Exxon had nine functional companies that operated relatively independently from one another when Woods took over in 2017, creating layers of bureaucracy and duplication of support services. The company now has three main divisions — production, refining and low-carbon — all of which share services like engineering, IT and project management.
ConocoPhillips will reduce its workforce by 20–25% as part of a broad reorganization announced to employees this week, according to a new Reuters report. The company said reductions will occur across functions and geographies, with further details to be shared directly with staff through internal briefings.