News wire — Exxon Mobil Corp is combining business units as part of a continuing corporate reorganization that will cut costs and trim some jobs, the Wall Street Journal reported on Thursday, citing a company memo.Shares of the company, which in January posted a record $56 billion net profit for 2022, rose 1.5% following the report.
The company has been on a major cost-cutting drive after suffering a historic loss in 2020 and the latest move is part of its ongoing effort to cut annual costs by $9 billion by 2023.
The U.S. oil company plans to form three new organizations under which it will combine several smaller units later this year, and the reorganization will likely result in a limited number of job cuts over time, the report added.
Exxon did not immediately respond to a Reuters request for comment.
Reporting by Arunima Kumar in Bengaluru; Editing by Shounak Dasgupta – Reuters
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