Exxon is consolidating to cut costs, including a headquarters move from Irving to Houston
Exxon Mobil is consolidating operations to cut costs. That includes packing up the company headquarters in Irving and relocating to its Houston megacampus.
The move will enhance collaboration and enable employees to share expertise, said Erin McGrath, Exxon’s senior advisor of public and government affairs.
About 250 people are employed at the U.S. oil giant’s Irving headquarters. Exxon intends to retain as many employees as possible and has offered a relocation package to eligible employees.
“Relocation is not expected to result in significant job reductions,” McGrath said.
The move is expected to be completed by mid-2023.
“We greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community,” CEO Darren Woods said in a statement.
Along with the headquarters move, Exxon on Monday announced its plans to combine refining and chemical operations and put low-carbon solutions on the same footing as other operations, which is intended to better position the company for energy transition.
The announcement comes ahead of an earnings call scheduled for Tuesday morning to discuss 2021 fourth-quarter earnings.
The company was hit hard during the pandemic and reported a $22 billion loss in 2020.
In December, the company’s new finance chief, Kathryn Mikells, said she’s looking to reduce Exxon’s debt and prepare for potential climate-related requirements.
