After 144 Years in New Jersey, Exxon Is Moving to Texas

Exxon Mobil Corp. is seeking to move its legal headquarters to Texas after being incorporated in New Jersey for more than a century, Saijel Kishan and Kevin Crowley reported for Bloomberg News.

Texas has increasingly attracted major corporations by promoting low taxes, fewer regulations and the creation of a new stock exchange.

In a proxy filing Tuesday, the company said the move would place it in a more favorable business environment where regulators are more familiar with its operations, provide greater certainty for decision-making and align its legal headquarters with its physical operations.

Exxon is asking shareholders to approve the relocation during its annual meeting in May.

The company said establishing its legal base in Texas “may reduce the risk of future frivolous litigation” against the corporation and its executives.

Texas has increasingly attracted major corporations by promoting low taxes, fewer regulations and the creation of a new stock exchange. Tesla and SpaceX moved their legal headquarters from Delaware to Texas two years ago, while Chevron shifted its physical headquarters to Houston last year.