on the move

Petrochemical juggernaut ExxonMobil gasses up for big HQ move to Houston

Behold ExxonMobil's new Houston HQ. Image via ExxonMobil.com

One of the biggest petrochemical giants on the planet is moving its operations to the Houston area. ExxonMobil announced that it is moving its corporate headquarters from Dallas-Fort Worth/Irving to its campus in Greater Houston.

The company expects the transfer, which will combine its chemical and refining divisions, to be completed by 2023. ExxonMobil’s HQ will no longer be the tree-lined “God Pod” complex in Irving, but rather the shimmering, glass-lined compound in Spring, which former CEO Rex Tillerson opened in 2014. Some 250 people currently work at the Irving location, including the CEO and management committee, an ExxonMobil rep tells CultureMap.

Bloomberg reports the move is mostly aimed at cutting costs; the company estimates $6 billion in savings by moving to Greater Houston and combining divisions. ExxonMobil will also reorganize along three business lines: upstream, product solutions, and low-carbon division, per a statement.

In a statement provided to CultureMap, the company adds that the move “will enhance collaboration and provide more opportunities to share expertise across the entire corporation as part of our strategy to better leverage corporate advantages to grow shareholder value.”

With its big relocation, ExxonMobil becomes Houston’s 25th Fortune 500 headquarters, the third highest concentration in the country, after New York and Chicago, per the Greater Houston Partnership. It will be the largest Fortune 500 company to be headquartered in the Houston region, ranking No. 10 in the 2021 listing based on $181.5 billion revenues in 2020.

“We are thrilled with today’s news,” the Greater Houston Partnership noted in a statement. “ExxonMobil’s move further solidifies Houston’s position as the Energy Capital of the World. ExxonMobil is a key participant in our Houston Energy Transition Initiative, and we look forward to working with the company as we continue to position Houston to lead the energy transition to a low-carbon future.

“In addition, ExxonMobil’s announcement represents the third Fortune 500 headquarters announcement in greater Houston in 13 months, solidifying our position as the No. 3 Fortune 500 headquarters city in the nation.”

------

This article originally ran on CultureMap.

Trending News

Building Houston

 
 

This week's innovators to know roundup includes three experts within the tech transfer space in Houston. Photos courtesy

Editor's note: It's a very special edition of the Monday innovators to know series. On Wednesday, all three of today's innovators will join me and InnovationMap for a panel discussing technology transfer — the process in general, what resources are available within their institutions, IP and grant writing, and so much more. Read more about the panelists below and click here to register for the free event.

Ginny Torno, Administrative Director, Innovation and IT Clinical Systems at Houston Methodist

Image courtesy

Ginny Torno has a long career at Houston Methodist, including work within research. Now, she's leading innovation initiatives at the deployment level within the hospital's technology center. Torno can speak to both the research and the implementation done within innovation at Houston Methodist.

Hadi Ghasemi, co-founder of Elemental Coatings and Cullen associate professor in the department of mechanical engineering at the University of Houston

Image courtesy

Hadi Ghasemi is Cullen associate professor in the department of mechanical engineering at UH. His research interests are in nanotechnology, surface physics, and heat transfer.

In 2018, Ghasemi co-founded Elemental Coatings, formerly SurfEllent, an anti-icing and anti-scaling coatings that aims to make the many problems associated with ice and scale buildup a thing of the past.

Rashim Singh, co-founder of Sanarentero and a research assistant professor of pharmaceutics at the University of Houston College of Pharmacy

Image courtesy

Co-founder of Sanarentero, Rashim Singh is developing therapies for gut-related diseases and disorders. Focused on her company, Singh can speak to the drug discovery process, grant writing, and more within the pharmaceutical space.

Trending News