Chevron Sells Global Headquarters, Pares Back in California Amid Texas Expansion

Wall Street Journal2022-09-29

Chevron Corp. has sold its current headquarters in California and plans to move into a nearby leased space about one-third of the size, as itcontinues to relocate employees to Texas.The second-largest...

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Comments

慢的老人
2022-09-29
慢的老人
Chevron and other California-based companies shifting partially to Texas is sound business strategy. Lower taxes, more business-friendly laws and fewer "woke" activists to deal with than in California [Facepalm]
AlanChong
2022-09-29
AlanChong
Like
Williamw
2022-09-29
Williamw
Ok
- Alicialian:
  comment
- missychatty:
  Ok
ChaiKC
2022-09-29
ChaiKC
Good!
- AlanChong:
  Ok
LifeLearner
2022-09-29
LifeLearner
nice
BlueDragon
2022-09-29
BlueDragon
Ok
- Xtraordinary:
  Hehehehe

Leave a comment

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Chevron had said earlier this year that it would offer to cover costs for some employees to relocate to Houston.Mr. Reddall said about 200 employees elected to move to Houston since Chevron made that offer earlier in the summer.Mr. Mehran, whose company has worked with Chevron for decades, said that many people have wrongly predicted for years that Chevron would move its actual headquarters to Houston, and that its most recent real-estate investment in the leased space in San Ramon shows the company intends to remain based in California.“It’s the most written-about story that has never happened,” Mr. Mehran said of the idea Chevron will decamp from California for Houston. “As much as they can be more efficient in Houston, they have an enduring presence in California.”Houston has become the capital of the U.S. oil-and-natural-gas industry over the past several decades, with Texas leaders including Gov.Greg Abbotttouting lower taxes and a lighter regulatory burden on businesses compared with California and other states. Texas doesn’t have a state income tax, and its real estate is generally less expensive than in California.RivalExxon MobilCorp. ismoving its headquartersfrom Irving, Texas, to the Houston area next year.The office building Chevron is moving into in San Ramon will have restaurants, a gym, a conference center and other amenities. As for what will become of Chevron Park, Mr. Mehran said he would have to work through that over the coming months with city and community leaders and others.Mary Boroughs, president of Chevron Environmental Management and Real Estate Company, said the company’s move to a new, modern leased space will offer an improved employee experience in a more contemporary environment.Chevron’s move follows recent similar decisions by other large U.S. companies to downsize their main offices. Many businesseshave cut back on real estateas more workers station themselves at home for part of the workweek, while some employees have moved across state lines to capture cheaper housing and costs of living as well as lower taxes offered by some states.KPMG LLP said last month thatit would move to smaller officesin New York.YelpInc. said this summer that it would close offices in New York, Chicago and Washington. Others thathave recently announced movesinclude machinery giantCaterpillarInc., aerospace companyBoeingCo. and defense contractor Raytheon Technologies Corp.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9918539773,"gmtCreate":1664413186692,"gmtModify":1676537449470,"author":{"id":"3582028884093480","authorId":"3582028884093480","name":"慢的老人","avatar":"https://static.tigerbbs.com/d8809bb976396889eb133162af0901b8","vip":1,"crmLevel":3,"crmLevelSwitch":1,"idStr":"3582028884093480","authorIdStr":"3582028884093480"},"htmlText":"Chevron and other California-based companies shifting partially to Texas is sound business strategy. 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Lower taxes, more business-friendly laws and fewer \"woke\" activists to deal with than in California 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