Exxon top brass to leave Dallas-area offices for Houston - WSJ (NYSE:XOM) - Seeking Alpha
Exxon top brass to leave Dallas-area offices for Houston - WSJ (NYSE:XOM) | Seeking Alpha
Exxon top brass to leave Dallas-area offices for Houston - WSJ
Exxon Mobil Corporation (XOM) By:
Carl Surran, SA News Editor
11 Comments Spencer Platt/Getty Images News
CEO Darren Woods and top management at Exxon Mobil (NYSE: XOM) are packing up their Dallas-area offices for a move this summer to a C-suite now under construction at a campus outside Houston, in a part-symbolic, part-practical move for the company, The Wall Street Journal reported late Sunday.
The new offices reportedly will be more modest, part of Exxon's ( XOM) efforts to cut billions of dollars in costs in response to investors who have pressed the company to streamline expenses and become more efficient.
The new executive wing will take up two floors on the 385-acre, glass-dominated corporate campus, which can accommodate ~10K employees, according to the report, after the Dallas "God Pod" offices and conference rooms that housed just a handful of top executives totaled ~20K sq ft, according to the report.
For the first time in a generation, Exxon's ( XOM) highest-ranking officials would share a campus with a major portion of the company's U.S. employees; construction is expected to finish ahead of the management team's move to the Houston area in July, the WSJ report said.
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Related Knowledge Center: Liquefied natural gas
Driven by plentiful natural gas produced from shale plays, the United States began exporting liquefied natural gas in 2016 when the Sabine Pass terminal in Louisiana opened and shipped its first cargo. Since then, additional capacity, or trains, have been added to Sabine Pass, and terminals have become operational in Cameron Parish, La.; Hackberry, La.; Cove Point, Md.; and Corpus Christi, Texas. The Energy Information Administration projects that U.S. LNG export capacity will reach 8.9 billion cubic feet per day (Bcf/d) by the end of 2019, making it the third largest in the world, behind Australia and Qatar. The tariff war with China has the potential to impact some final investment decisions for additional terminals in the coming months.