ExxonMobil to establish singular North American research and technology hub in Houston, Texas

(Bloomberg) – Exxon Mobil Corp. plans to establish a single North American research and technology hub at its Houston headquarters, resulting in the closure of campuses in Clinton, New Jersey, and Sarnia in Ontario.

The closures will affect about 700 employees, with the majority being offered roles in Houston, said Exxon spokeswoman Emily Mir. The moves will be done in phases and will be fully enacted by 2028.

“We’re excited for our North American technology organizations to be located with our business lines to more effectively develop and commercialize industry-leading technology,” Mir said. “This move will expand our research capabilities and set a foundation for growth well into the future.”

Exxon has spent the last four years streamlining a multitude of business divisions, shedding assets and reducing its workforce as part of a plan to cut $15 billion of costs by 2027 compared with 2019. It’s currently two-thirds of the way toward reaching that target.

The company’s Clinton campus used to house the Exxon Mobil Research and Engineering division which was responsible for much of the oil giant’s patented products over several decade. It also played a leading role in climate research in the 1970s and 1980s.