After more than a century of operations in California, energy giant Chevron announced that it will move its San Ramon headquarters to Houston, Texas. Bloomberg states the move was primarily due to the state's "adversarial" regulations toward the fossil fuel industry. Chevron's move is more evidence the multi-year mass exodus of companies and residents fleeing the high tax and high crime state is still underway.
"There will be minimal immediate relocation impacts to other employees currently based in San Ramon. The company expects all corporate functions to migrate to Houston over the next five years," Chevron wrote in a press release.
The San Ramon headquarters currently has 2,000 employees. These employees will likely be transferred to Houston in the coming years, where the company currently has about 7,000 employees.
Chevron's history dates back to the 1870s, when Standard acquired small California-based oil companies and merged them into Standard Oil of California.
"In other words, Standard Oil Company of California waivea goodbye to its state," one X user wrote.
Texas Attorney General Ken Paxton wrote on X, "Welcome to Texas, Chevron."
Chevron has previously slashed oil-refinery investments in California because of "adversarial" policies toward fossil fuels.
"California's policies have made it a difficult place to invest so we have rejected capital projects in the state," Andy Walz, president of Chevron's Americas Products business, wrote in a filing in late 2023. He added, "Such capital flight reflects the state's inadequate returns and adversarial business climate."
Chevron provided no further information about the reason behind the California exodus, but as the company's executives have said in the past, the Golden State's regulatory regime has made it nearly impossible to do business. We suspect execs are also fed up with progressive personal income tax law and failed social justice and criminal justice reforms that have only sparked a state-wide crime tsunami.
Just last month, Elon Musk announced plans to pull SpaceX out of California. He said the rocket company's headquarters in Hawthorne, California, will be shifted to Starbase, Texas.
What's clear is that the 'Great California Exodus' - supercharged during Covid - but has been in play for nearly two decades - continues to this day. Far-left Democrats imploding the state are great at convincing everyone of a 'utopian society with equality for all' - but in reality - are horrible managers - and do not understand business, nor are their policies rooted in reality.
With that being said, bye-bye, Gov. Newsom.
We suspect this trend is far from over.
By Zerohedge.com
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Comments
After more than a century of operations in California, Chevron announced that it will move its San Ramon headquarters to Houston, Texas. This move is primarily motivated by California's "adversarial" regulations toward the fossil fuel industry.
Still, California's loss is Texas gain enhancing Houston's position as the energy capital of the United States.
Chevron's move symbolizes the valiant stand of America's oil supermajors' against environmental activists, the IEA and other vested interests exerting pressure on them to change course and reduce investments in oil and gas production in order to help achieve net-zero emissions by 2050. They even coined a phrase calling for 'not reducing the oil use and instead reduce emissions in the production of oil '.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert
There is great beauty and blessings in much of California. Sadly it seems that it is being crushed in the churlish, misguided attempts of saving it.