Exxon Mobil Was Evidently 'Born to Run,' Because It's Ditching NJ for Friendlier Business Climes

You may have read about numerous prominent large corporations headed for the exits in blue states like California and heading for more welcoming climates in business-friendly states like Texas and Florida. 

 Why? They’re sick of getting constantly hammered with taxes, regulations, and hostility from state governments.

Now it’s the Exxon Mobil Corporation, which announced Tuesday that 144 years after it incorporated in the state, its Board of Directors unanimously recommended that shareholders change the company’s legal domicile from New Jersey to Texas.

They passed over former President Joe Biden’s home state:

On their webpage, the oil giant complimented Texas for embracing business. The company had already moved its headquarters to Irving, Texas, in 1989, but this latest move would change its legal domicile, the state or jurisdiction where it’s legally incorporated.

"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. "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.”

How’s that war on fossil fuels going for you, blue staters?

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Life will just be easier in Gov. Greg Abbott’s Lone Star State, Exxon wrote:

In making its recommendation, the Board considered Texas’ legal and regulatory environment, including its modernized business statutes and the Texas Business Court, which is designed to resolve complex disputes efficiently. When corporate decisions are challenged, Texas courts are required to apply clear, statute based standards, which support sound decision-making.

Robert Anderson, Professor of Law, Corporate and M&A (mergers and acquisitions), at the University of Arkansas, and whose tweet appeared earlier in the story, had some other salient observations:

He said that Delaware, once a top choice for companies, has lost the plot:

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It seems that Exxon Mobil simply got tired of being harassed and unappreciated:

New Jersey officials sued Exxon, Chevron and other fossil-fuel companies in 2022, alleging they contributed to climate change and forced the state to spend billions cleaning up after major natural disasters such as Superstorm Sandy and Hurricane Ida. The suit was dismissed last year.

Exxon has also faced years of high-profile clashes with activist investors and climate-focused shareholder campaigns.

Shareholders will vote on the proposal at their Annual Meeting in April.

So-called “progressive” policies in all too many states have been utter failures, and the Left’s obsession with climate change has caused little progress but untold billions in headaches.

Sorry, Bruce, but Exxon evidently has a “Hungry Heart.”

Editor’s Note: Progressive policies have hurt America immeasurably.