HOUSTON — Chevron says it's willing to pay its employees who are willing to relocate to Houston.
The U.S. oil company is planning to sell its headquarters located at Chevron Park in San Ramon, California, so it can move to a more modern space.
Chevron tells KHOU 11 News that the current real estate market on the West Coast provides the opportunity to find a better suited office space to meet the requirements of its employees based in San Ramon.
Those employees who are voluntarily willing to relocate to Houston, will be compensated for doing so. According to The Wall Street Journal, Chevron will cover moving costs for employees who opt-in.
Chevron says it plans to keep its headquarters in California, so it can maintain its 140-year history of operations and partnerships in the state.
The move is expected to occur in late 2023.
Chevron did not say how many employees it anticipates moving to Houston. Its current downtown Houston office holds about 8,000 employees, which is about triple the size of its operation in California.
Chevron isn't the only one making moves.
The announcement was part of the company’s plan to further streamline its business structure by combining chemical and downstream companies and centralizing technology and engineering.
ExxonMobil said the move from Irving to the Houston area will be completed mid-year 2023.
“We greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community,” Darren Woods, chairman and chief executive officer, said. “Closer collaboration and the new streamlined business model will enable the company to grow shareholder value and position ExxonMobil for success through the energy transition.”