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Chevron, the second-largest US oil company, plans to leave its historic headquarters in California and relocate to Texas over the next five years, citing increased regulations and state climate action.
The company, whose corporate forerunners have been based in the state since 1879, will shift its headquarters to Houston, Texas.
“We believe California has a number of policies that raise costs, that hurt consumers, that discourage investment and ultimately we think that’s not good for the economy in California and for consumers,” Chevron CEO Mike Wirth told The Wall Street Journal.
In the last year, California passed a law putting limits on excess profit-makingfrom refiners and sued major oil companies, including Chevron, alleging they deceived the public about the climate risks of fossil fuels for decades. The state also taxes corporate …