Energy & Environment

Exxon will move its headquarters to the Houston area by 2023

The oil and gas giant said its part of a larger move to restructure its organization and save billions.

An ExxonMobil logo in the New York Stock Exchange
AP Photo / Richard Drew, File
Exxon Mobil will move its headquarters to Houston by 2023.

Updated 8:44 a.m. CT Feb. 1, 2022

ExxonMobil will move its headquarters from a Dallas suburb to the Houston area, the company announced on Monday.

The company said it will move the headquarters from Irving to its Spring campus by mid-year 2023 as part of a larger plan to combine its chemical and downstream companies and streamline its business.

“We greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community,” read a statement from Exxon chairman and CEO Darren Woods. “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 oil and gas giant said it would organize its business along three lines based north of Houston as of April 1: ExxonMobil Upstream Co., ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.

Exxon’s move is part of a strategy to cut $6 billion in structural costs compared to 2019, the company said.

University of Houston energy fellow Ed Hirs said the move was not unexpected.

“They had moved thousands of workers down to The Woodlands, and bringing the last 250 down from corporate to more closely integrate them with the operating units is a good management strategy,” Hirs said.

Houston mayor Sylvester Turner praised the move, and said the city was currently working with the company two major products including deploying new carbon capture technology.

“In this city, we partner with our energy sector to move forward positively in a way that can benefit Houstonians and create a global impact on climate, resilience and sustainability,” Turner said. “Exxon's decision further supports Houston as the center of the energy transition.”