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In a significant corporate shift, Chevron (NYSE:CVX), a stalwart of California since 1879, has unveiled plans to relocate its headquarters to Texas.
What Happened: The oil behemoth joins an expanding roster of companies that have chosen to uproot from California and set up shop in Texas. This decision comes in the wake of a lawsuit California lodged against Chevron and other energy firms, accusing them of understating the risks associated with fossil fuels.
Texas Gov. Greg Abbott (R) extended a warm welcome to Chevron, referring to Texas as its “true home” in a recent post on X.
According to global real estate firm CBRE (NYSE:CBRE), which itself transitioned from Los Angeles to Dallas in 2020, eight Fortune 500 companies have migrated from California between 2018 and 2023, with 10 making Texas their new home, reports The Business Insider.
Chevron intends to shift its headquarters from San Ramon to Houston by the close of 2024. The company posits that this move will foster improved collaboration and engagement with executives, employees, and business partners. Currently, Chevron has approximately 7,000 employees in the Houston area and 2,000 in San Ramon.
Also Read: Chevron Gears Up For Q2 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
Other prominent companies that have relocated to Texas include Tesla Inc. (NASDAQ:TSLA), Oracle (NYSE:ORCL), AECOM (NYSE:ACM), and Charles Schwab (NYSE:SCHW).
Why It Matters: The trend of companies leaving California for Texas has been gaining momentum over the past few years. Factors such as lower taxes, less regulation, and a more business-friendly environment have made Texas an attractive destination for corporations.
This exodus could have significant implications for California’s economy, which has long relied on the presence of large corporations for job creation and tax revenue.
Conversely, the influx of businesses to Texas could stimulate economic growth and job creation in the state.
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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image: Shutterstock
