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Chevron Officially Giving Cali The Middle Finger (HQ Move To H-Tine)

5,440 Views | 37 Replies | Last: 4 mo ago by maroon barchetta
Irish 2.0
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9:11a, 8/2/24
https://www.chevron.com/newsroom/2024/q3/chevron-announces-headquarters-relocation-and-senior-leadership-changes

Quote:
Chevron Corporation (NYSE:CVX) today announced the relocation of the company's headquarters from San Ramon, California, to Houston, Texas, and senior leadership changes.

Headquarters Relocation

The company's headquarters will move 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.

There will be minimal immediate relocation impacts to other employees currently based in San Ramon. The company expects all corporate functions to migrate to Houston over the next five years. Positions in support of the company's California operations will remain in San Ramon.


Think there are less than 3000 employees at San Ramon, but still funny to see a Fortune 10 company say "No mas" of this bull*****
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ChipFTAC01
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9:49a, 8/2/24
AG
Am I remembering correctly that Chevron was looking at a move out of downtown? Didn't they buy a bunch of land up in Bridgelands or something for their own Exxon campus?
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cajunaggie08
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In reply to ChipFTAC01 • 10:03a, 8/2/24
AG
Looks like they might build a R&D campus in Bridgeland, but I would expect most will still be downtown

https://communityimpact.com/houston/cy-fair-cypress/development/2023/09/05/chevron-acquires-77-acres-in-bridgeland-central/
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CDUB98
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In reply to ChipFTAC01 • 10:05a, 8/2/24
AG
ChipFTAC01 said:
Am I remembering correctly that Chevron was looking at a move out of downtown? Didn't they buy a bunch of land up in Bridgelands or something for their own Exxon campus?
It's been speculated that they want to move to the BW8 portion of the Energy Corridor, but it's never materialized.
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Sazerac
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10:21a, 8/2/24
AG
They are completely redoing their downtown building so it appears they are staying put.
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CDUB98
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In reply to Sazerac • 10:25a, 8/2/24
AG
Sazerac said:
They are completely redoing their downtown building so it appears they are staying put.
Thanks for the info.

The rumor floating around was that they wanted to build their own building on BW8, but that turned out to be insanely expensive, so then they thought about renovating an existing, but the numbers weren't favorable. Looks like they made a better choice to stick with an asset they already have...assuming they own that building.
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Aggie71013
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12:00p, 8/2/24
AG
They already own two towers downtown and the empty lot next door. With as much real estate is empty downtown I can't imagine the financials of selling the existing buildings to build new makes any financial sense.
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schmendeler
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12:08p, 8/2/24
AG
They saw what Abbott has done for Centerpoint and thought, we want special treatment and no accountability as well!
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ChipFTAC01
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In reply to Aggie71013 • 12:23p, 8/2/24
AG
Aggie71013 said:
They already own two towers downtown and the empty lot next door. With as much real estate is empty downtown I can't imagine the financials of selling the existing buildings to build new makes any financial sense.


Especially in this market
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MAROON
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In reply to Aggie71013 • 12:30p, 8/2/24
AG
Aggie71013 said:
They already own two towers downtown and the empty lot next door. With as much real estate is empty downtown I can't imagine the financials of selling the existing buildings to build new makes any financial sense.
they are going to have everyone downtown per my friend who is very much in the know about downtown office market. Owning those two buildings plus that lot gives them expansion possibilities or they can easily lease up office space in adjacent buildings.
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agnerd
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In reply to CDUB98 • 12:52p, 8/2/24
AG
They own both buildings and the parking garage between them.
Problem may have been that downtown office space is getting so cheap they may have had trouble selling two skyscrapers to pay for the new building.
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CDUB98
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3:18p, 8/2/24
AG
Time frame I was referencing above was 201Xs.
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94chem
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10:43a, 8/16/24
I thought they already did this, like 10 years ago. But I'm so far downstream that I don't pay attention to which skyscraper the lapsed engineers are being warehoused in.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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LostInLA07
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In reply to agnerd • 12:54p, 8/16/24
AG
agnerd said:
They own both buildings and the parking garage between them.
Problem may have been that downtown office space is getting so cheap they may have had trouble selling two skyscrapers to pay for the new building.


That probably had something to do with it. The official line was there were too many employees scattered around all parts of the city so they needed to stay central.

I bet they would have moved a lot of people to the woodlands if they had closed on the anadarko deal.
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tommyjohn
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1:32p, 8/16/24
Find it unlikely they would build a large campus like XOM.

Last time I was at XOM they were consolidating people in buildings because they had too much office space.

They probably wish they could take a mulligan on building that campus 10 yrs in.

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drumboy
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In reply to tommyjohn • 1:46p, 8/16/24
AG
tommyjohn said:
Find it unlikely they would build a large campus like XOM.

Last time I was at XOM they were consolidating people in buildings because they had too much office space.

They probably wish they could take a mulligan on building that campus 10 yrs in.

