Exxon Mobil Corp’s board is proposing to unify the energy giant’s address of “jurisdiction” with its center of operations in Texas, citing the Republican state’s enabling regulatory environment.
New Jersey is currently ExxonMobil’s state of incorporation. However, the company said in a stock filing its connection to the Democratic state is “largely historical, dating back to the 1882 incorporation of Standard Oil of New Jersey”.
“The company’s board of directors has not held a meeting in New Jersey for more than 40 years”, noted the filing with the United States Securities and Exchange Commission.
“ExxonMobil is a Texas corporation in all but name, with most senior corporate executives and all corporate functions based in the state for the last 35 years”, ExxonMobil said. “Our global headquarters are in Texas [since 1989]; approximately 30 percent of our global employees are based in Texas. Of the company’s U.S. employees, approximately 75 percent work in Texas and our U.S.-based research facilities are in Texas”.
“We work in a long-cycle, complex industry where legal stability and certainty are critical. We believe Texas legislators, judges and juries that are more familiar with our business are more likely to provide legal certainty”, the company said.
The filing added, “The board compared shareholders’ rights under New Jersey and Texas law and believes the economic and voting rights of shareholders are comparable, and stronger in some areas. Importantly, the company is not adopting any elective provisions of the Texas corporate statute that could be viewed as weakening shareholder rights as compared to New Jersey law”.
The redomicile “will not affect business operations, management, strategy, assets or employee locations”, the filing said.
ExxonMobil chair and chief executive Darren Woods said, “Over the past several years, Texas has made a noticeable effort to embrace the business community. In doing so, it has created a policy and regulatory environment that can allow the company to maximize shareholder value”.
The board unanimously approved the change. It is up for a vote at ExxonMobil’s annual shareholder meeting on May 27.
Rigzone emailed the New Jersey governor’s office for comment on ExxonMobil’s redomicile.
In 2025 ExxonMobil rival Chevron Corp completed relocating its headquarters from San Ramon in Democratic California to Houston, Texas.
Announcing the relocation August 2, 2024, Chevron said the change serves “to co-locate with other senior leaders and enable better collaboration and engagement with executives, employees and business partners”.
“The company expects all corporate functions to migrate to Houston over the next five years”, Chevron said then. “Positions in support of the company’s California operations will remain in San Ramon”.
To contact the author, email jov.onsat@rigzone.com
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