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Chevron to Sell San Francisco Headquarters

May 27, 1999|Bloomberg News

Chevron Corp. plans to sell its headquarters in San Francisco's financial district and relocate employees as part of a plan to cut costs by $500 million this year. The nation's fourth-largest oil company said it will sell its two buildings at 575 and 555 Market St. and move about two-thirds of its 1,400 employees to the lower-cost East Bay communities of San Ramon and Concord, where they will join 6,600 other Chevron employees. The company's headquarters will remain in leased space at 575 Market St., where fewer than 500 executives and support staff will work. Chevron is trying to cut costs as it tries to recover from recent low oil prices, which reduced first-quarter profit by 36%.

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