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The Wall Street Journal: Chevron to sell its global headquarters in California, but remain based in state, as it downsizes offices

Chevron Corp.
CVX,
+1.64%

is planning to sell its current headquarters in California and is offering to cover costs for some employees to relocate to Texas, the latest move by a large U.S. employer to downsize its offices.

The second-largest U.S. oil company said it would remain based in California, its home state for more than 140 years, but will be leaving its Chevron Park campus in San Ramon, Calif., its global headquarters for two decades.

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Chevron said it will cover moving costs for employees who voluntarily opt to move to Houston, as it determines the extent to which it will reduce its staffing in the Golden State. It said it is looking for a new, smaller space to lease in San Ramon, in the greater San Francisco Bay Area, and expects to move from its existing headquarters in late 2023.

An expanded version of this report appears at WSJ.com.

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