US-based major ExxonMobil has announced that it will move its headquarters from the Dallas, Texas suburb of Irving to its Houston campus as part of its operational restructuring.
Before its merger with Mobil in 1999, Exxon moved its headquarters from New York City’s Rockefeller Center in 1989. The company says the latest move will help it realize its goal of cutting structural costs by $6bn by 2023, compared with 2019. It will also combine its downstream and chemical operations and centralise its key services, engineering and technology divisions.
The CEO and chairman of ExxonMobil, Darren Woods, said in a press release that the new structure would enable the company to harness its technology advantages, scale, workforce skills and integration to provide customers with a superior service, adding:
“Aligning our businesses along market-focused value chains and centralizing service delivery provides the flexibility to ensure our most capable resources are applied to the highest corporate priorities and positions us to deliver greater shareholder returns.”
Under the new structure, business will be mainly divided over ExxonMobil Product Solutions, ExxonMobil Upstream Company, and ExxonMobil Low Carbon Solutions. ExxonMobil Product Solutions will focus on developing cutting-edge solutions for modern society, such as advanced plastics and lubricant products to improve the efficiency of both electric and traditional vehicles. It will also seek to develop new polymers that are circular certified, so advanced recycling can facilitate the reuse of plastic waste, and fuels with lower emissions to help commercial transportation like marine and aviation to decarbonise.