Exxon also won a major legal battle. On June 23<\/strong>, the U.S. Supreme Court ruled 6-3 in Exxon’s favor<\/strong>. The ruling revives an old lawsuit over refineries and other assets Cuba’s government seized in the early 1960s.<\/p>\n Both wins change how Exxon handles legal risk. The wins could also lower its tax bill. But neither has helped the stock.\u00a0<\/p>\n XOM closed at $136.28<\/strong> on July 1<\/strong>. That’s down almost 9%<\/strong> over the past month, as oil prices fell from their spring highs.<\/p>\n So Exxon just won on two fronts, and the stock still dropped. That gap points to what’s really driving XOM right now, and what could move it next.<\/p>\n On July 1<\/strong>, Exxon Mobil Corp. became ExxonMobil Holdings Corp.<\/strong>, completing a relocation shareholders approved, according to an Exxon release.\u00a0<\/p>\n The event marks the company’s first name change since the 1999 merger with Mobil<\/strong>, Investing.com reported.\u00a0<\/p>\n More Energy Stocks:<\/strong><\/p>\n Shares still trade under the same XOM<\/strong> ticker on the New York Stock Exchange<\/strong>, so current holders see no change to their positions.<\/p>\n ExxonMobil Chairman and CEO Darren Woods said the move aligns the company’s legal home with its operating base<\/strong>, in a state that \u201cunderstands our business and has a stake in the company’s success,\u201d The Texas Tribune reported.<\/p>\n The real change is legal, not symbolic. Texas charges no corporate income tax<\/strong>, according to the Official Site Of The State Of New Jersey, while New Jersey’s top corporate rate<\/strong> sits at 11.5%<\/strong>, among the highest in the country.\u00a0<\/p>\n Texas also runs specialized Business Courts<\/strong> built to handle complex corporate disputes<\/strong>, a system neither New Jersey nor Delaware offers.<\/p>\n curraheeshutter / Getty Images<\/p>\n<\/figcaption><\/figure>\n Exxon’s Cuban claim goes back six decades<\/strong>. Cuba’s government seized refineries and other assets<\/strong> owned by Standard Oil<\/strong>, Exxon’s predecessor. It happened shortly after Fidel Castro<\/strong> took power in 1959<\/strong>.\u00a0<\/p>\n Exxon sued in 2019<\/strong> under Title III of the Helms-Burton Act<\/strong>, a 1996 law that lets U.S. nationals seek compensation for confiscated property<\/strong>, Scotus blog reported.<\/p>\n On June 23<\/strong>, the Supreme Court ruled that Cuba’s state-owned companies are not immune from lawsuits in U.S. courts<\/strong> , sending it back to a lower court, PBS News reported.\u00a0<\/p>\n ExxonMobil is seeking more than $1 billion<\/strong>in damages<\/strong>, though fact-finding and any appeals mean a payout might still take years.<\/p>\n Neither legal win has protected the stock from oil’s slide.\u00a0<\/p>\n XOM closed at $136.28<\/strong> on July 1, FXLeaders reported. The stock also now carries a market cap near $565 billion<\/strong>.<\/p>\n The drop traces back to oil. West Texas Intermediate<\/strong> fell to around $69 a barrel<\/strong> in late June<\/strong>, according to AOL.\u00a0<\/p>\n Related: JPMorgan has stark message for oil, stock investors<\/strong><\/p>\n This happened after the Treasury eased restrictions on Iranian oil sales and Gulf producers ramped up output.<\/p>\n Even after the pullback, XOM is still up roughly 13%<\/strong> for the year, according to Simply Wall St, edging out the S&P 500<\/strong>‘s approximate 9% gain<\/strong>.\u00a0<\/p>\n Exxon’s price-to-earnings ratio<\/strong>of about<\/strong>23<\/strong> also sits well above the broader U.S. oil and gas sector average<\/strong>near<\/strong>13<\/strong>.<\/p>\n A few catalysts could still move the stock.\u00a0<\/p>\n Exxon’s $20 billion 2026 buyback program<\/strong> and its quarterly dividend of $1.03 a share<\/strong> continue regardless of the legal shifts. The payout backs a dividend Exxon has raised for more than four decades.<\/p>\n Exxon is also pushing ahead with a Guyana exploration filing<\/strong> covering 2028 to 2033<\/strong>, Simply Wall St reported.\u00a0<\/p>\n Its management has also flagged unusually tight global oil inventories<\/strong> as a reason oil could snap back if supply discipline holds.<\/p>\n The risk goes the other way, too. If oil stays soft and Iranian barrels keep flowing under the Treasury’s General License X<\/strong>, the Texas and Cuba stories may not offset near-term earnings pressure on their own.<\/p>\n Related: Chevron surprises investors with eye-catching disclosure<\/strong><\/p>\n #Exxon #XOM #flashes #key #signals #Jersey #exit<\/p>\n","protected":false},"excerpt":{"rendered":" Exxon Mobil (XOM) officially moved its legal home from New Jersey to Texas this week. The move became official on July 1, as shareholders had already approved it. Exxon also… <\/p>\n","protected":false},"author":1,"featured_media":10425,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[246],"tags":[234,496,5261,7662,510,277,12228],"class_list":["post-10424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-popular","tag-exit","tag-exxon","tag-flashes","tag-jersey","tag-key","tag-signals","tag-xom"],"_links":{"self":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts\/10424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10424"}],"version-history":[{"count":0,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts\/10424\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/media\/10425"}],"wp:attachment":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Why Exxon’s Texas move changes more than its mailing address<\/h2>\n
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![](\"https:\/\/www.thestreet.com\/.image\/NDA6MDAwMDAwMDAzMTAxNTE2\/constructionplatform_pl_020726.jpg?profile=rss\")
The Cuban asset ruling adds a fresh $1 billion claim<\/h2>\n
What Exxon’s rough month says about near-term risk<\/h2>\n
What still needs to happen for the Exxon bull case to hold<\/h2>\n
4 things to watch after Exxon’s Texas move<\/strong>:<\/h3>\n
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