said on Thursday it is merging some smaller business units as part of an effort to cut annual costs by $9 billion by 2023 from 2019 levels.disclosed last year, and address a second layer of management.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 supplier. "We want simpler processes and more modern tools that allow us to work more quickly and with less frustration, at lower cost," Exxon said in the memo to Reuters.
Leave not a nickel behind.
Exxon is coast cutting while recording record profits. It seems pretty greedy.
guess making $19,000,000,000 a quarter profit is not enough
exxonmobil why cost cut you make billions? You continue to destroy our Earth. If you want to show you care we want to see you slipping at Wall St. We want to see you say no more Plastic production. We want modernization reinforcement to existing pipe lines.
Cost cutting plan? Their profits aren't obscene enough already?
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