Chevron plans to sell its campus in the San Francisco Bay area and give employees the option of moving to Houston in the latest business migration to Texas.
The second-largest US oil explorer will lease new office space in San Ramon, California, and maintain its corporate headquarters in the Golden State where it’s been located for more than 140 years, according to a statement on Friday.
Chevron already has its biggest US presence in downtown Houston, where it occupies the former Enron building and follows in the footsteps of Caterpillar, Tesla and Oracle in shifting significant numbers of employees to the Lone Star state. Earlier this year, Exxon Mobil announced plans to move its corporate headquarters from suburban Dallas to the Houston area.
The announcement is a blow to California’s Democratic Governor Gavin Newsom, who’s been contending with a string of high-profile business departures, and a boost to Republican Texas Governor Greg Abbott, who is seeking re-election in November.
Bay Area real estate prices and the cost of living have surged amid the tech boom. The median house price in the Diablo Valley that includes San Ramon was more than $2 million during the first five months of 2022, according to Compass. Houston is a much cheaper housing market and Texas has no state income tax.
“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 said.
Chevron expects the move to take place during the third quarter of 2023. The Wall Street Journal earlier reported the announcement.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
UAE currency: the story behind the money in your pockets
JERSEY INFO
Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
Black Jersey
Intermediate Sprint Classification: worn daily, starting from Stage 2, by the rider who has gained the most Intermediate Sprint Points.
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Ferrari
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
