Exxon Mobil plans to move its legal home to Texas

American oil giant Exxon Mobil is planning to move its legal home from New Jersey to Texas, continuing a trend of major companies shifting to states seen as more business-friendly.

The oil giant, incorporated in New Jersey since 1882, will ask shareholders to vote on the proposal. 

CEO Darren Woods said the move would help protect the company from shareholder lawsuits that businesses consider unnecessary. He added that Texas already hosts many of Exxon’s operations and has a strong understanding of the oil and gas industry.

Exxon, valued at more than $630 billion, moved its headquarters from New York City to Houston in 1989. About 30% of its global workforce and US research facilities are already based in Texas.

Other companies, including Tesla and Coinbase, have also shifted their legal homes to Texas as the state rolls out laws beneficial to businesses and has special courts for them.