Monday, ExxonMobil announced it would move its headquarters to a 385-acre campus in Spring, Texas. ExxonMobil says its move from Irving to Spring, north of Houston, will streamline operations and prepare the company for growth long term.
The company already has 10,000 people working at the campus and just 250 management employees still in Irving. The move, which should be completed in mid-2023, aims to "streamline its business structure."
ExxonMobil says the company will now be organized along three business lines: upstream, product solutions and low carbon solutions.
"This will enable closer teamwork and facilitate value-delivery through our company-wide approaches," Chief Executive Darren Woods said when reporting ExxonMobil's 4th quarter earnings Tuesday morning.
ExxonMobil reported a profit of $8.9 billion in the fourth quarter and $48 billion in business activity, marking the greatest cash flow since 2012.
"Our effective pandemic response, focused investments during the down cycle and structural cost savings positioned us to realize the full benefit of the market recovery last year," Woods says.
Woods says the company is also focused on "accelerating emissions reductions." He says ExxonMobil plans to end "flaring" of oil and gas byproducts in the Permian Basin this year and will bring that operation to net-zero emissions by 2030. He says ExxonMobil is working to reach net-zero emissions company-wide by 2050.
"The experience we've gained developing reduction road maps for our assets gives us confidence for what we can ultimately achieve," he says.
Woods says low-carbon solutions have made "exceptional progress building a large inventory on new business opportunities with a focus on carbon capture, hydrogen and biofuels." He says ExxonMobil had a 7% growth in revenue from products that help other customers reduce their emissions.
"This helped drive record annual earnings in our chemical business," he says.
Chief Financial Officer Kathy Mikels says ExxonMobil's corporate plan includes "growing high value, higher-margin products which would include low emission fuels."
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