The Wall Street Journal reported Wednesday, that Chevron sold its California headquarters to move its employees and operations to Texas.
According to the WSJ the oil giant has already sold 92 acres of San Ramon offices. Chevron’s workers will move to Houston, where there are three times more employees than in California.
Chevron spokespeople told Daily Caller News Foundation the current market allows for the right-sizing of office spaces to meet the needs of our headquarters-based employees. California, with its 140-year-old history and partnerships throughout the state, will be home to Chevron.
A spokesperson for Chevron stated that the company will be moving into a smaller temporary location to accommodate its declining number of California-based employees.
According to the New York Times, California’s population dropped for the second year consecutively in 2021 because of the departures of more employees and businesses. Democratic Governor Gavin Newsom from California recently blamed President Donald Trump for the mass exodus.
Stanford University’s Hoover Institution published an August 2021 report which found that 64 companies left California in 2020. It also revealed that 74 corporate headquarters were leaving California within six months. The report stated that the state imposes severe property taxes on businesses, which could encourage owners to leave the state.
According to the WSJ, California operations of the company have been declining since 2019. Chevron executives are planning to move the headquarters to Texas. However, the company was founded in California and has since retreated as it still owns many assets.