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Exxon Mobil CEO makes first big changes to refining

Wednesday, November 29, 2017

EXXON Mobil Corp chief executive Darren Woods is reorganising the company's refining operations, part of a push to boost profits amid volatile oil and natural gas prices, the company said yesterday.

The changes at the world's largest publicly traded oil producer are the most sweeping to date by Mr Woods, who became chief executive in January after former chief Rex Tillerson resigned to become US secretary of state.

Mr Woods has moved first to reshape the parts of the businesses he knows best, according to sources familiar with the matter. Before taking the helm at Exxon, Mr Woods ran Exxon's refining operations.

Exxon spokesperson Charlotte Huffaker confirmed the downstream business overhaul in a statement, adding the company expects it will "improve decision making and enhance performance in the market."

The parts of the business impacted were refining and marketing divisions, said spokesman Scott Silvestri.

Company sources told Reuters Exxon's chemical operation also has been restructured, but Mr Silvestri denied this.

It was not immediately clear if the changes will involve job cuts or executive departures. Exxon's Ms Huffaker said she could not say if there would be any impact on jobs.

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