Exxon Mobil to merge refining and marketing operations into a single company
02 Dec 2017
US energy giant Exxon Mobil yesterday said that it will merge its refining and marketing operations into a single company called ExxonMobil Fuels & Lubricants Company.
Bryan Milton, currently president of ExxonMobil Fuels, Lubricants & Specialties Marketing Company, has been appointed president of the combined division by ExxonMobil's board.
The Texas-based company said that the merged company will achieve further integration to improve decision making and enhance performance in the market. The improvements will help the company to better respond to the needs of its customers and compete more effectively.
ExxonMobil Fuels & Lubricants Company, along with ExxonMobil affiliates, will manage crude purchasing and logistics, refining, supply, trading, midstream, marketing and sales of refined products.
The merging of refining, lubricants and marketing is the first big change brought by CEO Darren Woods, sucessor to Rex Tillerson who resigned to become US Secretary of State.
Exxon Mobil is the world's largest refiner, and its refining facilities are located in major markets around the world.
Over 75 per cent of Exxon Mobil's refining capacity is integrated with lubes and/or chemical businesses.
The company has interests in 37 rRefineries with a distillation capacity of 6.3 million barrels per day.