ExxonMobil is considering leasing or selling unused office space at the sprawling Houston-area campus set to become its global headquarters next year, part of its ongoing effort to slash billions in costs, The Wall Street Journal (subscription) reports.
In recent months, the U.S. oil giant has found that on a typical day it uses less than 50% of the available space at its 385-acre campus, which is large enough to house more than 10,000 workers, according to an internal memo viewed by The Wall Street Journal. Exxon spokesperson Casey Norton confirmed the company is considering options for unused space.
Exxon’s campus, located in an area of Harris County known as Spring, has never reached the full capacity it was designed for, and in recent years the company has shed thousands of workers. The company’s global headcount has fallen by more than 10,000 people since the pandemic began in 2020, regulatory filings show. During a historic oil market crash that year, the company said it would shed 15% of its total workforce, including about 1,900 U.S. jobs, primarily in the Houston area.
Many of Exxon’s teams are scattered across its Spring campus, according to the memo. It is now exploring ways employees can work in closer proximity, potentially in spaces it calls “collaboration neighborhoods.” It has also hired a broker to gauge outside interest in its unused space, the memo says. Read the full story from WSJ here.