The CEO of Exxon Mobil Corp Darren Woods is currently reorganizing the company’s refining and chemical operations. This is part of the move taken by the company in order to increase their profit despite the volatile nature of the prices of oil and natural gas. This information was revealed by the spokeswoman of the company.
The world’s largest publicly traded oil producer is currently undergoing massive changes in their operations under the leadership of Darren Woods who took over back in January from former CEO chief Rex Tillerson who is now the U.S. secretary of state.
As someone who is very familiar with the oil industry, Woods have begun making changes that will see the company continue to retain its first position globally and rake in more profits. Before taking over as the CEO of Exxon, Woods headed the company’s refining operations, he was also once a senior executive of Exxon’s global chemicals unit.
Wood’s reorganization of the company is aimed at ensuring more profits from their fuel and chemicals divisions with the company looking to improve its exploration and production operations. Woods is paying attention to these areas as they have struggled since the oil price dip three years ago.
The reorganization was announced internally last month. The major move will be the merging of their fuels and lubricants division with the supply and refining divisions. The financial responsibilities that come with the merge in operations will be handled by regional chiefs who report to the company’s headquarter in Irving, Texas. This was revealed by a source that is close to the development.
According to the source, the changes being made by the CEO aims at simplifying their operations and increasing accountability for profitability. The spokeswoman for the company Charlotte Huffaker when contacted confirmed the development. She further added that Exxon will “improve decision making and enhance performance in the market.”
What is still uncertain is if the changes to be made will include job cuts or reduction in a number of executives. Huffaker stated that the impact of the changes on jobs will not be disclosed at the moment.
The company’s refining and chemical operations though have increased in stature under the leadership of Woods. Exxon’s chemical and refining division has been able to deliver steady earning, unlike the oil and gas production.