Exxon Mobil’s shareholders voted to move the company’s legal home to Texas from New Jersey, a change that observers said could help it beat future climate lawsuits.
The Texas move had support from about 71 percent of shareholder votes at the company’s annual meeting, which was held online Wednesday, according to unofficial results.
Exxon, the biggest publicly traded oil company in the U.S., moved its physical headquarters to the Dallas area decades ago and in recent years consolidated its corporate headquarters at a campus north of Houston.
Moving the company’s place of incorporation to Texas, which Exxon calls “redomiciling,” is a logical extension of those changes, CEO Darren Woods said during Wednesday’s meeting of shareholders. Exxon already lists its principal executive offices as being in Spring, Texas.
