Exxon Mobil to create three exploration and production companies

(Reuters) - Oil major Exxon Mobil Corp said on Thursday it would create three new separate exploration and production 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 outlined a growth strategy to increase earnings by more than 100 percent to $31 billion by 2025.

(Reporting by John Benny in Bengaluru; Editing by James Emmanuel)

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