Jan. 31 (UPI) -- ExxonMobil will move its headquarters to its campus north of Houston by 2023 as the company works to restructure its operations.
The company expects that the move will help the company exceed its goals to cut $6 billion in structural cost savings by next year, according to a press release.
The oil and gas giant has had its headquarters in Las Colinas, an urban commercial center in the Dallas suburb of Irving, since Exxon moved its headquarters from Rockefeller Center in New York City to Texas in 1989 and before its 1999 merger with Mobil.
"We greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community," said Darren Woods, chairman and CEO of the company.
"Closer collaboration and the new streamlined business model will enable the company to grow shareholder value and position ExxonMobil for success through the energy transition."
The company said it will organize the company along three business lines: the ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions. The reorganization will take effect April 1.
"The new ExxonMobil Product Solutions Company will engineer, manufacture and deliver products needed by modern society at an industry-leading scale, serving multiple segments, products and markets," the company said in the news release.
"It will play a critical role in reducing greenhouse gas emissions and plastic waste by developing more sustainable products."
Those products are to include lower-emission fuels and lubricants and plastics to improve the efficiency of traditional and electric vehicles.
A spokesman for the company told The Wall Street Journal that no layoffs would occur during the restructuring.