ExxonMobil made it official this week. In a filing with the U.S. Securities and Exchange Commission, the oil supermajor said it moved its headquarters from Dallas suburb Irving to its campus in Spring just north of Houston. The Fortune 500 company now ranks as the Houston region’s largest company as measured by revenue. Houston Chronicle reported, “The move also further cements Houston’s status as the nation’s energy capital and helps the company adjust to a rapidly changing market. Exxon and other energy companies are riding waves dealt by the pandemic, the Ukraine war and a shift toward cleaner energy alternatives.”
Exxon said about 250 employees are relocating to Houston. The Spring campus is comprised of about 20 buildings, including a gym, daycare center, auditorium and outdoor plaza.
Also, ExxonMobil said Thursday it is acquiring Denbury, developer of carbon capture, utilization and storage solutions and enhanced oil recovery, in an all-stock transaction valued at $4.9 billion. The combined assets and capabilities further accelerate ExxonMobil’s low carbon solutions business. Darren Woods, chairman and CEO, said, “The breadth of Denbury’s network, when added to ExxonMobil’s decades of experience and capabilities in CCS, gives us the opportunity to play an even greater role in a thoughtful energy transition.”
The acquisition provides ExxonMobil with the largest owned and operated CO2 pipeline network in the U.S. at 1,300 miles, including nearly 925 miles of CO2 pipelines in Texas, Louisiana and Mississippi.
The acquisition also includes crude oil and natural gas operations in Gulf Coast and Rocky Mountains with proved reserves of more than 200 million boe and current production of 47,000 boed.