After Tesla, This Oil Giant Is Shifting Majority Of Employees From California To Texas

Zinger Key Points
  • Chevron is planning to shift headquarters to a leased premise after vacating the current premises
  • Higher real estate prices are apparently the reason behind the move

Oil giant Chevron Corporation CVX plans to sell its San Francisco Bay Area campus and move its global headquarters to a newly leased space in California, reports indicate, citing a company spokesperson.

The shifting of the headquarters is planned for the third quarter of 2023.

"The current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population," the spokesperson reportedly said in an email.

Chevron plans to cover the cost incurred by employees who opt to shift to its Texas campus, the Wall Street Journal, which first broke the news, reported. The company's upstream operation, which includes oil exploration, drilling and excavation, are based out of Houston, Texas.

Related Link: Musk Explains How Politics Played Into Tesla's Move To Texas, Blames California Gerrymandering

Several big corporations, including Tesla, Inc. TSLA, Caterpillar, Inc. CAT and Oracle Corporation ORCL have recently moved a majority of their workforce to Texas.

Real estate prices in California have reached stratospheric levels amid the tech boom, Bloomberg said. Houston might be providing a cheaper option on that front, and additionally, Texas has no state individual income taxes.

Chevron's peer Exxon Mobil Corporation XOM in January announced it is moving its corporate headquarters from suburban Dallas to Houston.

Chevron closed Friday's session 1.64% higher at $144.77, according to Benzinga Pro.

Posted In: NewsCommoditiesMarketsMedia

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