Exxon Mobil Corporation (XOM) brought in the old to replace the new senior vice president of the US-based shale oil and gas segment. Bart Cahir, promoted less than a year ago to head the company’s Global Business Solutions, returns as senior vice president following sexual assault charges against David Scott, Cahir’s successor.
Exxon alters top structure following executive sexual assault charges
Since successfully closing the $59.9bn merger with Pioneer Natural Gas, Exxon had its feelers out for a new shale top dog. Cahir, who was at the helm of this segment from July 2020 to April 2022, now steps back into this position from 1 November.
Experts believe this side of Exxon’s business will expand in leaps and bounds in the wake of the Pioneer deal, which significantly amplified the company’s Permian footprint. It will boost shale output to 1.3 million barrels of oil and gas, making up more than a quarter of current total production.
Cahir led Exxon through the tough Covid years and kept the boat afloat in the face of acute cost cuts. Scott appeared in court last week on the second-degree felony sexual assault charge. He did not enter a plea, and no comments were forthcoming from either the accused, his defence attorney, Dan Cogdell, or Exxon.
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The company published its Q3 financial report on 27 October. It reported strong third-quarter earnings of $9.1bn. Exxon also reflected an operating cash flow of $16bn, which constitutes a $3.4bn increase
