Any insights how long Bakersfield will survive or will they be asked to move to H town next
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"Chevron Corp.'s recent emphasis on workspace consolidation doesn't stop at its headquarters in San Ramon. It's cutting back in Bakersfield, too.
The oil company says it's looking to sell all of the property it owns at the Bakersfield Energy Center, 9525 Camino Media, as it maximizes its use of space in Chevron field offices around the region.
News of a local consolidation, contained in an email a Chevron spokesman sent last week in response to questions from The Californian, follows news last month the company has sold its global headquarters east of San Francisco. It has leased a much smaller, more modern space near the old 92-acre complex, called Chevron Park, and is paying for most employees to move to Houston and work at company offices there.
The company says none of this is to be interpreted as Chevron making plans to immediately leave the Golden State, where it has been based for about 140 years.
"Chevron may remain headquartered in California," spokesman Sean Comey said by email. He added that the company has more than 800 employees in Kern County, and that "we do not expect the office consolidation to change that immediately."
In July, Chevron reported second-quarter earnings of $11.6 billion, nearly three times as much as it earned a year before. Meanwhile, clouds are gathering: Gov. Gavin Newsom has continued a pattern of anti-oil moves, most recently calling a special legislative session to consider a new tax on the profits of California oil producers and refiners above a certain level. He has vowed to drive Chevron out of the state."
The oil business will be around a long time in California. There is money to be made. Unfortunately Chevron mismanagement will not be able to keep itself viable and don't know what to do with the abandonment liability. CEMREC is doing a poor job and a lot will need to be corrected after the fact.
Bakersfield will become like Luanda - the last place anyone wants to be transferred to.
@1nyz, Of course there’s a svcker born every minute. Chevron was that svucker when we acquired acreage from Atlas in the Marcellus shale area of Pennsylvania when natural gas was supposedly the thing to have. Atlas took Chevron for the svucker we were and we leaped at it. That BU went nowhere in a flash.
They will be maxing cash flow on the asset now with high prices to show off to potential buyers how valuable it is…there is a su---r born every minute.
They either have to sell the asset or keep it, are there any buyer's? I doubt it. So they will keep it and maybe scale down the production but my guess is that it will be part of company for at least another decade.
Chevron announced a pilot for carbon storage in Bakersfield. Maybe they will repurpose. However, carbon storage doesn’t seem like much of a long-term, viable business. Once the world realizes man-made carbon emissions is only marginally impactful on the atmosphere then that business will die. Wish some of Chevron’s leaders would quit drinking the World Economic Forum’s KoolAid.
I’m no fortune teller, but given the political situation in California these days with the permitting etc. I’d say Bako’s days are numbered. Anyone being strategic about their career would avoid it like the plague. I can’t see where Chevron will ever be able to divest it at this point, but could be wrong.