“The current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population,” the company said. “Chevron will remain headquartered in California, where the company has a 140-year history and operations and partnerships throughout the state.”
Chevron is among numerous Bay Area companies that have sought to cut office space during the pandemic, including Wells Fargo, Salesforce and Airbnb. Before the pandemic, companies such as McKesson and Charles Schwab relocated their headquarters from San Francisco to Texas, where real estate is cheaper and there’s no personal income tax.
Chevron plans to cover moving costs for employees who choose to move to Houston, where it already has a major hub with nearly 8,000 workers. The Wall Street Journal first reported the plans.
Chevron’s roots in San Francisco stretch in 1879 to Pacific Coast Oil Co., a company that was later part of John D. Rockefeller’s corporate juggernaut Standard Oil. For 3½ decades, Chevron was headquartered on Market Street before moving its headquarters in 2001 to San Ramon. The company also has a major refinery in Richmond with more than 3,000 workers.
Chevron’s San Ramon buildings could offer a redevelopment opportunity. The adjacent Bishop Ranch, owned by Sunset Development, added a mall in 2018 and has a proposal for up to 4,500 homes.
Roland Li is a San Francisco Chronicle staff writer. Email: email@example.com Twitter: @rolandlisf