ExxonMobil Shareholder Vote To LEAVE NEW JERSEY for Texas
- May 28
- 1 min read
Source: Hal Turner
Exxon Mobil’s shareholders voted to move the company’s legal home to Texas from New Jersey, a change that observers said could help it beat future climate lawsuits.
ExxonMobil Incorporated in NJ since 1882. After 144 years, it's over.
The Texas move had support from about 71 percent of shareholder votes at the company’s annual meeting, which was held online Wednesday, according to unofficial results.
Exxon, the biggest publicly traded oil company in the U.S., moved its physical headquarters to the Dallas area decades ago and in recent years consolidated its corporate headquarters at a campus north of Houston.
The $640 Billion Company says Texas' pro-business laws and public policy are more in line with its values and the move could place it under the jurisdiction of courts viewed as more friendly to business interests.
This move reflects a broader trend of corporations gravitating toward Texas for its lower taxes, pro-energy policies, and robust legal framework. New Jersey, ranked near the bottom in business tax climate competitiveness, has seen similar exits as high costs and regulatory hurdles mount.
Hal Turner Editorial Opinion
ExxonMobil is leaving the hyper Blue State of New Jersey. The hard left policies in NJ, NY, Illinois and CA, are driving out corporations.
Blue states are hemorrhaging businesses that are moving to Texas, Florida , and other red states. Demoncrats are starting to feel the sting.
