Chevron Relocates Headquarters to Texas
- Chevron Corporation announced it will move its headquarters from San Ramon, California to Houston, Texas by the end of the year.
- This move reflects the company's strategic decision as it seeks to align closer with the energy sector and capital markets.
- The relocation is likely to have significant impacts on the local economies of both California and 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 a driving factor for the move. Wirth criticized California's policies for raising costs, harming consumers, and discouraging investment, which he believes negatively impacts the state's economy. The company, which has been based in California for over 140 years, previously moved its headquarters from San Francisco to San Ramon. Chevron stated that the relocation will have minimal immediate impacts on its employees in San Ramon, where approximately 2,000 staff are based, compared to about 7,000 in Houston. This move aligns with a broader trend of companies shifting operations from California to Texas, with Texas gaining over 25,000 businesses and 281,000 jobs in recent years. Chevron's relocation comes amid ongoing issues at its Richmond refinery, which has faced multiple flaring incidents and regulatory scrutiny. Bay Area air quality regulators have mandated Chevron and other refineries to meet stricter emissions standards by 2026. Additionally, Richmond has proposed a ballot measure to tax Chevron $1 per barrel of oil processed at the refinery, aimed at addressing local pollution concerns. Local leaders, including Congressman Mark DeSaulnier, have urged Chevron to diversify its energy portfolio and invest in renewable sources, reflecting California's ongoing transition towards cleaner energy solutions.