Chevron Corporation (NYSE:CVX) announced the relocation of its corporate headquarters from California to Texas.
The company, which traces its California roots back to the 1870s is taking its leadership offices from San Ramon to Houston before the end of the year. Chevron Chairman and CEO Mike Wirth and Vice Chairman Mark Nelson will exit California in favor of Texas, while all corporate functions are expected to migrate to Houston over the next five years.
Chevron stated there will be minimal immediate relocation impacts to other employees currently based in San Ramon, while positions supporting the company’s California operations will remain in San Ramon.
Chevron currently has roughly 7,000 employees in the Houston area and approximately 2,000 employees in San Ramon. The company operates crude oil fields, technical facilities, and two refineries and supplies more than 1,800 retail stations in California.
Wirth blamed California’s political climate for driving the company’s headquarters from the state.
“We believe California has a number of policies that raise costs, that hurt consumers, that discourage investment and ultimately we think that’s not good for the economy in California and for consumers,” said Wirth in a CNBC interview.
Photo: Ford8n / Flickr Creative Commons
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