Chevron Chairman and CEO Mike Wirth speaks with FOX Business’ Maria Bartiromo to discuss America’s energy plans, data center demand and the regulatory environment.
Chevron Announcement Chevron executives said Thursday that one of the reasons they announced last week they were moving their headquarters from California to Texas is that it’s becoming increasingly difficult to do business there.
Andy Waltz, Chevron’s president of Americas products, told reporters the headquarters move comes after the company gradually relocated some employees from its San Ramon headquarters. New headquarters in Texas In recent years, keeping them in California has become unsustainable.
“We’ve done it because California is a tough place to do business,” he said. “California is a tough place to recruit. It’s a tough place to move employees. A lot of employees get promoted within the company and get experience in different regions and locations, but a lot of them don’t move to California. It’s hard.”
“We’ve been moving employees to Houston for a long time, and this is another step in that effort,” Waltz said, “because it helps Chevron perform better. Right now, our executive team is spread across two states and is less together, so doing this will make us more efficient and effective.”
Chevron moves headquarters from California to Texas
Chevron is moving its headquarters from California to Texas. – A Chevron gas station in Rodeo, California, June 19, 2024. (Photographer: David Paul Morris/Bloomberg via Getty Images/Getty Images)
“California is a tough place to have a large employee base. The cost of living is high. And we couldn’t get our employees who don’t live in California to relocate to California. And quite frankly, it’s just not sustainable for us,” he explained.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| CVX | Chevron Corporation | 144.49 | +2.08 |
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Chevron’s headquarters relocation plan calls for all corporate functions to move to Houston over the next five years, Chairman and CEO Mike Wirth and Vice Chairman Mark Nelson said in a statement. Moved to Houston by the end of the year to become more intimate with other senior leaders.
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Chevron plans to maintain a significant presence in California through its refineries, retail network and other infrastructure after relocating its headquarters. (iStock/iStock)
Waltz said the company plans to continue to make significant Presence in California We will continue to provide support even after the headquarters relocation is completed over the next five years.
“Chevron has a long and proud history in California, and we’re here to stay, not going away. Large refinery“We have a large retail network, we have infrastructure everywhere, and we still have upstream operations in the San Joaquin Valley, so we’ll still be employing a lot of our people there to support that business,” Waltz said.
He added that the move will be emotional for some employees and the company will offer relocation packages and accommodate employees’ personal circumstances, but that employees in roles supporting Chevron’s global operations will remain in Houston when the move is complete.
Musk’s X and SpaceX are the latest companies to move their headquarters to Texas in search of a more favorable business environment.
Chevron will relocate its headquarters from San Ramon, California to Houston, Texas. (iStock/iStock)
Waltz said the move wasn’t motivated by political considerations. California’s strict regulations “This is not politically motivated, this is about creating better business outcomes,” he said to oil and gas companies.
He said Texas has welcomed the company’s relocation, noting that locating its headquarters in a state that plays a leading role in the U.S. energy industry is advantageous from a business perspective and also provides employees with the opportunity for a more affordable cost of living.
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“In Texas, we’re welcome. Our industry is welcome,” Waltz explained. “This is where many of our competitors, suppliers, and business partners are located. It’s easy to walk across the street and talk to someone you do business with. The policies are welcoming to energy companies. And, frankly, the cost of living is low and it works well here.”
