One of the major oil companies, Chevron, announced that it is leaving California for Texas.
According to a statement from the company, Chevron’s headquarters will relocate from San Ramon, California, to Houston, Texas.
“Chevron Chairman and CEO, Mike Wirth, and Vice Chairman, Mark Nelson, will move to Houston before the end of 2024 to co-locate with other senior leaders and enable better collaboration and engagement with executives, employees, and business partners,” the company said.
“The company expects all corporate functions to migrate to Houston over the next five years,” it added. “Positions in support of the company’s California operations will remain in San Ramon.”
According to the Wall Street Journal, several of those in Chevron’s leadership have expressed a desire to leave California for some time. The company has remained in California due to its “long history” in the state and its assets.
Last year, Chevron cut back on oil-refinery investments in California due to the state’s “adversarial” policies, Forbes reported.
“California’s policies have made it a difficult place to invest so we have rejected capital projects in the state,” president of Chevron’s Americas Products business, Andy Waltz, wrote in a filing. “Such capital flight reflects the state’s inadequate returns and adversarial business climate.”
Texas Governor Greg Abbott (R) celebrated Chevron’s upcoming move, writing on X, “WELCOME HOME Chevron!”
“Texas is your true home,” he added. “Drill baby drill.”
