ExxonMobil completes Texas redomicile in first name change since 1999

Exxon Mobil Corp. completed its corporate redomicile from New Jersey to Texas on July 1, with the newly formed ExxonMobil Holdings Corp. beginning trading under the XOM ticker on the New York Stock Exchange on July 2.

"This move aligns our legal domicile with our operational headquarters and simplifies our corporate structure," the company said in a statement. Shareholders approved the restructuring at the company's annual meeting in May.

Each outstanding Exxon Mobil share was exchanged one-for-one for shares of the new holding company, with no change to the ticker symbol. The name change is the first since the Exxon-Mobil merger in 1999. The company's dividend policy, share count, and corporate governance structure remain unchanged under the new holding company, according to the filing.

The restructuring comes as ExxonMobil's stock has pulled back 22.5% from its March 30 record high of $176.40, last trading at $136.93. The shares have found support at the 200-day moving average, a level that has historically preceded gains — the stock was higher one month later 87% of the time in similar setups over the past decade, averaging a 5.3% advance, according to Schaeffer's Senior Quantitative Analyst Rocky White. The company's 14-day relative strength index of 27.5 sits in oversold territory, which often precedes a short-term bounce.

ExxonMobil has raised its dividend for 43 consecutive years and currently pays a forward yield of 3%. At $136 per share, the stock trades at 12 times this year's earnings, below its five-year average multiple. Including reinvested dividends, the stock has generated a total return of 4,450% over the past 40 years.

The redomicile positions ExxonMobil under Texas corporate law, which some analysts say offers a more favorable regulatory and tax environment compared with New Jersey. The company moved its operational headquarters to the Houston area in 2023. Investors will watch for the company's second-quarter earnings report, expected later this month, for updated production figures and capital allocation plans under the new corporate structure.

This article is for informational purposes only and does not constitute investment advice.