Chevron plans to sell its current headquarters in California and will cover the costs of some employees to move to Texas.
The company said The Wall Street Journal and local media on June 24 that he will still be based in California, but will be leaving his Chevron Park campus in San Ramon, located in the East Bay region of California. The company has been headquartered in California for over 140 years.
“The current real estate market presents the opportunity to properly size our office space to meet the demands of our headquarters-based employee population,” the company said at San Francisco Chronicle and the Houston Chronicle. “The move is expected to take place in the third quarter of 2023. Chevron will retain its headquarters in California, where the company has a 140-year history and operations and partnerships across the state.”
Chevron did not respond by press deadlines to a request for comment from The Epoch Times.
The company’s plan to leave its current headquarters follows similar moves by major US companies, including Boeing, Raytheon, ExxonMobil, Citadel and Caterpillar.
Earlier this year, ExxonMobil announced it would move to the Houston area from Irving, Texas in 2023.
“We greatly value our long history at Irving and appreciate the strong bonds we have developed in the North Texas community,” Darren Woods, chairman and chief executive of Exxon, said in a statement about the move. “Closer collaboration and the new, streamlined business model will enable the company to increase shareholder value and position ExxonMobil for success in the energy transition.”
Meanwhile, Boeing, Caterpillar and Citadel said they would leave the Chicago area to move operations to Virginia, Texas and Florida, respectively. Raytheon said he would move to Virginia from Massachusetts.
Citadel CEO Ken Griffin, the richest person in Illinois, recently announced that his hedge fund would be moving from Chicago to Miami. Griffin previously cited the city’s high murder and violent crime rate for wanting to move, saying it’s difficult to attract top talent to the Windy City, where around 800 murders were recorded in 2021.
“If people aren’t safe here, they won’t live here,” Griffin told the Wall Street Journal in April. “I have had several colleagues attacked at gunpoint. I had a colleague stabbed on the way to work. Countless burglary problems. I mean, it’s a really tough backdrop from which to attract talent to your city.
Several other former California-based companies, including Tesla, Oracle and Hewlett Packard, have moved to Texas in recent years. Oracle was based in Silicon Valley for a long time before completing its move to Austin, Texas in 2021, while Hewlett Packard moved to the Houston area in 2021.
In December 2021, Tesla announced via the Securities and Exchange Commission that its move to Austin, Texas was complete.