After 144 Years In New Jersey, Exxon Mobil Plans Texas Redomicile, Joining Tesla And Coinbase

On Tuesday, Exxon Mobil Corp. (NYSE:XOM) announced plans to move its legal headquarters from New Jersey to Texas. Exxon is planning the move after 144 years in New Jersey.

According to the company's press release, Exxon's Board of Directors has unanimously recommended that shareholders approve the redomicile to Texas, where about 30% of its global workforce is already based.

Redomicile Follows Trend

If the proposal is approved, Exxon will join a broader trend of companies moving to the state for a more business-friendly environment.

The multinational oil and gas corporation would follow Elon Musk-led Tesla Inc. (NASDAQ:TSLA), which moved its legal incorporation from Delaware to Texas in June 2024.

Brian Armstrong-led Coinbase Global Inc. (NASDAQ:COIN) also announced in November 2025 that it is reincorporating from Delaware to Texas.

CEO Cites Texas' Business-Friendly Environment

In the company's press release, Woods said: “Over the past several years, Texas has made a noticeable effort to embrace the business community. In doing so, it has created a policy and regulatory environment that can allow the company to maximize shareholder value. Aligning our legal home with our operating home, in a state that understands our business and has a stake in the company’s success, is important.”

Separately, Woods told the Wall Street Journal that the move is intended to protect the company from shareholder "abuse," referring to increasing frivolous litigation. "Texas is already our operating home, and we think it makes sense to make it our legal home," he added.

As shareholders prepare to vote on the proposal, the outcome could signal a significant shift in the corporate landscape.

Texas' specialized courts and established legal precedents have drawn major companies, and the planned launch of the Texas Stock Exchange could further boost the state's appeal.

Trading Metrics

Exxon has a market capitalization of $617.22 billion, with a 52-week high of $159.61 and a 52-week low of $97.80.

The stock has gained 20.77% year to date.

Price Action: According to Benzinga Pro data, XOM closed Tuesday down 1.52% at $148.13.

With a strong Momentum in the 83rd percentile, Benzinga’s Edge Stock Rankings indicate that XOM has a positive price trend across all time frames.

Photo courtesy: Ken Wolter/Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

This article After 144 Years In New Jersey, Exxon Mobil Plans Texas Redomicile, Joining Tesla And Coinbase originally appeared on Benzinga.com