on the move

Petrochemical juggernaut ExxonMobil gasses up for big HQ move to Houston

Behold ExxonMobil's new Houston HQ.

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.”

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Editor's note: It's time to look back at the top Houston news of the week, including a sudden shutter and our favorite dishes of the month. Catch up on our most popular stories below, then plan your weekend right here.

1. Exclusive: Killen's Barbecue will soon shutter in The Woodlands. Killen’s Barbecue’s location in The Woodlands closed for good on Thursday, December 4, just a few days after the shutter was announced.

2. 2-acre Houston patio bar rebrands with new name and family-friendly menu. A bar in Houston’s Near Northside neighborhood is switching things up with a new name and revised menu. Effective immediately, Woodland Social is now known as White Oak Social.

3. 2 Houston suburbs named top-10 best Texas cities to move to. Several Houston neighbors have been deemed the best Texas cities to move to, with two local suburbs placing in the top 10.

4. CultureMap editor's 10 favorite dishes at Houston restaurants in November. November’s dining adventures consisted of a couple of new restaurants; an upscale, contemporary Chinese restaurant in River Oaks; an ambitious neighborhood eatery in Garden Oaks; and a buzzy barbecue spot on the border of Conroe and The Woodlands. Here are Eric Sandler's favorite dishes.

Lazy Lane birria beef paccheri Lazy Lane is already winning fans in Garden Oaks. Photo by Eric Sandler

5. Astros and Rockets finally launch streaming service for Houston sports fans. Houston sports fans finally have a way to watch their favorite teams without a cable or satellite subscription.