Chevron’s restructuring means big changes for many San Ramon employees. If you’ve received a relocation offer, you’re facing an important decision—move to Houston or consider alternative options. Understanding the financial, career, and tax implications of this move is critical to making an informed choice. This guide outlines who’s impacted, what’s included in the relocation package, and key factors to weigh before making your decision.
Which Chevron Employees Must Relocate?
Chevron’s relocation initiative primarily affects U.S. payroll-exempt employees currently working in San Ramon. These employees are expected to transition to Houston in 2025. Employees in non-exempt positions, as well as those in specific roles not identified for relocation, may not be required to move. If you’ve received a relocation offer, reviewing your options and financial considerations is essential.
What’s Included in Chevron’s Relocation Package?
Chevron offers a structured relocation package to help offset the costs of moving. Key benefits include:
- Lump-Sum Relocation Allowance: A one-time payment to cover moving-related expenses.
- Home Sale Assistance: Financial support for selling your home in California, including potential reimbursement for realtor fees and closing costs.
- Temporary Housing Support: Short-term housing assistance in Houston while you transition.
- Moving & Storage Assistance: Coverage for transporting household goods and temporary storage if needed.
- Spousal/Partner Support: Career services for spouses and partners seeking employment in Houston.
What If You Decline the Relocation Package?
For employees who choose not to relocate, there may be alternative options:
- Severance Package: Some employees may qualify for severance if they opt out of relocation. While severance packages can raise blood pressure for most people, they can also be a financial opportunity if leveraged correctly.
We've helped several Chevron professionals navigate the uncertainty that severance packages bring, and you can access our insights in a simple checklist here.
- Internal Transfers: Opportunities to transition into other Chevron roles that do not require relocation.
- Retirement Planning: If you’re nearing retirement, evaluating your benefits, pensions, and tax implications is crucial before making a final decision.
Tax Considerations for Chevron’s Relocation
Relocating from California to Texas can have significant tax implications. Texas has no state income tax, but a mid-year move could result in partial-year California tax liability. Employees with stock options, long-term incentives, or deferred compensation plans should also consider how residency changes may impact their tax obligations. While Chevron provides tax assistance, additional planning may be needed to minimize liabilities.
Making the Right Financial Decision
This relocation is more than just a career move—it’s a financial decision that can impact your long-term wealth, tax situation, and retirement planning. Before accepting or declining your relocation package, it’s essential to evaluate how it fits into your broader financial goals.
Moving to Houston? Make a Smart Financial Plan First.
Our advisors specialize in helping Chevron professionals optimize relocation benefits, minimize tax liabilities, and plan for long-term financial success. Don't wait to get a plan in place. Reach out to a member of our team and start today.