Skip to main content

Statement on ExxonMobil HQ Announcement

Published Jan 31, 2022 by Clint Pasche

Exxon Mobil City Place.JPG

ExxonMobil campus at City Place (courtesy: ExxonMobil)

Exxon Mobil today announced it is moving its corporate headquarters from North Texas to its campus in greater Houston in a move that will be completed by 2023. 

Fast Facts:

  • ExxonMobil becomes Houston’s 25th Fortune 500 HQ, which is the third highest concentration in the country, after New York and Chicago. 
  • Exxon Mobil will become the largest Fortune 500 company to be headquartered in the Houston region, ranking #10 in the 2021 listing based on $181.5 billion revenues in 2020.
  • Exxon Mobil’s move to Houston marks the third Fortune 500 headquarters relocation to the region in as many years, with Hewlett Packard Enterprise relocating from San Jose, California in 2020 and NRG Energy relocating from Princeton, New Jersey in 2021.

Statement on Behalf of Greater Houston Partnership President and CEO, Bob Harvey

“We are thrilled with today’s news. ExxonMobil’s move further solidifies Houston’s position as the Energy Capital of the World. ExxonMobil is a key participant in our Houston Energy Transition Initiative, and we look forward to working with the company as we continue to position Houston to lead the energy transition to a low-carbon future. 

In addition, ExxonMobil’s announcement represents the third Fortune 500 headquarters announcement in greater Houston in 13 months, solidifying our position as the number 3 Fortune 500 headquarters city in the nation.”
 

Related News

Energy

Houston Attracts Increasing Number of Carbon Capture Projects

6/14/24
A recent wave of decarbonization project announcements, including the expansion of a Norwegian company into Houston, demonstrates how the region has positioned itself as a hub for companies and collaborations advancing low-carbon solutions.  Capsol Technologies ASA, a Norwegian carbon capture and storage company focused on capturing carbon from gas turbines, has announced the opening of an office in Houston. The company’s CEO Wendy Lam told the Houston Business Journal that Houston’s strong relationship with Norway, the region’s infrastructure and access to talent were key factors in their decision to move to Houston. Lam also cited the favorable U.S. policies that are making CCS technology more financially viable than in Europe.  One of the region’s biggest projects is a joint venture involving Chevron, Equinor and TotalEnergies called the Bayou Bend carbon capture and storage project along the Texas Gulf Coast between Houston and Port Arthur. Bayou Bend has the potential to become one of the largest CCS sites in the country for industrial emitters, with an underground storage capacity of one billion metric tons of carbon dioxide. Worley, an Australia-based engineering firm with its primary U.S. office in Houston, has been chosen to design and evaluate CO2 gathering, handling and sequestration facilities for the project.  Chevron, a partner in the region’s HyVelocity Hub, is investigating the potential to integrate its hydrogen efforts with the Bayou Bend CCS project, though no official announcements have been made.  Ørsted and ExxonMobil, fellow partners in the HyVelocity Hub, were recently selected by the U.S. Department of Energy as part of its $6 billion Industrial Demonstrations Program to receive federal funding for their decarbonization projects.  A subsidiary of Denmark-based Ørsted, which opened its first Houston office earlier this year, could receive up to $100 million in DOE funding to support the development of the Star e-methanol plant located on the Texas Gulf Coast, which will use captured CO2 to create up to 300,000 metric tons of e-methanol annually.  Meanwhile, ExxonMobil, which relocated its corporate headquarters to the Houston region in 2022, could receive up to $331.9 million through its $6 billion Industrial Demonstrations Program for its Baytown Olefins Plant Carbon Reduction Project. It plans to utilize hydrogen rather than natural gas to produce ethylene.  Exxon has become more involved in CCS infrastructure since its acquisition of Denbury Inc. in 2023, which involved major assets including the largest CO2 pipeline network in the U.S. and ten onshore carbon sequestration sites.  A partnership with EnLink Midstream LLC is allowing Exxon to explore additional CCS opportunities along the Gulf Coast, including the Houston Ship Channel and the Port Arthur-Beaumont area, which are noted as being high sources for CO2 emissions.  This comes after the company’s proposed $100 billion carbon capture collaboration in the Houston area back in 2021. Exxon estimates that the proposed CCS hub could capture and store 50 million metric tons of CO2 annually by 2030 and 100 million metric tons by 2040.  Other major energy players such as SLB are making moves in the CCS space and looking to increase their investments in carbon capture.  In March, SLB announced an agreement to acquire majority ownership of Aker Carbon Capture, a Norwegian pure-play carbon capture company whose proprietary CCS technology serves broad range of industries, including cement, bio and waste-to-energy, gas-to-power, and blue hydrogen segments.  “For CCUS to have the expected impact on supporting global net-zero ambitions, it will need to scale up 100-200 times in less than three decades. We are excited to create this business with [Aker Carbon Capture] to accelerate the deployment of carbon capture technologies that will shift the economics of carbon capture across high-emitting industrial sectors,” said SLB CEO Olivier Le Peuch in a press release.  Learn more about how Houston is leading the energy transition.
Read More
Economic Development

