Chevron shifting main office jobs to Texas
Chevron intends to sell its vast headquarters campus in San Ramon and shift jobs to Texas, a move that could deal a fresh blow to the Bay Area economy.
The energy giant said it will cover relocation costs for some employees to move from San Ramon to Texas, but keep its head offices in the same East Bay city. It was not immediately clear how many jobs might shift to the Lone Star State.
“Chevron plans to sell our Chevron Park campus and move to new modern leased space in San Ramon,”
the oil titan said in comments emailed to this news organization.
The specific location of the new leased space wasn't immediately disclosed.
However, Bishop Ranch, an iconic mixed-use office, retail and restaurant business park that's adjacent to the current company headquarters in Chevron Park, has the capability to offer modern office spaces for tenants.
“The current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population,” Chevron said.
The move is expected to occur during the Julythrough-September third quarter of 2023, according to Chevron.
High-profile corporate departures such as Hewlett Packard Enterprise, Oracle, Tesla and Palantir have battered the Bay Area economy in recent years.
HPE, Oracle and Tesla all shifted their headquarters to Texas. Palantir moved its head offices to Colorado. In all four of these instances, the majority of the jobs that were in the Bay Area prior to the relocations of the head offices remained in the ninecounty region.
Over the 12 months that ended in March, San Ramon-based Chevron, which operates a large refinery in Richmond, earned $20.51 billion on revenue of $176.84 billion.
Chevron at present owns an office tower in Houston that once was the headquarters of failed energy company Enron. Chevron is also planning to build another office tower in Houston.
In 2002, Chevron moved its headquarters to San Ramon after it exited its longtime main office in San Francisco.
Despite the shift of jobs to Texas, Chevron insists that it won't uproot its base in California.
“Chevron will remain headquartered in California, where the company has a 140-year history and operations and partnerships throughout the state,” the company said.