Exxon Mobil Planning To Double Profit By Combining Exploration Units

Oil major Exxon Mobil Corp. (NYSE: XOM) said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.

The three new companies will be called ExxonMobil Upstream Oil & Gas Co., ExxonMobil Upstream Business Development Co. and ExxonMobil Upstream Integrated Solutions Co., the company said.

Last year, the world’s largest listed oil company devised a plan to boost its operating cash flow and profit as well as deal with sagging output.

Exxon Mobil outlined a growth strategy to increase earnings by more than 100% to $31 billion by 2025.