Chevron plans to move its global headquarters to a new leased space in California and sell its current head office in the state, Reuters reported.

According to the company, the current real estate market offers us the chance to right-size our office space to suit the needs of our headquarters-based employees.

Chevron plans to move its headquarters to the new site by the third quarter of 2023.

According to the Wall Street Journal, which reported the move earlier in the day, the U.S oil company will also cover moving costs for employees who choose to move to its Texas campus.

The North American upstream activities of the second-largest U.S. oil producer are headquartered in Houston, Texas.

Exxon, a rival, also moved its corporate offices from Irving, Texas, to a facility north of Houston in January.