The Wall Street Journal is reporting that Chevron is leaving California for greener pastures in Texas. It seems the anti-business and anti-fossil fuel climate in the Golden State has finally taken its toll on the oil giant.

As a result the company will write down $4 billion in assets in California citing the regulatory challenges in the state and Governor Newsom’s signing of a law that sought to limit profits from refineries.

Chevron CEO Mike Wirth said the company wants to move its employees to one central hub. He also acknowledged the company has been vocal about its differences of opinion with California on energy policy. 

“We believe California has a number of policies that raise costs, that hurt consumers, that discourage investment and ultimately we think that’s not good for the economy in California and for consumers,” Wirth said in an interview. 

Last year, California’s attorney general, Rob Bonta, filed a lawsuit against Chevron and other large oil companies such as Exxon Mobil and Shell, making a case that the companies didn’t inform the public of the effects of burning fossil fuels on the climate. Chevron is named in a large number of climate lawsuits across the U.S. 

“We believe that climate is a matter that’s a global issue and is best addressed through national and global policy engagement, and not through the courts,” Wirth said. 

Some of Chevron’s leadership has long wanted to move the company’s headquarters to Texas, but it has held off largely because of its long history in California and its assets there, such as its Richmond, Calif., refinery, according to people familiar with the matter.

Wall Street Journal (free link)