The People's Republic: Occidental Petroleum moves HQ to Texas

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THE PEOPLE'S REPUBLIC OF CALIFORNIA - This site is dedicated to exposing the continuing Marxist Revolution in California and the all around massive stupidity of Socialists, Luddites, Communists, Fellow Travelers and of Liberalism in all of its ugly forms.

"It was a splendid population - for all the slow, sleepy, sluggish-brained sloths stayed at home - you never find that sort of people among pioneers - you cannot build pioneers out of that sort of material. It was that population that gave to California a name for getting up astounding enterprises and rushing them through with a magnificent dash and daring and a recklessness of cost or consequences, which she bears unto this day - and when she projects a new surprise the grave world smiles as usual and says, "Well, that is California all over."

- - - - Mark Twain (Roughing It)

Tuesday, February 18, 2014

Occidental Petroleum moves HQ to Texas - More Jobs Leave California

Oil wells in Huntington Beach, 1935

Putting Jobs in a Museum

Thank you Jerry Brown, on your watch Occidental Petroleum is moving their California headquarters, and all those jobs, to business friendly Texas.
Occidental joins Fluor Corp, an engineering company now based outside Dallas. Fluor had called California's Orange County home until 2006. Calpine Corp, now a Houston-based power company, abandoned San Jose three years later.

(Reuters News) - Occidental Petroleum Corp said it would spin off its oil and gas assets in California into a separately traded company and move its headquarters from Los Angeles to Houston, where it will be closer to its largest U.S. operations.

Wall Street analysts have estimated the underperforming California unit, which Occidental had talked about splitting from for months, could be worth $19 billion to $22 billion.

Good-Bye California. Hello Texas.

Occidental said the California unit generated a pretax profit of about $1.5 billion in 2013.

The California unit, the largest natural gas producer in the state, has long been seen as a drag on the company because of its limited oil production. The California fields produced an average 261 million cubic feet of gas and 88,000 barrels of oil per day in 2013.

Occidental is increasingly focusing on production from fields in the Permian Basis in Texas and New Mexico, far from Los Angeles where the company was founded nearly a century ago.

California vs Texas

The formal migration of Occidental to Texas, a move Reuters flagged as likely late last year, follows several other departures from California to the Lone Star state by big companies in the energy industry.

Texas Governor Rick Perry welcomed the shift, saying it was only fitting that the state's biggest oil producer should be based in "the energy capital of the world."

Perry, a Republican, has run television ads in states that are traditional Democratic strongholds to lure companies to Texas, pitching it as a low-tax, low-regulation environment for "creative renegades."

Fluor Corp, an engineering company now based outside Dallas, had called California's Orange County home until 2006. Calpine Corp, now a Houston-based power company, abandoned San Jose three years later.

After Occidental's move, Chevron Corp. will be the only big oil company with headquarters in California.

GOP Governor Rick Perry Welcomes Occidental
Petroleum and Their Jobs to Texas.

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The Olden Days

Photos from back in the olden times. Way back then California drilled for oil and created high paying jobs in the energy industry.
Today the only "growth" industry is in food stamps and welfare.