'ExxonMobil' To Move Headquarters To Houston From Dallas Suburb

American oil and gas energy giant Exxon Mobil has announced that it will relocate its headquarters to the country's energy capital, Houston, from its current Dallas suburb Irving, saying it will enable closer teamwork to accelerate and increase value delivery.

The move is scheduled to be completed by mid-2023, the company said in a statement, becoming the largest Fortune 500 company in the metro area of Houston. The company said the relocation will enable closer teamwork to accelerate and increase value delivery. "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 chief executive officer. "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," Woods said.

The arrival of Exxon's top brass and over 250 workers will further bolster Houston's standing as the nation's "energy capital," attracting more energy investment and corporate relocations to the region, area leaders said. Exxon is the world's largest public oil company with some 72,000 employees. In response to the announcement, Houston Mayor Sylvester Turner said that the move will bring a strong workforce and wealth of resources.

"Exxon Mobil's move further solidifies Houston's position as the Energy Capital of the World. "Exxon Mobil 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," said Bob Harvey, CEO of the Greater Houston Partnership, the city's economic development group.

"We are excited and looking forward to the opportunities. This move is bound to further strengthen business ties between India and 'energy capital of the world' Houston," said Jagdip Ahluwalia, founding secretary/executive director, Indo-American Chamber of Commerce of Greater Houston (IACCGH). The US and India announced the Strategic Energy Partnership during Prime Minister Narendra Modi's visit to the US in June 2017 which has emerged as a cornerstone of expanding bilateral ties.

India is among the top five largest international markets for the US crude oil and the US liquefied natural gas. Indian firms have concluded several contracts for sourcing crude from the United States and are expanding their investments in the US energy sector. ExxonMobil said it is transforming its business structure to be organised along three lines effective April 1 - ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon solutions.

ExxonMobil said it is on track to save more than USD 6 billion in structural costs by 2023 by combining chemical and downstream business and centralising technology and engineering services. Exxon becomes the 25th Fortune 500 company to call Houston home, and its relocation marks the third Fortune 500 headquarters move to the Houston area in as many years after HP relocated to Houston from San Jose in 2020 and NRG Energy relocated from Princeton in 2021.

(PTI)