Chevron Announces It Is Moving Headquarters From California to Texas

Chevron CEO Mike WirthPhoto byChevron.com

Chevron has announced plans to relocate its headquarters from San Ramon, California, to Houston, Texas. This move marks the latest in a series of corporate exits from California as businesses seek more favorable operating environments.

Chevron made the announcement on Friday that it would be moving its corporate over the course of the following five years.

The business stressed that jobs supporting its California operations will continue to be located in San Ramon, home to some 2,000 workers. Houston, where Chevron already employs 7,000 people, will serve as the main base of operations for the business.

Vice Chairman Mark Nelson and CEO Mike Wirth are expected to relocate to Houston before the official headquarters move on January 1. Better cooperation and engagement amongst senior leaders, executives, staff, and business partners are the goals of this calculated approach.

Texas Governor Greg Abbott welcomed Chevron's decision with enthusiasm, expressing his support on the social media platform X, where he stated, "Texas is your true home. Drill baby drill." The Houston mayor's office also celebrated the news, proclaiming it as "Great for Houston!" on X.

One possible factor behind Chevron's decision could be California's ongoing legal actions against major oil companies, including Chevron. Last year, the state filed a lawsuit against five oil giants and an industry trade group over climate change issues. California has been increasingly focused on renewable energy policies, which may have influenced Chevron's decision to relocate.

Chevron joins a growing list of major companies that have left California in recent years. Tesla, X (formerly Twitter), SpaceX, Oracle, and Hewlett Packard Enterprise are among the notable firms that have moved their headquarters to other states.

In addition to announcing its headquarters move, Chevron disclosed the retirements of three executives and released its second-quarter earnings report. The company reported earnings of $4.4 billion, or $2.43 per share, for the quarter, down from $6 billion a year earlier. Adjusted earnings were $4.7 billion, or $2.55 per share, slightly below the $2.93 per share expected by Wall Street analysts, according to LSEG data.

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