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The oil giant will remain in Texas but consolidate operations as it reorganizes its business units
By Christopher M. Matthews / The Wall Street Journal – WSJ
HOUSTON
EnenergiesNet.com 02 01 2022
Exxon Mobil Corp. XOM 0.90% is moving its corporate headquarters from Irving, Texas, to Houston as part of a business reorganization that the company said will be completed by 2023.
The reorganization will create three business lines—an oil-and-gas production unit, a chemicals-and-refining unit and a low-carbon unit—and will be effective April 1, Exxon XOM 0.90% said Monday. Exxon spokesman Casey Norton said there wouldn’t be any layoffs as part of the reorganization.
The move combines Exxon’s existing chemical-and-refining business, which make plastics, fuels and an array of hydrocarbon products. It also elevates its low-carbon unit as its own business line. The low-carbon unit, formed last year, is focused on lowering Exxon’s carbon emissions and developing emerging technologies including carbon capture, hydrogen and biofuels.
Exxon’s senior executives, including the chief executive, have long worked in the company’s headquarters outside of Dallas, sometimes referred to as the “god pod,” along with about 250 employees. The bulk of Exxon’s U.S. employees are housed in Exxon’s sprawling, 385-acre campus just outside Houston.
“We greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community,” Exxon CEO Darren Woods said in a statement. “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.
The company said the moves would put it on track to make more than $6 billion in structural cost savings by 2023.
Exxon dramatically cut its spending in 2020 after the global pandemic decimated demand for oil and gas. Last month, the company said it would stick to more-conservative spending levels and will spend between $20 billion and $25 billion a year on capital investments through 2027, a decrease of 17% to 33% from its pre-pandemic plans.
Exxon reports its fourth-quarter results on Tuesday and is expected to post strong profits as fossil fuel demand has bounced back from pandemic lows.
By Christopher M. Matthews at christopher.matthews@wsj.com
Appeared in the February 1, 2022, print edition as ‘Exxon To Move Base to Houston.
wsj.com 02 01 2022
