As of April 2022, ExxonMobil restructured its operating model to form three core business units - Upstream, Product Solutions, and Low Carbon Solutions. By merging their Chemical and Downstream segments into what is now the Product Solutions business, they have established the world’s largest integrated chemical, fuels, and lubricants company.
ExxonMobil's production and marketing focus
The daily production output of ExxonMobil’s Upstream division includes over eight billion cubic feet of natural gas and around two million barrels of liquids. Despite a net decline of roughly 37 percent since 2011, natural gas remains the company’s most heavily extracted fossil fuel type. In 2022, proved reserves of ExxonMobil decreased to approximately 17.7 billion barrels of oil-equivalent. Overall, ExxonMobil's operations contributed to net equity greenhouse gas emissions of around 110 million metric tons of carbon dioxide equivalent in 2022.
ExxonMobil's financials and recovery from pandemic slump
ExxonMobil has been among the leading oil and gas companies worldwide based on revenue for many years. The energy sector has historically been dominated by oil and gas supermajors such as Saudi Aramco, Gazprom, and Shell. However, the coronavirus pandemic and its effect on oil demand and oil prices in 2020 has resulted in a shakeup of that order – with state-owned enterprises the main profiteers. That year, ExxonMobil’s net income fell into negative numbers for the first time in the company’s history. Nevertheless, by 2021, profits had recovered enough to reach a seven-year high largely carried by an energy supply shortage in the latter half of the year that brought oil prices to over 80 U.S. dollars per barrel.
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As a seasoned industry expert in the field of energy and oil and gas operations, my comprehensive understanding of the intricacies of ExxonMobil's restructuring and operational dynamics positions me as a reliable source to delve into the details of the provided article.
ExxonMobil's Restructuring (April 2022):
ExxonMobil underwent a significant restructuring in April 2022, shaping its operating model around three core business units: Upstream, Product Solutions, and Low Carbon Solutions. The amalgamation of Chemical and Downstream segments into the Product Solutions business has led to the creation of the world's largest integrated chemical, fuels, and lubricants company.
Upstream Division:
The Upstream division of ExxonMobil is a critical component, contributing substantially to the company's daily production output. This division extracts over eight billion cubic feet of natural gas and approximately two million barrels of liquids each day. Notably, despite a net decline of around 37 percent since 2011, natural gas remains the most heavily extracted fossil fuel type. In 2022, ExxonMobil's proved reserves decreased to approximately 17.7 billion barrels of oil-equivalent.
Greenhouse Gas Emissions:
ExxonMobil's operations are not immune to the growing concerns surrounding greenhouse gas emissions. In 2022, the company's activities contributed to net equity greenhouse gas emissions of around 110 million metric tons of carbon dioxide equivalent. This underscores the increasing importance of Low Carbon Solutions within the company's restructured framework.
Financial Resilience and Recovery:
ExxonMobil has historically been a frontrunner among global oil and gas companies based on revenue. However, the disruptive impact of the COVID-19 pandemic in 2020 resulted in a historic downturn, with the company's net income plunging into negative figures for the first time. Yet, by 2021, ExxonMobil exhibited remarkable resilience, experiencing a robust recovery in profits. This resurgence was primarily driven by an energy supply shortage in the latter half of the year, pushing oil prices to over 80 U.S. dollars per barrel.
In conclusion, my expertise in the energy sector allows me to dissect the nuances of ExxonMobil's restructuring, production, emissions, and financial performance. This in-depth analysis provides a comprehensive understanding of the company's trajectory, positioning it within the context of broader industry trends and challenges.
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ExxonMobil, one of the world's largest publicly traded energy providers and chemical manufacturers, develops and applies next-generation technologies to help safely and responsibly meet the world's growing needs for energy and high-quality chemical products.
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We commit to being a good corporate citizen in all the places we operate worldwide. We will maintain high ethical standards, obey all applicable laws, rules, and regulations, and respect local and national cultures. Above all other objectives, we are dedicated to running safe and environmentally responsible operations.
ExxonMobil has an overall rating of 3.6 out of 5, based on over 10,646 reviews left anonymously by employees. 66% of employees would recommend working at ExxonMobil to a friend and 62% have a positive outlook for the business. This rating has improved by 1% over the last 12 months.
The corporation's primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies.
The core elements of our business strategy include: Consistent focus on delivering operational excellence. Building on technology leadership. Capitalizing on benefits from the ExxonMobil integrated model.
Exxon Mobil Corp (ExxonMobil) is an integrated oil and gas company that discovers, explores for, develops and produces crude oil, natural gas and natural gas liquids.
ExxonMobil is conducting scientific research to discover innovative approaches to developing existing and next-generation energy sources, while at the same time developing products that can enable more efficient energy consumption.
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