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Oil giant Chevron is moving its headquarters from California to Texas, becoming the latest company to leave the state.
The company announced plans Friday to relocate from its longtime home base in San Ramon to Houston.
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“The company plans to relocate all corporate functions to Houston over the next five years,” Chevron said. “Policies supporting its California operations will remain in San Ramon.”
A Chevron gas station in Los Angeles, California. (Mario Tama/Getty Images/Getty Images)
Chevron said about 2,000 employees currently work in San Ramon and 7,000 in Houston.
The company said CEO Mike Wirth and Vice Chairman Mark Nelson will move to Houston ahead of the headquarters move, which officially takes place on Jan. 1, “to be co-located with other senior executives and enable better collaboration and engagement among executives, employees and business partners.”
Texas Governor Greg Abbott praised Chevron’s decision to relocate.
“Texas is your true home,” he posted to X. “Go for it, go for it.”
The Houston mayor’s office said on X that the move is “great for Houston.”
In addition to Chevron, Tesla, SpaceX, Oracle and Hewlett Packard Enterprise have also relocated their headquarters from California in recent years.
Aerial view of skyscrapers in downtown Houston, Texas, USA. (iStock/iStock)
Also on Friday, Chevron announced the departure of three executives and released its second-quarter earnings report.
Musk’s X and SpaceX are the latest companies to move their headquarters to Texas in search of a more favorable business environment.
Fuel prices at a Chevron gas station in San Francisco, California, USA, Thursday, June 9, 2022. Stratosphere fuel prices have been breaking records for at least seven days, with the average fuel cost per gallon reaching $4.96 as of June 8. ((David Paul Morris/Bloomberg via Getty Images) / Getty Images)
Chevron said it earned $4.4 billion, or $2.43 a share, in quarterly profit, down from $6 billion a year earlier.
The company reported adjusted profit of $4.7 billion, or $2.55 a share, beating Wall Street analysts’ expectations of $2.93, according to LSEG data.
Reuters contributed to this report.
