The U.S. oil company, which posted a record profit in 2022, plans to form three new organizations under which it will wed several smaller units later this year such as its financial-services, procurement and customer-service groups, according to a memo that was sent to employees and viewed by The Wall Street Journal.

Reorganizing the business will likely result in a limited number of job cuts over time as some positions become redundant and some workers are reassigned, according to people familiar with the matter, though it is unclear how many jobs will be affected. Exxon said in the memo the consolidation plan is “not about headcount reductions.”

“We want simpler processes and more modern tools that allow us to work more quickly and with less frustration, at lower cost,” the company said.

Exxon Plans to Cut Costs, Reorganize Units After Record Profit – WSJ