By James Myers, OAN Staff
Friday, August 2, 2024 1:20 p.m.
Oil giant Chevron announced on Friday that it will move its headquarters from San Ramon, California, to Houston, Texas.
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“We plan to relocate all corporate functions to Houston over the next five years,” Chevron said. “Policies supporting our California operations will remain in San Ramon.”
Chevron said about 2,000 employees currently work in San Ramon and 7,000 in Houston.
CEO Mike Wirth and Vice Chairman Mark Nelson are expected to relocate to Houston before the headquarters move is officially announced on Jan. 1.stAccording to the company, the purpose of the new office is to “co-locate with other senior executives to enable better collaboration and engagement with executives, employees and business partners.”
Texas Gov. Greg Abbott (R-Texas) praised the oil giant’s decision to relocate to the Lone Star State.
“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.”
Chevron’s latest move comes after Tesla, SpaceX, Oracle and Hewlett Packard Enterprise have all relocated their headquarters out of California in recent years.
Also on Friday, Chevron announced the departure of three executives and released its second-quarter earnings report.
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.
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