ExxonMobil Plans Relocation from New Jersey to Texas

ExxonMobil announced that its board of directors has unanimously recommended moving the company's legal domicile from New Jersey to Texas, aligning the company's legal home with the location of its headquarters and major operations.

The proposal will be presented to shareholders for approval at the company's 2026 Annual Meeting. If approved, the change would formally relocate ExxonMobil's legal incorporation from New Jersey, where its corporate roots date back more than a century, to Texas, where the company has based its leadership and key business operations since 1989.

Chief Executive Officer Darren Woods said the move reflects Texas's growing reputation as a favorable environment for large businesses.

"Over the past several years, Texas has made a noticeable effort to embrace the business community," said Woods. "Aligning our legal home with our operating home, in a state that understands our business and has a stake in the company's success, is important."

According to the company, the board evaluated Texas's legal and regulatory environment when making the recommendation, including updated business statutes and the establishment of the Texas Business Court, which was created to handle complex commercial disputes.

Company officials said Texas courts rely on clear statutory standards when reviewing corporate decisions, which they argue provides greater predictability for companies and their shareholders.

ExxonMobil said the proposed Relocation would not change its business operations, management structure, corporate strategy, assets, or employee locations. The company also stated that shareholder rights would remain largely comparable under Texas law and, in some cases, could be stronger than under New Jersey law.

Texas has served as the center of ExxonMobil's leadership and operations for decades. The company moved its headquarters to the state in 1989, and today roughly 30 percent of its global workforce is based in Texas. Approximately 75 percent of ExxonMobil's U.S. employees work in the state.

The company's legal ties to New Jersey date back to 1882. However, company officials noted that the board has not held a meeting in New Jersey for more than four decades, reinforcing Texas's central role in the company as well as the state becoming a center for major corporate headquarters and energy industry leadership.