Leaving on a jet plane: Oxy HQ to Energy Capital Houston

HOUSTON - Occidental Petroleum Corp. (OXY) has announced that it is moving its corporate headquarters from Los Angeles to Houston. Occidental Petroleum’s move will bring dozens of jobs to the firm’s local office.

Occidental Petroleum’s headquarters will have about 200 employees.

“Oxy ranks 125 on the Fortune 500 list, and the company’s move is further evidence Texas has built the most dynamic, pro-growth economy in the nation,” said Texas Gov. Rick Perry.

The company leases 850,000-sf at Greenway Plaza, which is a 4.3 million-sf complex near Buffalo Speedway and Southwest Fwy.

Occidental Petroleum will begin to focus more attention on the Permian Basin, a West Texas oil formation that is one of the richest oilfields in the world. Thanks to advances in drilling technology, the Permian Basin is a hotbed of economic activity and jobs creation.