OAN Staff James Meyers
1:20 PM – Friday, August 2, 2024
Oil titan Chevron announced on Friday that they are moving its headquarters from San Ramon, California to Houston, Texas.
“The company expects all corporate functions to migrate to Houston over the next five years,” Chevron said. “Positions in support of the company’s California operations will remain in San Ramon.”
Chevron stated that close to 2,000 employees work in San Ramon at the moment and 7,000 are located in Houston.
CEO Mike Wirth and Vice Chairman Mark Nelson will make the move to Houston prior to headquarters relocation becoming official on January 1st, to “co-locate with other senior leaders and enable better collaboration and engagement with executives, employees, and business partners,” according to the company.
Texas Governor Greg Abbott (R-Texas.) praised the oil giant’s decision to relocate to The Lone Star State.
“Texas is your true home,” he posted on X. “Drill baby drill.”
The Houston mayor’s office said on X that the move is “Great for Houston!”
The latest move by Chevron comes after Tesla, X, SpaceX, Oracle and Hewlett Packard Enterprise have moved their headquarters out of California in recent years.
Also on Friday, Chevron announced the retirements of three executives and released its second-quarter earnings report.
Chevron reported earnings of $4.4 billion, or $2.43 per share, in the quarter, compared with $6 billion a year before.
It reported adjusted earnings of $4.7 billion, or $2.55 per share, compared to $2.93 expected by Wall Street analysts, according to LSEG data.
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