{"id":198585,"date":"2026-03-10T18:08:11","date_gmt":"2026-03-10T18:08:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-tx\/198585\/"},"modified":"2026-03-10T18:08:11","modified_gmt":"2026-03-10T18:08:11","slug":"houston-areas-exxon-mobil-hands-greg-abbott-texas-business-court-major-win","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-tx\/198585\/","title":{"rendered":"Houston area\u2019s Exxon Mobil hands Greg Abbott, Texas Business Court major win"},"content":{"rendered":"

If you care about business in Texas, its time to learn the word \u201credomicile\u201d if you haven\u2019t already.<\/p>\n

Houston area-based Exxon Mobil<\/a> announced Tuesday that its board unanimously recommended redomiciling in Texas. Shareholders will vote on the proposal in May. <\/p>\n

Redomiciling or reincorporating are processes by which a company moves its corporate charter from one state to another, accessing a state\u2019s corporate law framework in the process. Delaware has been king for a century, but investments and initiatives led by Gov. Greg Abbott have Texas challenging for the crown.<\/p>\n

Related<\/p>\n

\"Fans<\/p>\n

\u201cOver 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,\u201d said Darren Woods, Exxon Mobil chairman and chief executive officer, in a release<\/a>. <\/p>\n

Business Briefing<\/p>\n

Become a business insider with the latest news.<\/p>\n

By signing up, you agree to our\u00a0Terms of Service<\/a>\u00a0and\u00a0Privacy Policy.<\/a><\/p>\n

\u201cAligning our legal home with our operating home, in a state that understands our business and has a stake in the company\u2019s success, is important.\u201d<\/p>\n

Exxon Mobil is currently domiciled in New Jersey, an artifact of Standard Oil\u2019s corporate charter from 1882. Back then, New Jersey was the hot spot for incorporations, before changes to its corporate code beginning in 1910 made the state less business-friendly and companies moved en masse to Delaware. <\/p>\n

Today, two-thirds of the Fortune 500 are incorporated in Delaware, giving them access to its preeminent Chancery Court, and other states, like New Jersey, often defer to Delaware precedent in matters of corporate law. <\/p>\n

However, over the past several years, Texas has worked to create its own corporate law infrastructure, beginning with the formation of the Texas Business Court<\/a> in the 2023 legislative session. In 2025, the legislature furthered those efforts with corporate-friendly state laws that codified the business judgment rule (Senate Bill 29) and allow for raised standards for shareholder proposals that executives often find tedious and costly to deal with (Senate Bill 1057). <\/p>\n

The Texas Business Court and its accompanying legislation are specifically designed to court reincorporations, and several companies have made the jump since, including Tesla and SpaceX, Coinbase and Dillard\u2019s<\/a>.<\/p>\n

While not necessarily part of the small but growing \u201cDexit\u201d trend, as reincorporations out of Delaware have been dubbed, Exxon Mobil\u2019s rationale nonetheless supports Texas\u2019 strive to lure corporate charters to the state. Tuesday\u2019s release specifically shouted out the state\u2019s \u201cmodernized business statutes and the Texas Business Court\u201d as conducive to \u201csound decision-making.\u201d<\/p>\n

In a filing with the U.S. Securities and Exchange Commission, the oil and gas company also referenced the state\u2019s friendliness to the industry. Texas is the top oil-producing state in the country, and \u201cTexas lawmakers and courts have a deep understanding of our industry and the economic value it delivers,\u201d the filing reads.<\/p>\n

The filing noted that the move would not weaken shareholder rights. It also said Exxon Mobil would not adopt \u201cany elective provisions of the Texas corporate statute that could be viewed as weakening shareholder rights as compared to New Jersey law,\u201d potentially referring to Senate Bill 1057.<\/p>\n

\u201cFreed from the stranglehold of over-regulation, Texas is where global brand leaders thrive and jobs for hardworking Texans grow,\u201d said Abbott in a release. \u201cI thank ExxonMobil for their decision to redomicile in Texas and for their long-standing partnership with our state. With this decision, Texas will further dominate the corporate landscape and ensure our economic growth reaches new heights.\u201d<\/p>\n

Related<\/p>\n

\"A<\/p>\n

Reincorporations are the third prong of Abbott\u2019s pro-business agenda, alongside headquarters relocations into Texas and the formation of capital markets that allow companies to list their stock on a Texas-based exchange. <\/p>\n

Abbott had a strong hand in the creation of the Texas Stock Exchange, which launched in 2024, and has supported the creation of dual-listings venues from New York\u2019s stock market duopoly, the New York Stock Exchange and Nasdaq. NYSE Texas<\/a> and Nasdaq Texas<\/a> were both announced last year. <\/p>\n

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Five companies plus Nasdaq Inc. are expected to list on Nasdaq Texas.<\/p>\n

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Gold nears $5,400 per ounce as investors flee risk-sensitive assets in the wake of Iran\u2019s bombing.<\/p>\n","protected":false},"excerpt":{"rendered":"If you care about business in Texas, its time to learn the word \u201credomicile\u201d if you haven\u2019t already.…\n","protected":false},"author":2,"featured_media":198586,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[6880,451,482,392,19582,27,29,28,16291],"class_list":{"0":"post-198585","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-texas","8":"tag-banking","9":"tag-energy","10":"tag-exxon-mobil","11":"tag-greg-abbott","12":"tag-local-companies","13":"tag-texas","14":"tag-texas-headlines","15":"tag-texas-news","16":"tag-texas-stock-exchange"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/198585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=198585"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/198585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/198586"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=198585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=198585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=198585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}