CVX downsizing HQ in CA and moving more to Houston

2,778 Views | 18 Replies | Last: 3 yr ago by CentralTXag
TXTransplant
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9:09a, 6/27/22
https://www.cnbc.com/amp/2022/06/24/chevron-to-relocate-head-office-within-california-sell-existing-hq.html

I'm a little surprised by this, only because I though they would have done it by now.
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evestor1
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9:54a, 6/27/22
can't imagine why they would want to leave the meca of the oil business in san fran.

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Cyp0111
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10:29a, 6/27/22
imagine executive team and few select functions stay but everything else is run out of Houston.
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Noble07
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12:23p, 6/27/22
AG
Why wouldn't they just move the HQ to Houston?
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TXTransplant
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In reply to Noble07 • 12:35p, 6/27/22
Probably for the same reason XOM still has offices in Dallas. The highest of the higher ups don't want to move.
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Cyp0111
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In reply to TXTransplant • 1:07p, 6/27/22
XOM is moving.
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Ag CPA
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1:11p, 6/27/22
AG
They have significant operations in CA and still hold some sway with Sacramento believe it or not, it's important to keep HQ there to retain what leverage they still have.

San Ramon is a little more moderate than SF but yah it's still northern CA.
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TXTransplant
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In reply to Cyp0111 • 1:22p, 6/27/22
Hadn't heard that. Not surprised, but it's taken them a while.
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Cyp0111
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In reply to TXTransplant • 1:33p, 6/27/22
It took ramping capex into covid, almost getting a few notches in downgrades, deferring employee benefits, slashing capex and almost cutting the dividend.
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YouBet
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In reply to Cyp0111 • 1:34p, 6/27/22
AG
Cyp0111 said:
XOM is moving.
As in the whole shebang is moving to Houston?
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TXTransplant
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In reply to Cyp0111 • 1:42p, 6/27/22
That's what I figured. Hard for them to justify the Dallas office anymore given their other problems. And with all the layoffs and people leaving, they probably have extra space at the campus.
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TXTransplant
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In reply to YouBet • 1:42p, 6/27/22
Sounds like it according to an article from Jan that I just read.
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Ag CPA
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In reply to YouBet • 1:45p, 6/27/22
AG
All of the corporates in Las Colinas, not sure how many were still there.
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Dr. Horrible
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In reply to Ag CPA • 2:20p, 6/27/22
Ag CPA said:
They have significant operations in CA and still hold some sway with Sacramento believe it or not, it's important to keep HQ there to retain what leverage they still have.

San Ramon is a little more moderate than SF but yah it's still northern CA.
This is what I e always heard. Expect HQ to stay there until both refineries and Bakersfield are shut down. Paying corporate CA HQ taxes is basically what gives them their license to operate.
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jagvocate
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In reply to YouBet • 3:28p, 6/27/22
AG
YouBet said:
Cyp0111 said:
XOM is moving.
As in the whole shebang is moving to Houston?
Yes. Irving land is going to be developed as a shale play.
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LostInLA07
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3:39p, 6/27/22
AG
They've been unofficially moving functions for years. Must have recently hit critical mass in terms of empty office space.
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Dan Scott
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6:05p, 6/27/22
AG
Everybody moving down including Darren Woods. Irving HQ is about 60% occupied.
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Dr. Horrible
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In reply to LostInLA07 • 9:12p, 6/27/22
LostInLA07 said:
They've been unofficially moving functions for years. Must have recently hit critical mass in terms of empty office space.
And CA property values
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CentralTXag
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3:14p, 6/28/22
AG
Chevron San Ramon Park is about 50% occupied. Makes more sense to rent smaller and get value from the real estate. But As long as two of Chevron's largest refineries worldwide are in CA, they will probably be headquartered there from a political necessity (but with a much reduced headcount).
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