IRVING, Texas — The largest oil company in the country is moving its headquarters from North Texas.
ExxonMobil announced Monday that it is relocating its corporate headquarters from Irving to the Houston area "to further collaboration and integration," according to a company news release.
ExxonMobil - the 10th largest company in the U.S., according to the Fortune 500 - plans to relocate to its campus north of Houston by the middle of 2023.
The move "will enable closer teamwork to accelerate and increase value delivery through company-wide approaches," the news release said.
“We greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community,” Darren Woods, company CEO, said in the news release. “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.”
ExxonMobil did not say in the news release how many employees will be impacted by the move from Irving.
More than 10,000 employees work at ExxonMobil's Houston-area campus, located on 385 acres in Spring. The Spring campus opened in 2014.
The headquarters relocation isn't ExxonMobil's first major exit from North Texas.
In 2017, the company announced it was moving 1,600 jobs from XTO Energy, its subsidiary, to the new campus in Spring. The relocation accounted for most of XTO's Fort Worth operation downtown.
ExxonMobil's restructuring announced on Monday will help the company save $6 billion in structural costs by 2023 when compared to figures from 2019.
The savings will be driven by centralizing and digital transformation of company processes, the ExxonMobil news release said.
The Irving-Las Colinas Chamber of Commerce said news of the move was "disappointing" but it understands the benefits of the "organizational consolidation."
"ExxonMobil has been a good neighbor and an important contributor to our city and business community, and we wish them every future success," said Beth Bowman, the president and CEO of the Irving Economic Development Partnership and the Irving-Las Colinas Chamber of Commerce. "The ExxonMobil site is one of the most exceptional locations in not only North Texas, but also in the nation and we have great expectations for the future of this site.”