Exxon Mobil will move its headquarters to Spring, near Houston.

The oil company, which has a significant Houston presence but was based in Irving, Texas, said in a release the move will streamline its business structure.

The move to Exxon's 385-acre campus in Spring won't be completed until 2023, but on April 1, 2022, it will be organized into Exxon Mobil Upstream Co., Exxon Mobil Product Solutions and Exxon Mobil Low Carbon Solutions. The company, which has sought to aggressively cut costs, expects the move to help it save it $6B by 2023 — enough to fund 40% of its shareholder dividend.

“We greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community,” Exxon Mobil CEO Darren Woods said in the release. “Closer collaboration and the new streamlined business model will enable the company to grow shareholder value and position ExxonMobil for success through the energy transition.”

Exxon's massive Spring campus currently holds upstream, downstream and chemical operations, among others. More than 10,000 workers are based at the campus, which has child development centers, a fitness facility, dining and retail as well as multiple office buildings.

Exxon's corporate Irving campus is more than 356K SF and was built in 1995. It is valued at over $48M, according to publicly available data.

The company's revenue was $178B in 2020, the latest annual revenue number publicly available. Though that number is significantly down from 2019's $225B, the energy industry was battered heavily by Covid-19, with massive layoffs and slashed revenue. Exxon is, as of 2019, North Texas' largest public company, according to the Dallas Business Journal.

Exxon had announced it was selling surplus land near its Irving headquarters in 2020, according to the Dallas Morning News. In mid-2021, it was announced the land might be used for apartment buildings.

The news comes over a year since Hewlett Packard Enterprise announced it would also move its global headquarters to Spring. Texas, in general, has been the spot for a number of notable headquarters moves, with HPE, Tesla and CBRE all announcing moves from California in the recent past.

CORRECTION, FEB. 2, 12:15 P.M. ET: A previous version of this story gave the incorrect location for the Houston Hewlett Packard Enterprise headquarters. The story has been updated.