Monday, February 17, 2014

Occidental Petroleum Moves From CA to TX

Occidental Petroleum announced it is moving its headquarters from California to Texas.

Occidental expanded its operations in Texas, making the Houston, TX area its largest production area. After comparing state policies, attitudes towards businesses, and tax laws, the Fortune 500 company announced it is moving its corporate headquarters to Texas as well.

Of the announced move, Gov. Rick Perry released the following statement:

"Occidental Petroleum is the largest oil producer in Texas and one of the largest in the nation, so it seems only fitting the company would locate its headquarters in Houston, the Energy Capital of the World. Oxy ranks 125 on the Fortune 500 list, and the company's move is further evidence Texas has built the most dynamic, pro-growth economy in the nation."

Occidental is the latest in a stream of companies moving to Texas to seek greener pastures. HID Global recently announced they, too, were moving their global headquarters to Texas. Magpul, a major firearms accessory manufacturer, relocated from Colorado to Texas. Aerospace corporation X-Cor left California and moved to Midland, TX.

Occidental ranks number 125 on the Fortune 500 list.

In moving its main headquarters to Texas, Occidental plans to "spin-off" many of its California assets into a new subsidiary. The new subsidiary will create approximately 8,000 new jobs in California. Meanwhile, the move or the corporate headquarters to Texas stands to generate numerous more jobs and capital growth across Texas. Occidental already has numerous sites at various levels of petroleum and natural gas production throughout Texas, to include Midland.

Former SEC Chairman Elisse B. Walter recently joined Occidental's board of directors. Walter was appointed SEC chair by President George W. Bush and served in that office until 2013.