Exxon Mobil said Tuesday it expects its redomiciliation from New Jersey to Texas to take effect July 1, completing a move first proposed months ago. Under the restructuring, ExxonMobil Holdings Corporation will become the publicly traded parent company, replacing Exxon Mobil Corporation of New Jersey. Shares will continue to trade on the New York Stock Exchange under the symbol XOM.
The oil giant’s shareholders approved the change at a meeting last month. Chief Executive Darren Woods had pitched the move by describing Texas as a state where lawmakers, judges and juries “better understand the oil business,” according to a company statement at the time, lending a familiarity that would lead to what he called more reasonable and productive decisions from the state’s officials and citizens.
In Germany, RWE said it closed a €3.6 billion acquisition of an additional 35% stake in transmission grid operator Amprion, raising its total ownership to 55%. The company described the deal as diversifying its portfolio by making grids a third investment pillar alongside renewables and flexible generation.
Analysts offered mixed assessment of the transaction. Bernstein analysts wrote that RWE’s management should explain the strategic rationale for increasing its Amprion stake, noting the shift from a focus on power generation to an increasing focus on grids. Investors could gain exposure to grids through alternative stocks, they wrote. RBC Capital Markets analyst Alexander Wheeler wrote that the deal is positive because it increases RWE’s exposure to high-growth networks, though he noted the deal structure means RWE will not have control of Amprion despite the majority stake.
RWE shares fell 1.2% to €54.94 on Tuesday.