't say if jobs would be impacted by the moves. Exxon Mobil shares, down 10 percent this year, lost further ground at the market open on Monday. The changes come as Exxon expands its refining division. It's investing $20 billion to expand its chemical and oil refining plants on the U.S. Gulf Coast.