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.
鈥淲e greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community,鈥� read a statement from Exxon chairman and CEO Darren Woods. 鈥淐loser 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鈥檚 move is part of a strategy to cut $6 billion in structural costs compared to 2019, the company said.
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