California continues to see a migration of companies and residents to the Lone Star State. Chevron already has a large presence in Texas but will look to grow their Houston facilities by transferring more of its California employees there. The move is happening as Chevron has sold its headquarters building in California, significantly downsizing.
The financial terms of the sale and the lease agreement weren’t disclosed. A Chevron spokesman said the current real estate market gave the company an opportunity to downsize its office space to the size its employee base there requires.
The company is keeping its headquarters in California but has shrunk its real estate by two thirds the amount of office space. It is seen as a major decision given Chevron’s history with the Golden State. Chevron is the second largest U.S. oil company and it’s been in California for more than 140 years. The longevity of its presence in California is a large reason why their headquarters have not come to Texas despite there being three times more Chevron employees already in Houston.
“It’s the most written-about story that has never happened,” Sunset Chief Executive Alex Mehran, close associate with Chevron, said of the idea Chevron will decamp from California for Houston to the Wall Street Journal. “As much as they can be more efficient in Houston, they have an enduring presence in California.”
