Oil giant Chevron is moving its headquarters to Texas from California, the latest company to exit the Golden State.
The energy company on Friday announced its planned corporate relocation to Houston from San Ramon, where it has long been based.
"The company expects all corporate functions to migrate to Houston over the next five years," Chevron said. "Positions in support of the company’s California operations will remain in San Ramon."
A Chevron gas station in Los Angeles, California. (Mario Tama/Getty Images / Getty Images)
The headquarters relocation will become official Jan. 1. However, CEO Mike Wirth and Vice Chairman Mark Nelson will make the move to Texas ahead of that to "co-locate with other senior leaders and enable better collaboration and engagement with executives, employees, and business partners," according to the company.
Texas Gov. Greg Abbott celebrated Chevron's decision to relocate.
"Texas is your true home," he posted on X. "Drill baby drill."
The company also released its second-quarter earnings and announced the retirements of three executives.