Exxon Mobil Corporation (XOM), the oil and gas major, Tuesday announced that it is changing the company's legal domicile from New Jersey to Texas.
The company feels Texas' legal and regulatory environment, including its modernized business statutes and the Texas Business Court, are designed to resolve complex disputes efficiently. When corporate decisions are challenged, Texas courts are required to apply clear, statute-based standards, which support sound decision-making.
"Aligning our legal home with our operating home, in a state that understands our business and has a stake in the company's success, is important.", commented Darren Woods, ExxonMobil chief executive officer.
Further, the energy firm assured that the proposed redomiciliation will not affect business operations, management, strategy, assets, or employee locations and nor will it reduce shareholder rights.
ExxonMobil has no plans to adopt elective provisions under Texas law that would diminish shareholder rights currently in place, the company added.
In pre-market activity, XOM shares were trading at $148.78, down 1.10% on the New York Stock Exchange.
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