December 5, 2017 - 7:50 AM EST
Print Email Article Font Down Font Up Charts

Wired News – Exxon Mobil to Combine Refining and Marketing Divisions; Appoints Bryan Milton as President of the Combined Unit

LONDON, UK / ACCESSWIRE / December 05, 2017 / Active-Investors issued a free report on Exxon Mobil Corp. (NYSE: XOM), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=XOM as the Company's latest news hit the wire. On December 01, 2017, the Company announced the merger of its refining and marketing operations into a single company, ExxonMobil Fuels & Lubricants Company. The merger is expected to happen in Q1 2018. The Company's Board of Directors announced that Bryan Milton would lead this merged Company as President. His appointment is effective January 01, 2018. Bryan is currently the President of ExxonMobil Fuels, Lubricants & Specialties Marketing Company. Sign up now for our free research reports at:

www.active-investors.com/registration-sg

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Exxon Mobil most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:

www.active-investors.com/registration-sg/?symbol=XOM

Rationale behind merger of the two divisions

Exxon Mobil is planning the merger of its two divisions – Exxon Mobil Refining and Supply Company and Exxon Mobil Fuels, Lubricants & Specialties Marketing Company. The merged Company – Exxon Mobil Fuels & Lubricants Company along with affiliates of Exxon Mobil will be responsible for and manage crude purchasing and logistics, refining, supply, trading, midstream, marketing, and sales of refined products.

The combination of the two business units would allow Exxon Mobil to integrate its business. This will lead to better decision making and improve the Company's performance in the market. The changes will also allow the Company to improve its response to customers' needs giving it a competitive advantage.

About Bryan Milton

Bryan has been with the Company since 1986, when he joined Exxon Chemical in Fawley, UK. He worked in a different plant and developmental engineering roles, including in the positions of Operations Manager and Plant Manager. He also spent time in Upstream Natural Gas Commercial Sales. Bryan moved on to several leadership positions of increasing responsibility and importance within ExxonMobil Chemical in Houston. In 2004, Bryan was appointed as the Managing Director for Exxon Mobil Aviation fuels, UK. In 2006, he was appointed Manager of the Baton Rouge chemical plant in 2006. In 2008, he became the Executive Assistant to the Chairman and CEO of Exxon Mobil Corporation. In 2009 he became the Vice President of Basic Chemicals for Exxon Mobil Chemical Company. Most recently, prior to becoming the President of Exxon Mobil Fuels, he was the President of Exxon Mobil Global Services Company. Bryan was appointed as the President of Exxon Mobil Fuels in 2016.

Other changes in the top management

In a separate communication, Exxon Mobil announced that the Company's Board has elected Neil Chapman to the position of Senior Vice President and member of the corporation's Management Committee. Neil Chapman is currently President of the ExxonMobil Chemical Company. The Board also announced that John Verity would take over as President of Exxon Mobil Chemical Company from Neil Chapman. Currently, John Verity is the Senior Vice President of Polymers, Exxon Mobil Chemical Company.

Both appointments are effective as on January 01, 2018.

The Company's management committee consists of Darren Woods, Chairman and CEO, and Senior Vice Presidents: Mark Albers, Michael Dolan, Andrew Swiger, and Jack Williams.

Commenting on the appointments, Darren Woods, Chairman and CEO of ExxonMobil, said:

"Neil's election results from the Company's planning process that is designed to ensure management committee leadership continuity. Disciplined succession planning is critically important to the long-term success of the Company and a competitive advantage for the corporation."

The changes in the top management of the Company have been made under the direction and leadership of Darren Woods. These are the first major changes announced by him after he took over from Rex Tillerson in January 2017. Rex announced his retirement to become the US Secretary of State. The changes will allow Darren to get a better grasp of the Company's business and address the challenges faced by the Company on various fronts. Exxon Mobil has been facing challenges in expanding oil reserves and output; accusations of sanctions violations from the US government; and the state is probing whether the Company had concealed data on climate change. The current changes are expected to help Darren better manage the Company's operations.

About ExxonMobil Corp.

Founded in 1870 and headquartered in Irving, Texas, Exxon Mobil is the largest publicly traded international oil and gas Company and holds an industry-leading inventory of resources. The Company operates through Upstream, Downstream, and Chemical segments. It explores for and produces crude oil and natural gas in US, Canada/South America, Europe, Africa, Asia, and Australia/Oceania. The Company is also the largest refiner and marketer of petroleum products. Its chemical Company is one of the largest in the world.

Stock Performance Snapshot

December 04, 2017 - At Monday's closing bell, Exxon Mobil's stock slightly rose 0.13%, ending the trading session at $83.57.

Volume traded for the day: 12.58 million shares, which was above the 3-month average volume of 9.32 million shares.

Stock performance in the last month – up 0.05%; previous three-month period – up 8.28%; and past six-month period – up 2.91%

After yesterday's close, Exxon Mobil's market cap was at $356.93 billion.

Price to Earnings (P/E) ratio was at 27.26.

The stock has a dividend yield of 3.69%.

The stock is part of the Basic Materials sector, categorized under the Major Integrated Oil & Gas industry. This sector was flat at the end of the session.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors


Source: ACCESSWIRE Investor Awareness (December 5, 2017 - 7:50 AM EST)

News by QuoteMedia
www.quotemedia.com

Legal Notice