NEW YORK (AP) — Exxon Mobil is restructuring its business into three divisions and moving its headquarters 250 miles south from Irving, Texas, to its campus north of Houston.

The oil giant said Monday it will combine its chemical and refining operations, while centralizing its technology and engineering and other other support services. It will also consolidate its exploration and drilling operations.

Exxon, whose sales for the year are expected to be close to $300 billion when it releases earnings Tuesday, says the reorganization will be effective April 1 and the move south — will be complete sometime in the middle of 2023.

Shares of Exxon Mobil Corp. have surged about 25% this year in tandem with the rising price of crude, up about 17% per barrel in 2022.

The Associated Press

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