Sooo...the new San Ramon office is costing us $150MM in CAPEX?! What do we get for that kind of money...at a LEASED facility? And for just the hundreds of employees who decided they didn't want to relocate to Houston. Seriously.
Source: internal job posting in Workday. Go see for yourself.
"That's the ONLY reason we maintain the SR campus"
Maybe you're not aware of your corporate roots..."Standard Oil of California".
Delayed so MW can retire in 2023 without having to move to Texas.
Move delayed till 2024 until they figure out how to just scrap all of SR altogether
Lol at engineering types calling finance types ‘nerds’. I straddle this spectrum (have done both) and engineers are massive nerds and most don’t realize they exhibit many traits of ASD. It’s fine, that’s the way a hardcore STEM mind works, but chill with the pot calling the kettle black stuff :)
Finance people are cool! Now I’ll go collect my bag of money from Pierre…
Darned right, @1frr! Finance makes the world go ‘round! Hahaha come on, have a sense of humor
ahh, I see all the Chevron nerds (i.e., Finance) have gotten in on the discussion as whether SR is capex or opex. I'm sure the Earth will stop rotating until this matter is settled!
It is definitely not a capital lease. It does not meet the requirements for one. Opex for sure.
Didn’t think it was a capital lease. Isnthe cost simply to prep the space for moving in. They were doing some testing of layouts and amenities for the new san ramon space. Could that be costing us so much?
@dmw you’re clearly not in accounting policy. Certain long term leases get capitalized. It’s also a consideration for leasing oil and gas assets. If the lease is a long one then it’s typically treated as capital and not opex.
OP, you have to remember that our execs and their wives really, really like SR and the Bay Area, and couldn't be expected to lower themselves to move to Houston! That's the ONLY reason we maintain the SR campus.
Leasing is opex, not capex. Would be many years for that much.
Sheesh just let them work remotely and use WeWork if you really want to see each other
We only got $175MM for Chevron Park!