Trending Now - Exxonmobil Shareholders Shift Corporate Base From NJ to Texas

WHO:

IJR - ExxonMobil shareholders

Houston Public Media - Darren Woods, CEO of ExxonMobil

Houston Public Media - Ken Paxton, Attorney General of Texas

Houston Public Media - James Lee, CEO of the Dallas-based Texas Stock Exchange

Houston Public Media - Glass Lewis and Institutional Shareholder Services, advisory firms

WHAT:

IJR - ExxonMobil shareholders voted to reincorporate in Texas.

Houston Public Media - The proposal to move ExxonMobil’s legal home to Texas was approved by shareholders.

Houston Public Media - The board of directors unanimously recommended the relocation.

Houston Public Media - Approximately 75% of ExxonMobil’s U.S. employees are located in Texas.

Houston Public Media - Texas Business Court was created in 2023 to handle complex business disputes.

WHERE:

IJR - ExxonMobil has been incorporated in New Jersey since 1882.

Houston Public Media - ExxonMobil is headquartered in a suburb of Houston, Texas.

Houston Public Media - The Texas Stock Exchange is based in Dallas, Texas.

WHEN:

IJR - The shareholder vote took place on a Wednesday.

Houston Public Media - The board of directors recommended the legal relocation in March.

WHY:

Houston Public Media - The board stated that Texas’ legal and regulatory environment is more business-friendly.

Houston Public Media - Darren Woods emphasized the importance of aligning the legal home with the operating home in a supportive state.

Houston Public Media - Ken Paxton's lawsuit against Institutional Shareholder Services was based on their recommendation against ExxonMobil’s relocation.

HOW:

Houston Public Media - The relocation was approved through a shareholder vote, despite recommendations against it from two advisory firms.

(UPDATED May 28, 2026 23:25 UTC)

ExxonMobil shareholders have voted to reincorporate the company in Texas, a move that was unanimously recommended by the board of directors. Approximately 75 percent of ExxonMobil's U.S. employees are based in Texas, and the board highlighted the state's more business-friendly legal and regulatory environment as a key reason for the relocation. This decision comes despite opposition from advisory firms Glass Lewis and Institutional Shareholder Services, which had recommended against the move.