Among them is Exxon Mobil Corporation (NYSE:XOM). 15 Best Profitable Leaders to Buy Right Now.
On March 10, The Wall Street Journal reported that Exxon Mobil Corporation (NYSE:XOM) plans to move its legal home from New Jersey to Texas. The decision will place the company among a growing group of companies that have chosen to incorporate in the state in search of a business-friendly environment.
Exxon has been incorporated in New Jersey since 1882. The company plans to ask shareholders to vote on the proposal to relocate to Texas. If the measure is approved, Exxon will follow companies such as Tesla and Coinbase Global that have chosen to re-incorporate in Texas.
Exxon CEO Darren Woods said in an interview with The Wall Street Journal that the move was to protect the company from shareholder “violations.” He was referring to what many companies see as an increase in cases of illegal shareholders in some legal jurisdictions. “Texas is already our home of operations, and we think it makes sense to make it our legal home,” Woods said.
Exxon, which has a market value of more than $630 billion, moved its headquarters from New York City to Texas in 1989. The company is not facing any problems with New Jersey, Woods said. At the same time, he believes that Texas has a deep understanding of the oil and gas industry and a strong interest in its long-term success. He also said that having more companies across a number of industries in Texas could be beneficial.
Exxon Mobil Corporation (NYSE:XOM) is one of the world’s largest integrated fuels, oils and chemicals companies.
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Read more: 40 Most Popular Stocks Among Hedge Funds Running in 2026 and 14 Low PE High Dividend Stocks to Buy Now
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