Companies Exxon Mobil Corp FollowFeb 9 (Reuters) - Exxon Mobil Corp (XOM.N) said on Thursday it is merging some smaller business units as part of an effort to cut annual costs by $9 billion by 2023 from 2019 levels. The changes follow the restructuring of Exxon's top businesses disclosed last year, and address a second layer of management. Exxon now says it will combine smaller units to concentrate decisions related to supply chain, procurement and the acquisition of raw materials, among others. The change is aimed at giving more negotiating power to Exxon on deals with third parties, for instance by removing the possibility of more than one Exxon unit negotiating separate deals with the same supplier. Exxon has been on a major cost-cutting drive after suffering a historic loss in 2020.

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