ExxonMobil plans to relocate its corporate headquarters to its Houston campus from Irving, TX. The oil giant’s announcement to relocate its headquarters to its Spring campus increases the number of Fortune 500 companies in the Houston area to 25, one of the largest in the country.
The announcement is part of the company’s effort to streamline its business structure “to better support customers, enhance performance and grow value,” according to a press release.
“We greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community,” said Darren Woods, chairman and CEO of ExxonMobil. “Closer collaboration and the new streamlines business model will enable the company to grow shareholder value and position Exxon Mobil for success through the energy transition.”
ExxonMobil expects to save more than $6 billion in structural costs by 2023 by combining chemical and downstream business and centralizing technology and engineering services. The company said it will complete the headquarters move in mid-year 2023.
“We are thrilled with today’s news,” said Greater Houston Partnership President and CEO Bob Harvey. “ExxonMobil’s move further solidifies Houston’s position as the Energy Capital of the World. ExxonMobil is a key participant in our Houston Energy Transition Initiative, and we look forward to working with the company as we continue to position Houston to lead the energy transition to a low-carbon future.
“In addition, ExxonMobil’s announcement represents the third Fortune 500 headquarters announcement in greater Houston in 13 months, solidifying our position as the number 3 Fortune 500 headquarters city in the nation,” Harvey said.
In December 2020, Hewlett Packard Enterprise said it would establish its global headquarters in Houston. And in May 2021, NRG Energy Inc. said it would consolidate its corporate headquarters. The moves added two new Fortune 500 companies to Houston’s roster.
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