(CercleFinance.com) – Chevron announced Thursday the implementation of a simplified organization intended to enable it to achieve its financial objectives and reduce its emissions.
From next October, the American energy giant will combine its upstream, mid-chain and downstream activities within a single division called ‘oil, products and gas’ and led by Nigel Hearne, a house frame.
As part of this reorganization, the two existing regions of the exploration and production arm – Americas and International – will be integrated into a single division.
Chevron also plans to restructure its strategy, sustainability, business and corporate development business, which will be renamed ‘strategy, policy and development’ and will be headed by Mark Nelson.
In its press release, the company explains that these changes are in the wake of its extensive transformation program launched in 2020, which has already led to an improvement in its financial performance.
The new structure unveiled today is expected to foster an integrated approach to capital allocation, ‘gold standard’ asset management and supply chain optimisation.
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