ExxonMobil Announces New Upstream Leader

In a statement posted on its website late Tuesday, ExxonMobil announced that its board of directors has appointed Dan L. Ammann as the president of ExxonMobil Upstream Company.

The statement revealed that Ammann will continue as the vice president of Exxon Mobil Corporation to succeed Liam M. Mallon, the current president of ExxonMobil Upstream Company and vice president of Exxon Mobil Corporation. Mallon will retire effective February 1, 2025.

Exxon’s statement also announced that its board has appointed Barry L. Engle as the president of Low Carbon Solutions (LCS) and as vice president for Exxon Mobil Corporation, effective January 1, 2025. 

Exxon highlighted in its statement that Ammann joined the company in 2022 as the president of LCS “to grow the company’s Low Carbon Solutions business and focus on delivering profitable, large-scale emissions-reduction solutions for key industries”.

In a bio page on Ammann on Exxon’s site, the company notes that the newly appointed upstream president joined ExxonMobil “following a career spanning Silicon Valley (CEO of Cruise), Detroit (president of General Motors), and Wall Street (managing director at Morgan Stanley)”.

As president of ExxonMobil Low Carbon Solutions, he is responsible for building a new business for ExxonMobil focused on delivering large scale emissions reduction solutions for the industrial economy, the bio page states.

The page adds that Amman is an amateur race car driver and that he recently raced his Porsche GT4 in the Classic 12 Hour race at Sebring International Raceway and the Classic 24 Hour race at Daytona International Speedway.

Mallon joined the company back in 1990 in Aberdeen, Scotland, Exxon highlighted. He has been president of ExxonMobil Upstream Company since 2022. Engle joined ExxonMobil in September 2024 “with three decades of experience in the automotive industry”, Exxon pointed out in the statement.

“We thank Liam for his long-standing, dedicated service to the company, and we wish him all the best in his well-deserved retirement,” Darren Woods, Exxon’s chairman and chief executive officer, said in the statement.

“These appointments continue the company’s approach of leveraging the diverse skills and experiences of a very accomplished executive team to bring fresh perspectives and approaches to each of our exceptionally talented organizations,” he added.

“This has served us well over the last several years and is a useful, innovative way to strengthen our leadership teams, challenge conventions, and broaden our people,” Woods continued.

Exxon describes itself on its site as one of the largest publicly traded petroleum and petrochemical enterprises in the world. The company has five upstream businesses - comprising unconventional, deepwater, heavy oil, liquefied natural gas (LNG), and conventional assets - its site highlights, stating that “conventional oil and natural gas are the largest and most diverse piece of the upstream portfolio”.

In its third quarter results statement, which was released last month, Exxon revealed that upstream year to date earnings were $18.9 billion. The statement highlighted that this was $1.7 billion higher than the same period last year. Year to date net production was 4.2 million oil-equivalent barrels per day, an increase of 14 percent, or 534,000 oil-equivalent barrels per day, the statement noted.

Third-quarter earnings were $6.2 billion, according to the statement, which pointed out that this was a decrease of $916 million from the second quarter “driven by lower crude realizations and higher exploration expenses, partly offset by production, which included the highest liquids volumes in 40 years, and structural cost savings”. Net production in the third quarter of 4.6 million oil-equivalent barrels per day was up five percent, or 224,000 oil-equivalent barrels per day, versus the prior period, the statement said.

“Our upstream operations strengthen energy security by expanding access to reliable and affordable supply while focusing on achieving industry-leading emissions intensity,” Exxon’s site states.

“We are well positioned to help meet the need for oil and natural gas through the next decade and beyond. As part of our net-zero ambition, we have identified ways to reduce emissions across all upstream operated assets,” it adds.

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