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Exxon will move its headquarters to the Houston area by 2023

ExxonMobil sign with an American flag in the foreground.
Richard Drew
Associated Press
Exxon Mobil will move its headquarters to Houston by 2023.
Exxon Mobil will move its headquarters to Houston by 2023.

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.

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Paul DeBenedetto