press release

Chevron Press Release - Chevron Moving Corporate Headquarters To San Ramon, Calif.

SAN FRANCISCO, Sept. 5, 2001 -- Chevron Corp. today announced plans to move its headquarters to San Ramon, Calif., where its Chevron Park campus (and other nearby buildings at Bishop Ranch) already houses most of its Bay Area-based operations and some 3,500 employees. The company's combined work force in the San Francisco Bay Area is about 8,500 people, with just 200 located in leased space in San Francisco.

"We have enjoyed important and positive relationships in San Francisco for nearly a century, and well miss being part of a community that has been our corporate home for so long," said Chevron Chairman and CEO Dave O'Reilly. "While San Francisco is a great location, we need to bring all of our people together. We've found over the past couple of years that it just isn't efficient to operate our headquarters from San Francisco."

Chevrons headquarters buildings at 555 and 575 Market Street in San Francisco were sold in December 1999, and about 900 San Francisco-based employees moved to San Ramon in subsequent months. Since then, the company has occupied 10 floors of leased space at 575 Market.

The roughly 200 employees now located at 575 Market -- including the company's senior executives -- will begin relocating to San Ramon during the second quarter of next year. The company expects the moves to be completed by the end of next year.

Chevron, which is merging with Texaco Inc. to form ChevronTexaco Corp. (pending regulatory and stockholder approval), has several major operating companies and staff groups already located in San Ramon. Elsewhere in the East Bay, Chevron has about 2,000 employees in Concord and about 3,000 at a refinery and research center in Richmond.

Updated: September 2001