ExxonMobil to Expand Size of New Houston Campus

Exxon Mobil Corp. said it is expanding the size of its new Houston campus under construction to accommodate additional employees from the Houston region, as well as several divisions from an operation in Virginia and other one in Ohio.

The world's largest publicly traded oil company by market value expects a total of about 10,000 employees will work at the 385-acre campus. Construction began last year, and workers are expected to begin moving during 2014, with full occupancy targeted by 2015.

The additional workers that will move to the Houston site include those from several divisions at its Fairfax, Va., and Akron, Ohio, operations, as well as certain positions located at its Baytown refinery complex outside Houston.

Further details of the expansion weren't provided.

In April, Exxon reported its first-quarter earnings fell 11% on lower oil-and-gas production and a drop in chemical profit that more than offset the benefits of high crude prices and improved refining results.

The company, which has bet heavily on natural-gas production in recent years, was expected to experience falling profit because prices for the commodity had hit decade-low levels.

Shares were up 2.4% at $79.43 in recent trading in a broad-market rebound. The stock is down 6.3% this year, as weakened oil prices have hit energy-sector shares recently.

Copyright (c) 2012 Dow Jones & Company, Inc.


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