Robert Brackett's questions to Chevron Corp (CVX) leadership • Q3 2024
Question
Robert Brackett of Bernstein Research asked how the headquarters relocation from California to Texas relates to the structural cost reduction program, questioning if it's an opportunity or a threat to achieving the savings.
Answer
CEO Mike Wirth stated it is not a threat and is part of a broader, methodical work evolution. He clarified that it's not a simple "lift and shift" of all work to Houston. Instead, work will be migrated thoughtfully over time to different locations, including global capability centers, or automated with technology, all aimed at improving efficiency and cost structure.