Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/ Feb 9 (Reuters) – Exxon Mobil Corp (XOM.N) said on Thursday it is merging some business units as part of an effort to cut annual costs by $9 billion by 2023 from 2019 levels. The move follows the restructuring of Exxon’s top businesses disclosed last year, and addresses a second layer of management. The changes include combining into a global trading desk all of Exxon’s trading activities, from oil to power and freights. Shares in the company, which posted a record $56 billion net profit in 2022, rose 1.5% following the report. The U.S. oil company last year said it would reorganize the company into three businesses, Upstream, Low Carbon Solutions, and Product Solutions, which combined refining and chemical activities. Exxon now says it will combine smaller units to concentrate decisions related to supply chain, procurement and the acquisition of raw materials, among others. The change is aimed at giving more negotiating power to Exxon on deals with third parties, for instance by removing the possibility of more than one Exxon unit negotiating separate deals with the same […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
