Exxon Mobil Corporation (NYSE: XOM) announced its board of directors unanimously recommended shareholders approve changing the company's legal domicile from New Jersey to Texas. The board stated that aligning ExxonMobil's legal domicile with where its leadership and core operations have been based since 1989 will benefit shareholders.

"Over the past several years, Texas has made a noticeable effort to embrace the business community. In doing so, it has created a policy and regulatory environment that can allow the company to maximize shareholder value," said Darren Woods, ExxonMobil chairman and chief executive officer.

The board considered Texas' legal and regulatory environment, including its modernized business statutes and the Texas Business Court, which is designed to resolve complex disputes efficiently. The company noted that Texas courts are required to apply clear, statute-based standards when corporate decisions are challenged.

The proposed redomiciliation will not affect business operations, management, strategy, assets, or employee locations. The board determined that shareholder rights under Texas law are largely comparable to those under New Jersey law. ExxonMobil stated it has no plans to adopt elective provisions under Texas law that would diminish current shareholder rights.

Shareholders will vote on the proposal at the 2026 Annual Meeting of Shareholders. The company filed a preliminary proxy statement with the U.S. Securities and Exchange Commission detailing the proposed redomiciliation.

ExxonMobil moved its headquarters to Texas in 1989. Approximately 30% of the company's global employees are located in Texas, with about 75% of its U.S. employees working in the state. The company's connection to New Jersey dates back to the 1882 incorporation of Standard Oil of New Jersey, and its board has not held a meeting in New Jersey for more than 40 years.