Exxon Mobil NYSE:XOM is preparing to trade under a new corporate name, ExxonMobil Holdings Corp., after completing its redomiciling move to Texas. The change marks the company's first name shift since Exxon's major merger with Mobil more than 25 years ago.
Under the transaction, each Exxon share will be exchanged for one share in the new holding company, while the stock will continue trading under the existing XOM ticker beginning Thursday. The update was outlined in a regulatory filing on Wednesday.
Shareholders approved the company's move from New Jersey to Texas at the annual meeting in May. The shift could be seen as a notable corporate structure update for North America's largest oil company, while keeping the ticker and share exchange mechanics unchanged.