now in HOU

Breaking news: ExxonMobil's HQ officially changed to Houston

ExxonMobil is officially HQ-ed in Houston — according to a recent SEC filing. Photo via ExxonMobil.com

As of this month, ExxonMobil's headquarters is officially Houston, according to a recent filing.

ExxonMobil's company page on the United States Securities and Exchange Commission now lists its new Houston-area address — 22777 Springwoods Village Parkway in Spring. While the ExxonMobil's site still lists it's Irving, Texas, address, the SEC filing dated July 5 marks a significant step toward the HQ move that Exxon originally announced in early 2022.

In the initial announcement, the company disclosed that the move, which will combine its chemical and refining divisions, will be completed by 2023. ExxonMobil’s Spring office was opened by former CEO Rex Tillerson in 2014.

With the relocation announcement, ExxonMobil became Houston’s 25th Fortune 500 headquarters, the third highest concentration in the country, after New York and Chicago, per the Greater Houston Partnership. It's slated to be the largest Fortune 500 company to be headquartered in the Houston region, ranking No. 10 in the 2021 listing based on $181.5 billion revenues in 2020.

“ExxonMobil’s move further solidifies Houston’s position as the Energy Capital of the World," the Greater Houston Partnership noted in a January 31 statement. "ExxonMobil is a key participant in our Houston Energy Transition Initiative, and we look forward to working with the company as we continue to position Houston to lead the energy transition to a low-carbon future."

Since the announcement, ExxonMobil has grown its Houston presence by signing on as a founding partner at the Ion, a Midtown Houston 266,000-square-foot building developed and managed by Rice Management Company, last summer. The company joins existing Ion founding partners Aramco, Chevron Technology Ventures, Baker Botts, and Microsoft, as well as affiliate partners bp and Intel. The company joins the Ion "to help develop solutions for the world’s emerging energy issues," per the June 13 news release.

“ExxonMobil has been a leader in energy technology for over a century. Collaboration is essential to both augment our capabilities and accelerate the development of scalable solutions,” said Linda DuCharme, president of ExxonMobil Technology and Engineering Company, in the release. “Our partnership with The Ion will enable us to tap into the extraordinary talent in Houston.”

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A View From HETI

PitchBook attributes $634 million in fourth-quarter VC to Fervo. Photo via Getty Images

The venture capital haul for Houston-area startups jumped 23 percent from 2023 to 2024, according to the latest PitchBook-NVCA Venture Monitor.

The fundraising total for startups in the region climbed from $1.49 billion in 2023 to $1.83 billion in 2024, PitchBook-NVCA Venture Monitor data shows.

Roughly half of the 2024 sum, $914.3 million, came in the fourth quarter. By comparison, Houston-area startups collected $291.3 million in VC during the fourth quarter of 2023.

Among the Houston-area startups contributing to the impressive VC total in the fourth quarter of 2024 was geothermal energy startup Fervo Energy. PitchBook attributes $634 million in fourth-quarter VC to Fervo, with fulfillment services company Cart.com at $50 million, and chemical manufacturing platform Mstack and superconducting wire manufacturer MetOx International at $40 million each.

Across the country, VC deals total $209 billion in 2024, compared with $162.2 billion in 2023. Nearly half (46 percent) of all VC funding in North America last year went to AI startups, PitchBook says. PitchBook’s lead VC analyst for the U.S., Kyle Stanford, says that AI “continues to be the story of the market.”

PitchBook forecasts a “moderately positive” 2025 for venture capital in the U.S.

“That does not mean that challenges are gone. Flat and down rounds will likely continue at higher paces than the market is accustomed to. More companies will likely shut down or fall out of the venture funding cycle,” says PitchBook. “However, both of those expectations are holdovers from 2021.”

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This story originally appeared on our sister site, InnovationMap.com.

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