I think the ConocoPhillips building on 10 that they built just before the oil downturn just before covid is pretty empty.
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bularry
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In reply to drumboy • 2:01p, 8/16/24
drumboy said:
tommyjohn said:
Find it unlikely they would build a large campus like XOM.

Last time I was at XOM they were consolidating people in buildings because they had too much office space.

They probably wish they could take a mulligan on building that campus 10 yrs in.

I think the ConocoPhillips building on 10 that they built just before the oil downturn just before covid is pretty empty.
I loved that old Conoco campus that was all 2 story out there....
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TX04Aggie
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2:34p, 8/16/24
AG
CVX seems committed to downtown with the two old Enron Towers and space for the 3rd tower they announced back in the day but cancelled when the market fell out in 2015. It is where the old downtown YMCA was, and they tore it down. Now it is just a green space. They only come in a few days a week anyways now there.
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TX04Aggie
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In reply to bularry • 2:35p, 8/16/24
AG
I worked in that building until the move. It was a cool spot the way it had to be designed to avoid flooding from the levee behind it.
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CDUB98
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In reply to tommyjohn • 2:59p, 8/16/24
AG
tommyjohn said:
Find it unlikely they would build a large campus like XOM.

Last time I was at XOM they were consolidating people in buildings because they had too much office space.

They probably wish they could take a mulligan on building that campus 10 yrs in.



Which is kind of funny considering not long after they built it they were having to cram people into every nook and cranny.
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94chem
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5:52p, 8/16/24
XOM has work from home? I figured their response to that trend would be to make everyone work from the office on Saturdays. When everybody started introducing 9/80 days, they helped the environment by charging for parking.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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CDUB98
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7:10p, 8/16/24
AG
If I never do an XOM project ever again, it will be too soon.

Only one customer that I've worked for that was worse, Dow.
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tommyjohn
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In reply to CDUB98 • 9:25p, 8/16/24
CDUB98 said:
tommyjohn said:
Find it unlikely they would build a large campus like XOM.

Last time I was at XOM they were consolidating people in buildings because they had too much office space.

They probably wish they could take a mulligan on building that campus 10 yrs in.



Which is kind of funny considering not long after they built it they were having to cram people into every nook and cranny.


They had people streaming for the exit when inflation started hitting. Impact to their pension if they stayed. It was mostly anyone over 50.

Most of their hiring now is in India.


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TX04Aggie
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In reply to 94chem • 10:31p, 8/16/24
AG
No they dont. One of the few majors that doesnt have a hybrid or wfh flexibility as far as I know..
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94chem
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In reply to TX04Aggie • 9:28a, 8/17/24
TX04Aggie said:
No they dont. One of the few majors that doesnt have a hybrid or wfh flexibility as far as I know..


They always paid well, but a few years ago they had a bad quarter and dropped their 401(k) match. I had a friend who quit over that. Pretty tough to see a company raking in 10's of billions, only to hammer employees over a momentary blip. When C-suiters who've been on the job 6 months start giving 10% pay cuts to 25+ year SME's, people quit. It's not even the pay at that point. It's the frustration of working for dullards.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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MAS444
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9:32a, 8/17/24
AG
Buddy of mine who's been with chevron 18 years (finance) getting let go - his whole group apparently.
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maroon barchetta
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In reply to CDUB98 • 12:21p, 8/17/24
CDUB98 said:
If I never do an XOM project ever again, it will be too soon.

Only one customer that I've worked for that was worse, Dow.


Dow is not what they used to be.
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SnowboardAg
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In reply to MAS444 • 1:29p, 8/17/24
AG
What's the reason - reorg or outsourcing / international help like Google?
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In reply to TX04Aggie • 4:01p, 8/17/24
MAS444
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In reply to SnowboardAg • 4:31p, 8/17/24
AG
Just said their projects were put on hold.
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SockDePot
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In reply to MAS444 • 8:25a, 8/18/24
MAS444 said:
Just said their projects were put on hold.


They are cutting 25 spending. I think they're waiting to see what happens in the election.
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Chewy
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9:37a, 8/18/24
AG
I filled up at a Chevron yesterday so this hits really close to home.
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Ghost91
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In reply to Chewy • 11:30a, 8/18/24
Chewy said:
I filled up at a Chevron yesterday so this hits really close to home.


Me too. With my employee discount…
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94chem
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In reply to Ghost91 • 11:45a, 8/18/24
Ghost91 said:
Chewy said:
I filled up at a Chevron yesterday so this hits really close to home.


Me too. With my employee discount…


Still getting a nickel? Makes it about the same as Racetrack, probably.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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BowSowy
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In reply to drumboy • 10:39p, 8/18/24
AG
drumboy said:
tommyjohn said:
Find it unlikely they would build a large campus like XOM.

Last time I was at XOM they were consolidating people in buildings because they had too much office space.

They probably wish they could take a mulligan on building that campus 10 yrs in.

I think the ConocoPhillips building on 10 that they built just before the oil downturn just before covid is pretty empty.
COP (and SHI) are taking up tons and tons of offices at our buildings
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