On January 31, Exxon Mobil (stylized as ExxonMobil) revealed significant changes in how the company – one of the most prominent publicly-traded energy providers and chemical manufacturers in the world – will conduct business effective April 1.
To decrease operating costs and increase shareholder returns, the company will consolidate its refining and chemicals businesses into one, leveling its energy transition business with other operations.
The restructuring operation, expected to be completed during the middle of 2023, will relocate the corporate headquarters of ExxonMobil from Irving to its North-of-Houston campus in Spring, TX.
ExxonMobil will now be organized via three lines of business: ExxonMobil Upstream Company, ExxonMobil Product Solutions, and ExxonMobil Low-Carbon Solutions.
As previously reported by The Dallas Express, ExxonMobil reportedly pledged to have net-zero carbon emissions from its global operations by 2050.
Chairman & Chief Executive Officer Darren Woods commented: “Our transformed business structure enables us to more fully leverage the corporation’s scale, integration, technology advantages, and the skills and capabilities of our talented workforce, to better serve our customers. Aligning our businesses along market-focused value chains and centralizing service delivery, provides the flexibility to ensure our most capable resources are applied to the highest corporate priorities and positions us to deliver greater shareholder returns.”
ExxonMobil spokeswoman Erin McGrath told The Dallas Morning News that the company is offering relocation packages to its employees to assist them in a move to Houston and therefore promote the retention of as many as possible. McGrath said relocation is not expected to cause significant job reductions.
The ExxonMobil decision will be a benefit to the Houston area. Irving, however — which calls itself the “Headquarters of Headquarters” because it is home to “more headquarters per capita than any other city” — will incur yet another big blow, as the Dallas Cowboys and the AT&T Byron Nelson Golf Tournament both preceded ExxonMobil in saying goodbye to the city.