Yahoo Finance Chevron (CVX) Global HQ to Move Out of San Ramon by 2023
According to reports, Chevron CVX is set to move its global headquarters to a smaller leased location in California, from its current office in San Ramon. While the company intends to prolong its more than 140 year-long presence in The Golden State, it is exploring the sale of its Chevron Park campus, which has been its head office for two decades. Investors should know that around 2,000 people currently work in the building.
CVX is likely to reimburse a part of its workforce who opt to relocate to the existing Texas site. With more employees logging in remotely, the only energy component of the Dow Jones Industrial Average believes that this is the right time to move its headquarters to fit its right-sized workforce in the to-be-leased space. Chevron is hoping to vacate its existing 100-acre campus in San Ramon in late 2023.
Earlier this year, larger rival ExxonMobil XOM said that it is packing up its headquarters from its longtime office in Irving and moving to the Texas campus. Per the oil biggie, the transfer of its global base to the country’s energy hub is in its best strategic interest and supports its strategy for profitable growth. ExxonMobil has been based in Irving for decades.
XOM said it will finish transitioning its headquarters to Texas by the middle of next year. The Fortune 500 firm’s top brass, plus some 250 employees of ExxonMobil is expected to shift base to Texas.
Coming back to Chevron, it is one of the largest publicly traded oil and gas companies in the world, with operations that span almost every corner of the globe. Chevron is fully integrated, meaning it participates in every aspect related to energy — from oil production, to refining and marketing.
Chevron currently carries a Zacks Rank #3 (Hold).
2 Energy Stocks to Buy
Investors interested in the energy space might look at Murphy USA MUSA and Marathon Petroleum MPC, both carrying a Zacks Rank of 1 (Strong Buy), currently.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy USA is valued at some $5.8 billion. The Zacks Consensus Estimate for MUSA’s 2022 earnings has been revised 44.8% upward over the past 60 days.
Murphy USA, headquartered in El Dorado, AR, has a projected earnings growth rate of 17.6% for 2022. MUSA shares have gained around 74.4% in a year.
Marathon Petroleum is valued at approximately $48 billion. The Zacks Consensus Estimate for MPC’s 2022 earnings has been revised 104.3% upward over the past 60 days.
Marathon Petroleum, headquartered in Findlay, OH, has a trailing four-quarter earnings surprise of roughly 65%, on average. MPC shares have gained around 39.8% in a year.
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Chevron Corporation (CVX) : Free Stock Analysis Report
Exxon Mobil Corporation (XOM) : Free Stock Analysis Report
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Marathon Petroleum Corporation (MPC) : Free Stock Analysis Report
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