Chevron's announcement last week that it would relocate its corporate headquarters from California to Texas occurred in part because it was becoming increasingly difficult to do business in California, a Chevron executive said Thursday.
Walz emphasized that the company will continue to have a substantial presence in California even after the headquarters relocation is completed over the next five years. "Chevron has a long history in California, we have a proud history. And we are going to stay there, we're not going away – we have two big refineries, we have a large retail network, we have infrastructure all over the place and we still have an upstream business in the San Joaquin Valley.
Walz explained the move wasn't driven by political considerations given California's tough regulations on companies in the oil and gas business, saying that, "This isn't politically motivated, we're trying to drive better business outcomes." He did note that Texas has embraced the company's move and that having the headquarters located in a state that plays a leadership role in the U.S.