Chevron to Relocate Headquarters to Houston from California by End-2024

Aug 2, 2024, 02:31 PM

Chevron Corporation announced it will relocate its headquarters from San Ramon, California, to Houston, Texas, by the end of 2024. The move comes after the company cited California's stringent regulatory environment and high costs as challenging for business operations. CEO Mike Wirth highlighted that California's policies discourage investment and hurt consumers. Chevron, the second-largest oil company in the U.S., has been headquartered in California for over 140 years. The company expects all corporate functions to migrate to Houston over the next five years. Chevron's Q2 earnings report revealed a revenue of $51.2 billion, surpassing estimates, but an adjusted EPS of $2.55, falling short of expectations. The decision also reflects ongoing clashes with California over climate issues.