Exxon Mobil Corp. is combining business units as part of a continuing corporate reorganization that will cut costs and trim some jobs, The Wall Street Journal reported on Thursday, citing a company memo.

Exxon did not immediately respond to a Reuters request for comment.

The news comes on the heels of Exxon posting $59 billion in adjusted profit for 2022, netting more than $6.7 million per hour last year — setting not only a company record but a historic high for the Western oil industry.

Exxon's results far exceeded the then-record $45.2 billion net profit it reported in 2008, when oil hit $142 per barrel, 30% above last year's average price. Deep cost cuts during the pandemic helped supercharge last year's earnings.