Exxon Mobil To Combine Its Refining And Marketing Operations

(RTTNews) - Exxon Mobil Corp. (XOM) announced that it will combine its refining and marketing operations, ExxonMobil Refining and Supply Co. and ExxonMobil Fuels, Lubricants & Specialties Marketing Co., into a single company, ExxonMobil Fuels & Lubricants Company, in the first quarter of 2018.

ExxonMobil also announced the appointment of Bryan Milton, currently president of ExxonMobil Fuels, Lubricants & Specialties Marketing Company, to the position of president of the combined division, effective Jan. 1, 2018.

ExxonMobil Fuels & Lubricants Co., along with ExxonMobil affiliates, will manage crude purchasing and logistics, refining, supply, trading, midstream, marketing and sales of refined products.

In a separate press release, ExxonMobil announced that its board has elected Neil Chapman to the position of senior vice president and member of the corporation's management committee. As successor to Chapman, the board also appointed John Verity as president of ExxonMobil Chemical Co.

XOM closed Friday's trading session at $83.46.