SAN RAMON — Chevron intends to sell its vast headquarters campus in San Ramon, keep its head offices in the same East Bay city 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.
“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 location of the leased space wasn’t immediately disclosed, other than it is in San Ramon.
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 stated.
The move is expected to occur during the July-through-September third quarter of 2023, according to Chevron.
Over the 12 months that ended in March, Chevron earned $20.51 billion on revenue of $176.84 billion.
San Ramon-based 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 long-time 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.
Source: Paradise Post