Exxon Mobil Corp. XOM 0.90% is moving its corporate headquarters from Irving, Texas, to Houston as part of a business reorganization that the company said will be completed by 2023.
The reorganization will create three business lines—an oil-and-gas production unit, a chemicals-and-refining unit and a low-carbon unit—and will be effective April 1, Exxon XOM 0.90% said Monday. Exxon spokesman Casey Norton said there wouldn’t be any layoffs as part of the reorganization.
The move combines Exxon’s existing chemical-and-refining business, which make plastics, fuels and an array of hydrocarbon products. It also elevates its low-carbon unit as its own business line. The low-carbon unit, formed last year, is focused on lowering Exxon’s carbon emissions and developing emerging technologies including carbon capture, hydrogen and biofuels.
Exxon’s senior executives, including the chief executive, have long worked in the company’s headquarters outside of Dallas, sometimes referred to as the “god pod,” along with about 250 employees. The bulk of Exxon’s U.S. employees are housed in Exxon’s sprawling, 385-acre campus just outside Houston.