Chevron Corporation (CVX) is planning to move its headquarters. A Friday oil company announcement said it would relocate from California to Texas. Chevron already has thousands of employees in the Lone Star State but has had its headquarters in the Golden State for decades. Now, Chevron could also move away from California to Texas due to more friendly laws in Texas.
Chevron said that it would move its headquarters from San Ramon to Houston before the end of 2024 and all corporate functions from California to Texas in the following five years. It first established itself in San Francisco in 1879, when it was incorporated as the Pacific Coast Oil Company.
The oil company’s press release mentioned that it has approximately 7,000 employees in Houston, Texas, and 2,000 in San Ramon, California. It has crude oil fields, technical facilities, and two refineries and supplies over 1,800 retail stations in the Golden State. The company also announced leadership changes.
Chevron and other oil companies have been sued by the California government, as they allegedly downplayed the detrimental effects of climate change for decades. The state has seen a large number of wildfires and extreme heat waves.
Texas will increase its oil and gas production in 2023. According to data from the U.S. Energy Information Administration (EIA), the Texas field production of crude oil was 2,011,515 oil barrels.
The state provided 42 percent of the oil used in the nation despite tighter environmental regulations from the federal government.
Texas Governor Greg Abbott and Houston Mayor John Whitmire’s offices posted warm welcomes to Chevron on social media, while California Governor Gavin Newsom’s office said that the company was expected to relocate.
Many large corporate companies have moved to Texas recently, and the state has also gained jobs. Some large corporates that have moved to Texas, mainly from California, include the following.
Oracle
Hewlett Packard Enterprise
Tesla, X, and SpaceX
Charles Schwab and others.
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