Exxon Mobil (NYSE:XOM) intends to restructure its operations into three businesses. The Upstream segment will include the company’s international and U.S. upstream operations. The Product Solutions segment will include the chemicals and refining businesses. Exxon will also create a new Low Carbon Solutions division, which is likely to hold the company’s carbon-capture projects.
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Exxon appears to be hastening its shift to more sustainable energy solutions after Engine No.1, an activist investor group, won two seats on the company’s board last year.
Although we don’t expect the move to meaningfully drive Exxon’s stock in the near term, it should signal to investors that the company is getting more serious about cleaner energy after years of trailing behind the likes of BP and Royal Dutch Shell in the renewable energy business.
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