The ExxonMobil Building (formerly the Humble Building) was built in 1963 in Houston, Texas. The building is headquarters to ExxonMobil, one of the largest corporations in America. This International style structure was designed by architects Welton B …
SPRING, Texas - The Exxon Mobil Corporation Board of Directors has unanimously recommended relocating the legal domicile of the company from New Jersey to Texas, citing positive "policy and regulatory environment."
The final say in the move is that of the shareholders, who are set to decide in May.
ExxonMobil may move to Texas
The company announced Tuesday that their board has unilaterally agreed that their legal domicile ought to be the same as that of their leadership and core operations, which have been based in Spring, Texas, near Houston, since 1989.
They referenced Texas' "legal and regulatory environment, including its modernized business statutes and the Texas Business Court," in their decision. They say these are designed to quickly resolve issues and make decisions soundly.
What's next:
Shareholders will be asked to vote on the proposal at the upcoming 2026 Annual Meeting of Shareholders, set for May 27.
Exxon Mobil buying Pioneer Natural Resources in $59.5 billion deal
Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas.
Texas has ‘stake in the company’s success'
What they're saying:
"Over the past several years, Texas has made a noticeable effort to embrace the business community. In doing so, it has created a policy and regulatory environment that can allow the company to maximize shareholder value," said Darren Woods, ExxonMobil chairman and chief executive officer, in Tuesday's announcement. "Aligning our legal home with our operating home, in a state that understands our business and has a stake in the company’s success, is important."
Texas Governor Greg Abbott said in a Tuesday release that the company has deep Texas roots dating back to 1911.
"Freed from the stranglehold of over-regulation, Texas is where global brand leaders thrive and jobs for hardworking Texans grow," said Abbott. "I thank ExxonMobil for their decision to redomicile in Texas and for their long-standing partnership with our state. With this decision, Texas will further dominate the corporate landscape and ensure our economic growth reaches new heights."
The Source: Information in this article comes from ExxonMobil and Gov. Greg Abbott.