Chevron, America’s 2nd largest oil producer, is selling its headquarters in California and will move to a nearby leased space about one-third of the size, as it continues to relocate employees to Texas.
From WSJ via Marketwatch and Fox:
. . . Chevron’s CVX, -1.10% main offices have resided in California for more than 140 years. It has housed its main offices in the greater Bay Area since the early days of its first corporate ancestor, Pacific Coast Oil Co., in 1879. It moved hundreds of employees to San Ramon in 1999, and in the early 2000s said it would become the company’s headquarters.
But its presence in California has been declining for years, particularly following a reorganization that began in 2019. Some of Chevron’s leadership have long wanted to move the company’s headquarters to Texas, but it has held off largely because of its long history in California and its assets there, such as its Richmond, Calif., refinery, according to people familiar with the matter. . . . Chevron sells its California headquarters amid office downsizing, Texas expansion - MarketWatch
The article cited in OP is from September of 2022, and then there’s this from October of the same year.
“Chevron will remain headquartered in California,” Chevron spokesman Braden Reddall told the Wall Street Journal last week.
With its old California HQ campus sold off, Chevron said it has leased 400,000 SF of office space in a nearby San Ramon complex where its headquarters will remain, the oil company’s PR man said.
Yes because they still have a much smaller building there in California
part of the media is telling us “100% of the story is false. Nothing at all happened. Everyone is lying about this.”
Typical straw man argument lightly-veiled as news.
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Maybe someone somewhere tweeted “Chevron is shutting 100% of everything in California and moving 100% of everything including every last gas station and office” and so now using that, incorrect tweet, the article you posted is now acted as though nothing happened, Zero.
Fact is the CEO of Chevron was on tv today describing it as a move.
The move consists of shutting its HQ, moving most of it staff, and renting a space 1/3rd the size to handle ongoing operations in California.
The company said in an Aug. 4 email it has purchased a six-story building on 9500 Lakeside Blvd., The Woodlands, which is 360,000 square feet in size. According to an Aug. 4 news release from Chevron Phillips Chemical, the company will move to the building, also known as the Research Forest Lakeside 3 Building, by early 2025.
It was a coincidence really I could have truncated the WSJ article anywhere, but, where I truncated it already includes your newly discovered information.
The current headquarters is located on 10001 Six Pines Drive, The Woodlands, and the company has owned the property since 2001, according to MCAD. The current assessed value of that property is $30 million, according to MCAD
I can’t figure out if I am wrong because it never happened,
or if I am wrong because it happened, of course it happened, and it’s been planned for a long time.
No, the article I posted clearly describes that something did happen.
With its old California HQ campus sold off, Chevron said it has leased 400,000 SF of office space in a nearby San Ramon complex where its headquarters will remain, the oil company’s PR man said.
Chevron is moving about 200 people from San Ramon to Houston, which is known as The Energy Capital of the World.
They are obviously still headquartered in CA , however, if that matters - not sure whether or not that affects their tax rate, and to what extent.
I dunno.
I watched Chevron CEO Tim
Wirth’s interview on Last Call today.
His tone was capitulatory.
He sad they have sold their HQ they are moving to TX (as planned) and leaving behind a small crew in a small rented office in California.
He did not get into a detailed punching match, (the interview covered everything from the Red Sea to green energy, to the company’s move)but the topics below did come up
Reason i was sceptical is because I would’ve thought that this would be a pretty big headline if such a move were to take a place but I could not - and still cannot find a story about such move when doing a Google News search.
200 employees moving from one state to another is probably not a huge deal for a company that exceeds 40,000 in headcount.
Fair enough.
Most of the stories date back to 2022 through mid 2023.
Apparently that’s when the took the plan off the back burner.
Still Mike (correct name) Wirth was talking about it today on Brian Sullivan’s show all in the context of current events and current context. That’s why I brought it up.
