Exxon Mobil Corp on Wednesday cut its stake in Japan's second-biggest refiner, further reducing its downstream presence in the world's third-biggest economy, amid a rejig in the country's refining industry.Exxon will sell a 10 percent interest in TonenGeneral Sekiyu KK to trading house Mitsui & Co as part of TonenGeneral's takeover of a small oil products retailer, the Japanese refiner said in a statement.The sale comes almost two years after Exxon cut its controlling stake in TonenGeneral as part of a strategy of scaling back on downstream activities, such as crude processing and oil product sales, to focus on its more lucrative upstream business.Exxon is also reducing its presence in an industry that is realigning, with oil firms cut refining capacity to offset shrinking demand from a declining population and shifting to technology that is more energy efficient and environmentally friendly.
Exxon Mobil Corporation (Exxon Mobil) is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM fell by 0.48% or $-0.47/share to $96.75. In the past year, the shares have traded as low as $84.70 and as high as $98.88. On average, 12840400 shares of XOM exchange hands on a given day and today's volume is recorded at 14920924.
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