Chevron Relocates Headquarters to Texas

Chevron Corporation announced on Friday its decision to relocate its headquarters from San Ramon, California, to Houston, Texas, by the end of the year. CEO Mike Wirth cited significant differences in energy policy and regulation between California and Texas as the driving force behind the move. Wirth expressed concerns that California's policies increase costs, harm consumers, and deter investment, ultimately impacting the state's economy negatively. Chevron has been based in California for over 140 years, having moved to San Ramon from San Francisco in 2001. The relocation is part of a broader trend, with many companies shifting operations from California to Texas. Recent reports indicate that Texas has gained over 25,000 businesses and 281,000 jobs, while California has seen approximately 18,000 businesses and 179,000 jobs leave. Chevron currently employs around 7,000 people in the Houston area, compared to about 2,000 in San Ramon, and the company stated that the immediate impact on employees in San Ramon would be minimal. The announcement comes amid ongoing issues at Chevron's Richmond refinery, which has faced multiple flaring incidents and regulatory scrutiny. Bay Area air quality regulators have mandated stricter emissions standards by 2026, and a local measure is set for the November ballot that would impose a tax on Chevron for oil processed at the refinery. Local leaders, including Congressman Mark DeSaulnier, have urged Chevron to diversify its energy portfolio and invest in renewable sources to align with California's climate goals.