Jump to content

ltlftc

Full Member
  • Posts

    10
  • Joined

  • Last visited

Everything posted by ltlftc

  1. Chevron Phillips is a separate company. It is owned 50% by Chevron and 50% by Phillips 66 and has its headquarters in The Woodlands. Chevron has had a capital budget of ~$40 billion per year for the past several years and plans to stay in the $35-40 Billion range for the next several years. The 50% of the Chevron Phillips budget that is accounted to Chevron is still a small component of its projected spending.
  2. I am hearing the plan is for a 3rd quarter 2015 start on this one. Also, when this project is complete, Chevron will vacate significant amounts of leased space in the Cullen Center and Allen Center (~20 floors in each).
  3. The tower crane is up for Three Hughes Landing, a 12 story office building. This will be the fifth office building in the development (One and Two are 8 stories each and the two ExxonMobil buildings are 12 stories each.
  4. I hadn't noticed the new pedestrian bridge over the waterway before. By the way, the tower crane for one of the ExxonMobil buildings at Hughes Landing is now up. Surprisingly, it is not being constructed on the water front. Rather it is just east of the first Hughes Landing office building. This makes four cranes currently operating on the northeast corner of Lake Woodlands. I assume a fifth will be added soon for the second Exxon building.
  5. Chevron has several moving pieces occurring simultaneously. You are exactly right about Briar Park. That facility will not be relocated downtown under any scenario. Similarly, Chevron owns and occupies two office buildings on the old Texaco facility in Bellaire. They are currently demolishing several old lab buildings on that site that will free up some land that could be repurposed later. I don't anticipate them leaving this facility any time soon. ChevronPhillips Chemical is headquartered in The Woodlands and will always remain separated from the parent company because its a JV with Phillips 66. They are expanding rapidly and will need additional space (very apt to stay in The Woodlands area). They have already closed the Sugar Land office (old Unocal building) and moved those employees downtown. In addition to 1400 Smith and 1500 Louisiana, they also currently lease about 20 floors in the Cullen Center (Continental building) and 20 floors in Allen Center. The employees in these leased offices will occupy much of the new tower. Additionally, they are constantly transferring employees and business units from San Ramon to Houston. Also, they are continuing to hire at high rates to accommodate their expansion aspirations. For example, they recently added several hundred new employees in Houston for their Kittimat project with Apache, almost overnight. The rate of new hires will ultimately slow; but it shows no signs of stopping, yet. Oil companies are currently facing an interesting dilemma. Their queues of attractive projects and opportunities are huge and the need for the services they provide are growing globally. It takes enormous capital investment to accommodate this growth. Yet Wall Street has been pressuring these companies to show more discipline in their capital budgeting. While this makes sense from a short-term stock valuation perspective, it could lead to longer-term energy shortages. How might this come into play here? When capital is perceived to be tight, the capital associated with office buildings struggles to compete with projects that more directly meet the organization's objectives and provide the organization with better returns. This will force companies to consider lower cost alternatives.
  6. Chevron is very unlikely to allow another tenant in the building for security reasons. The penthouse floors are likely to be conference rooms with higher ceilings. Both 1500 Louisiana and 1600 Smith have large conference rooms on the top floors.
×
×
  • Create New...