Exxon Mobil (NYSE:$XOM) will be reorganizing its refining operations to combat the downturn in oil and natural gas prices.
Exxon is the world’s largest publicly traded oil producer, and so has drastically been affected by the decline in oil and natural gas prices. Changes need to be put into action in order to deal with this decline. The changes are being incorporated by Chief Executive Darren Woods, in the hopes that it will “improve decision making and enhance performance in the market.”
The refining and marketing divisions of the company have been confirmed by spokesman Scott Silvestri to be the first impacted. Included in this is the fuels and lubricants division, along with the supply and refining divisions. It is still unclear, however, whether or not jobs will be cut as a result of these changes.
The company is working to improve its exploration and production operations, and the changes are meant to simplify operations and increase accountability for profitability. Altogether, the hope is that the changes will help to increase profits despite the lower oil and natural gas prices.
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