Major Oil Company’s Shareholders Ditch Blue State’s ‘Woke Cartel’ For Texas

ExxonMobil shareholders voted Wednesday to reincorporate in Texas and leave New Jersey rejecting two global advisory firms’ recommendations.

Seventy-one percentof shareholder votes were in favor of the company’s move during the annual shareholder meeting Wednesday, according to the summary of ExxonMobil’s preliminary 2026 proxy voting results.

ExxonMobil’s headquarters is in Spring, Texas, but its legal domicile is in New Jersey and its connections to the state date back to 1882. In March, the oil and gas company’s Board of Directors unanimously recommended shareholders vote to reincorporate the company in Texas, according to a March 10 press release.

A company’s legal domicile decides which laws govern the company. ExxonMobil Board of Directors considered the benefits of Texas’ legal and regulatory environment, according to the press release. About 75 percent of ExxonMobil’s U.S. employees work in Texas.

“Over the past several years, Texas has made a noticeable effort to embrace the business community. In doing so, it has created a policy and regulatory environment that can allow the company to maximize shareholder value,” said Darren Woods, ExxonMobil chairman and chief executive officer, in the release. “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.”

The State Financial Officers Foundation (SFOF) hailed the vote as a “Shareholder victory over politics” in a Wednesday X post.