Exxon Mobil officially relocated its legal home from New Jersey to Texas on July 1, a move shareholders had approved, while also securing a U.S. Supreme Court victory that revives a lawsuit over assets seized by Cuba in the early 1960s. The 6-3 ruling on June 23 determined that Cuba's state-owned companies are not immune from lawsuits in U.S. courts, sending the case back to a lower court and allowing Exxon to pursue more than $1 billion in damages under the Helms-Burton Act. The Texas move aligns the company's legal domicile with its operational base and could lower its tax bill, as Texas charges no corporate income tax compared to New Jersey's top rate of 11.5%. Despite these legal wins, Exxon's stock closed at $136.28 on July 1, down nearly 9% over the past month, pressured by falling oil prices after the Treasury eased restrictions on Iranian oil sales and Gulf producers increased output.
Exxon Mobil CorpSupreme Court ruling allows Exxon to pursue over $1 billion in damages for Cuba-seized assets