Fulshear Lands as Second Fastest-Growing City in Nation

6/7/24
Fulshear, a bustling community in Fort Bend County, has seen significant growth, emerging as the second fastest-growing city in the nation. According to the U.S. Census Bureau, Fulshear’s population increased by 25.6 percent in 2023. The Greater Houston Partnership’s monthly report also shows that Fulshear’s population has grown by over 70 percent since 2021, with over 42,000 residents.   To accommodate the ongoing growth, numerous new projects are in development, offering residents places to live, work and play. Among these is Fulshear Junction, a recently announced 126.9-acre mixed-use development. Situated north of FM 1093 and west of Wallis Street, this project will bring 251 single-family homes and feature a variety of shops, restaurants, offices, parks, recreational areas and a daycare facility, according to Community Impact.   Click to expand Additionally, Fulshear Gateway, a 20,000 square foot retail center, recently broke ground at the intersection of Wallis Road and FM 359, near the city’s downtown district. The development will have three buildings, featuring a mix of restaurants, retail, medical and beauty services. According to Community Impact, construction is expected to be completed in 2025.   Click to expand Meanwhile, developers are also addressing the influx of new residents by launching master-planned communities to meet the demand. Cross Creek West, a 1,258-acre development, will add more than 3,000 homes upon completion. Additionally, Cross Creek Ranch, a 3,200-acre community, will bring over 5,000 homes to the area.  To continue to draw people, businesses and developers to the area, the city recently proposed a nearly $70 million Capital Improvement Plan for projects in fiscal year 2024-25. The plan encompasses various projects, including drainage, facilities, parks and technology, streets and traffic, water and wastewater initiatives. Notably, the plan allocates the largest portion of funding, $40.82 million, to wastewater projects. The proposed funding for drainage includes the Downtown Eastside drainage project, which aims to eliminate the need for on-site detention for businesses. Additionally, the city is also working to add concrete paving, a pedestrian plaza and street parking to Harris Street from FM 1093 to Fifth Street, making the area more walkable. Construction on Harris Street is set to begin this summer and is expected to be completed in 2025. “[We are] hoping to see that mixed-use lifestyle type of place, where we will have retail and restaurants and things to do for our young families, our teenagers—really everyone of all ages,” said Annel Guadalupe, Economic Development Director of the Fulshear Development Corporation in a statement. “We’re starting with Harris Street, but the hope is to really do all of downtown, one street at a time, so we can really see that come to life.”  Discover more about the ongoing growth in Fulshear. 
Read More

Related Events

Economic Development

State of the Port

The Port of Houston is renowned as a strategic gateway to the world and plays a vital role in facilitating international trade and driving economic growth. As the nation’s largest port in foreign tonnage, Port…

Learn More
Learn More
Executive Partners