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ExxonMobil’s business organized under Upstream to see annual structural cost savings

1 month ago 15

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BAKU, Azerbaijan, Aug.9. The companywide streamlining and reorganization underway at ExxonMobil will see the business organized under Upstream, Production Solutions and Low Carbon Solutions enabling nearly USD9bn of annual structural cost savings by 2023 over 2019, Trend reports with reference to Fitch Solutions.

The report released by Fitch Solutions says that the move will improve decision making and line of sight to customers creating a more agile company better able to adapt to a rapidly changing marketplace.

“ExxonMobil cite an average breakeven cost of USD41/bbl in 2021, shifting to USD30/bbl by 2027, which in our view highlights both a risk adverse portfolio made up of low-cost fields able to thrive in a high oil price environment. The capital discipline employed by ExxonMobil is likely to remain in place in the near-term with few higher cost largescale projects likely to move forward against a highly competitive portfolio made of low breakeven barrels in Guyana and the Permian.

The high-cost LNG development, Rovuma LNG in Mozambique may see further delays as the low-cost focus automatically rules out FID without significant reductions in costs for the USD27bn greenfield development. Exxon’s capital expenditure to 2027 will see the bulk focused on strategic developments in Guyana, Brazil, Permian and LNG,” reads the report.

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