Houston
Sponsored by

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

5,448 Views | 37 Replies | Last: 4 mo ago by maroon barchetta
Irish 2.0
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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*****
Reply Quote
8
ChipFTAC01
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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?
Reply Quote
cajunaggie08
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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/
Reply Quote
CDUB98
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
Sazerac
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
10:21a, 8/2/24
AG
They are completely redoing their downtown building so it appears they are staying put.
Reply Quote
5
CDUB98
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
Aggie71013
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
2
schmendeler
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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!
Reply Quote
12
ChipFTAC01
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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
Reply Quote
MAROON
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
1
agnerd
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
CDUB98
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:18p, 8/2/24
AG
Time frame I was referencing above was 201Xs.
Reply Quote
94chem
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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
Reply Quote
1 edit
LostInLA07
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
tommyjohn
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.

Reply Quote
1
drumboy
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
bularry
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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....
Reply Quote
3
TX04Aggie
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
TX04Aggie
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
CDUB98
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
94chem
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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
Reply Quote
1
CDUB98
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
3
tommyjohn
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.


Reply Quote
1 edit
TX04Aggie
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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..
Reply Quote
94chem
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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
Reply Quote
7
MAS444
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
9:32a, 8/17/24
AG
Buddy of mine who's been with chevron 18 years (finance) getting let go - his whole group apparently.
Reply Quote
maroon barchetta
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
SnowboardAg
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to MAS444 • 1:29p, 8/17/24
AG
What's the reason - reorg or outsourcing / international help like Google?
Reply Quote
Post removed:
by user
In reply to TX04Aggie • 4:01p, 8/17/24
MAS444
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to SnowboardAg • 4:31p, 8/17/24
AG
Just said their projects were put on hold.
Reply Quote
SockDePot
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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.
Reply Quote
Chewy
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
9:37a, 8/18/24
AG
I filled up at a Chevron yesterday so this hits really close to home.
Reply Quote
12
Ghost91
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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…
Reply Quote
1
94chem
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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
Reply Quote
BowSowy
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
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
Reply Quote
Page 1 of 2 ▼
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.