ExxonMobil moving corporate HQ to Houston

Move will put the company on track to exceed $6B in cost savings by 2023

ExxonMobil is slated to move its corporate headquarters about 250 miles from Irving, Texas to its campus north of Houston in mid-2023. 

About 250 people currently work at the Irving location, including CEO Darren Woods and the company's management committee. 

  (REUTERS/Brendan McDermid/File Photo / Reuters Photos)

"We greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community," Woods said in a statement. "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."

GAS PRICES CLIMB FOR FIFTH STRAIGHT WEEK AS OIL SURGES

The move is part of an organizational restructuring that will put the company on track to exceed $6 billion in structural cost savings by 2023.

  (AP Photo/Reed Saxon, File / AP Newsroom)

Effective April 1, the company will establish three business lines: upstream, which produces oil and gas, product solutions, which makes fuel and chemicals, and low carbon solutions. Its technology operations will also be combined under a single organization known as ExxonMobil Technology and Engineering.

Former ExxonMobil Chemical Company president Karen McKee will lead the production solutions business, while former ExxonMobil Upstream Oil and Gas Company president Liam Mallon will lead the upstream business. ExxonMobil Technology and Engineering Company will be led by former ExxonMobil Upstream Integrated Solutions and Upstream Business Development president Linda DuCharme. 

 CLICK HERE TO READ MORE ON FOX BUSINESS

An ExxonMobil spokesperson told FOX Business that the company is offering a relocation package to eligible employees to help enable their move to Houston and retain as many employees as possible.

"Relocation is not expected to result in significant job reductions," the spokesperson added.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORP. 96.64 +0.34 +0.35%

The announcement comes ahead of ExxonMobil's fourth-quarter earnings results, which will be released on Tuesday.