HOUSTON – (Realty News Report) – Chevron announced Friday that it will relocate its corporate headquarters from San Ramon, California, to Houston.
Chevron already employs about 7,000 people in the Houston area and roughly 2,000 in San Ramon.
Top executives are expected to move to the firm’s downtown Houston offices before the end of the year, with the company’s senior leadership co-locating to improve collaboration and engagement with executives, employees and business partners.
Some additional corporate functions and personnel will transition to Houston over the next five years, while many employees supporting California operations will remain in San Ramon, the company said in a press release. Chevron indicated there will be minimal immediate relocation impacts for most San Ramon staff.
Chevron’s decision follows a recent trend among major energy companies. Exxon Mobil moved its headquarters to the Houston area last year after being based in Irving, near Dallas, since 1989. The arrival of Chevron further reinforces Houston’s role as a global energy center.
Houston hosts more than 4,700 energy-related companies, spanning exploration, production, transmission, marketing, supply and technology, along with over 100 solar firms and around 30 wind-related companies, according to the Greater Houston Partnership.
Chevron owns two downtown Houston office towers: a 50-story building at 1400 Smith and a 40-story tower at 1500 Louisiana Street.
In addition, Chevron recently purchased 77 acres in Bridgeland, a master-planned community developed by Howard Hughes Holdings. The land is intended for a future research campus. Bridgeland, located roughly 20 miles west of Exxon Mobil’s global headquarters, spans about 11,500 acres and ranks among the nation’s top new-home sales communities, according to RCLCO.
The possibility of a headquarters move to Houston has circulated for some time. Chevron had repeatedly denied such plans in prior years—even after selling its 92-acre San Ramon headquarters campus—but now confirms the decision. Chevron’s chairman and CEO, Mike Wirth, and vice chairman, Mark Nelson, are expected to relocate to Houston before the end of 2024 to join other senior leaders.
Aug. 2, 2024 Realty News Report Copyright 2024
Image: Chevron’s 1500 Louisiana Street tower in downtown Houston. Photo by Ralph Bivins, Realty News Report Copyright 2024.
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