Occidental Petroleum splintering and moving its headquarters to Houston (2014, lease)

[Jack Lance]

Forget Exxon for the moment Occidental Petroleum is moving to Houston !

Los Angeles-based Occidental Petroleum Corp. (NYSE: OXY) announced early Friday that it is splintering off into two companies and moving its headquarters to Houston

Occidental Petroleum Corporation moving to Houston - Houston Business Journal

This is a major oil and gas company folks

[TexasTallest]

great news! i wonder if they will occupy that new office tower under construction in Greenway or if there is room to expand in Greenway 3 & 5 where they currently have a lease.

[Schumacher713]

Nice! Another company for my Exxon friends to move to. My friends at Exxon said as many as 50% of young people will quit Exxon rather than commuting or moving to the Woodlands. I think everyone I know is quitting or has already left.

[Oildog]

Good for Houston! Great for those of us in the energy sector!!!

Another blow to the anti-energy (traditional) policies of California.

[Dopo]

Originally Posted by Oildog

Good for Houston! Great for those of us in the energy sector!!!

Another blow to the anti-energy (traditional) policies of California.

You realize that California is the 4th largest oil producing state

[JimBaker488]

No Brainer ! Paying attention Chevron, you should be the next Cal O&G company to get the heck-out-of-that state which hates you and come to a place to where you are respected and appreciated. But Oxy - great American company with a
fascinating history.

[Oildog]

Actually its third...and continuing to decline.

Crude Oil Production

[marksmu]

Originally Posted by Schumacher713

Nice! Another company for my Exxon friends to move to. My friends at Exxon said as many as 50% of young people will quit Exxon rather than commuting or moving to the Woodlands. I think everyone I know is quitting or has already left.

I believe your friends are only talking with others that are their friends, believing their small viewpoint is the same viewpoint as everyone elses...the bubble syndrome as its known. I knows dozens of Exxon employees excited about the move...Most of the excited ones are between 30 and 35, with kids...been in town for a few years, seen 50% or better appreciation on their home. Looking forward to buying new bigger homes in the woodlands for the same price as their small in town home.

I can see a 20 something not wanting to leave the city, I can see people without kids not wanting to leave the city, I can see socially liberal, or artsy people not wanting to leave the city. I just don't see most people caring.

I have yet to meet anyone who is upset about the move, and I know dozens, and have multiple more who are customers of mine.

Bottom line is that the market for engineers is strong, Exxon has a great environment, great benefits, even a pension - if those guys can get good jobs to stay in the city good for them. Exxon will have zero, literally zero, problem replacing them with equally qualified individuals.

The market for engineers in the O&G field for young people is very competitive...more applicants than jobs...if those young people don't already have other jobs lined up, I predict that 50% quitting number gets far far closer to 4-5% When it comes down to it, people are all talk and money speaks louder than words.

[J_Treehorn]

Originally Posted by Schumacher713

Nice! Another company for my Exxon friends to move to. My friends at Exxon said as many as 50% of young people will quit Exxon rather than commuting or moving to the Woodlands. I think everyone I know is quitting or has already left.

In all fairness, those sound like moderately replaceable jobs. I can assure you than Exxon will run just fine (from an OPEX standpoint, more profitably) at it's new HQ, even if they lose 50% of the "young". But we are fortunate to live in a city where many have the luxury of picking a job based on location.

[Bike4Life]

That's another way to downsize in a nice way.