ExxonMobil said Monday it will relocate its corporate headquarters from Irving to its campus in Spring north of Houston as part of its restructuring. The company will combine its chemical and downstream companies and centralize its technology and engineering organizations. Effective April 1 it will reorganize into three business lines – upstream company, product solutions and low carbon solutions – supported by a technology organization and other centralized service-delivery groups. Exxon is the world’s largest public oil company with 72,000 employees.
Exxon said it is on track to exceed $6 billion in structural cost savings by 2023 compared to 2019, including reducing workforce by 1,900 employees in 2020. Headquarters relocation is expected to be complete by mid-2023.
Darren Woods, chairman and CEO, said, “We greatly value our long history in Irving and appreciate the strong ties we have developed in the north Texas community. Closer collaboration and the new streamlined business model will enable the company to grow shareholder value and position ExxonMobil for success through the energy transition.” Bob Harvey, CEO of Greater Houston Partnership, added, “ExxonMobil’s move further solidifies Houston’s position as the energy capital of the world.”