Occidental Petroleum, which is so closely associated with California that its very name means 'western,' announced today it is moving its corporate headquarters to Texas, 1200 WOAI news reports.
Occidental, which is already a major player in the Eagle Ford, the Permian Basin, and other Texas energy plays, says it will move its headquarters from Los Angeles to Houston, where the company already has a major presence.
“Occidental Petroleum is the largest oil producer in Texas and one of the largest in the nation, so it seems only fitting that the company would locate its headquarters in Houston, the Energy Capital of the World,” Gov. Rick Perry said. “The company’s move is further evidence Texas has built the most dynamic, pro growth economy in the nation.”
Occidental says it will spin off its California holdings, it is the largest natural gas producer in California, into a new company which will remain headquarters in Los Angeles.
The move will give Texas 53 Fortune 500 corporate headquarters, the most of any state in the country.