arche_757 Posted December 19, 2013 Share Posted December 19, 2013 ^I was responding to someone who said the extra year will allow for a better design. Usually when projects get "put on hold" it is due to money. Nothing more, nothing less. Even for a company as big and powerful as Chevron. Perhaps the money is better spent elsewhere now? Maybe enough shareholders raised concerns that they don't need a new tower in Houston? Or executives are rethinking if perhaps they wouldn't be better off doing something else? Quote Link to comment Share on other sites More sharing options...
ig2ba Posted December 19, 2013 Share Posted December 19, 2013 I don't think we should read into this too much as being a downtown- or even Houston-specific issue. The word is that they planned other buildings in Pittsburgh and Bakersfield, and these have been delayed (but I don't think cancelled yet).The expansion of their building in Louisiana, which was over capacity from when it was opened in 2008, has also been delayed. 1 Quote Link to comment Share on other sites More sharing options...
GoodToBeMe Posted December 19, 2013 Share Posted December 19, 2013 Which building of theirs in Louisiana? I was not aware they had personnel there. Is this typical for tall buildings in Houston? I read on another thread here about several other tall structures being placed on hold. Quote Link to comment Share on other sites More sharing options...
ig2ba Posted December 19, 2013 Share Posted December 19, 2013 They have offices at Lafayette, Covington, and Henry Hub. The Covington one was built soon after Katrina, so it must be that one. Quote Link to comment Share on other sites More sharing options...
cloud713 Posted December 19, 2013 Share Posted December 19, 2013 He means Louisiana ave I'm pretty sure, the property chevron currently owns in downtown Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted December 19, 2013 Share Posted December 19, 2013 Just recently read an article saying that, barring major regional conflict in the Mideast, oil prices are heading way downward soon. Not looking good folks! Quote Link to comment Share on other sites More sharing options...
Moore713 Posted December 19, 2013 Share Posted December 19, 2013 they have frozen all projects in place , except for the mid land one( not just Houston but varies other cities) but They are still going thu with employee tranfers to Houston, and stated they are still bulking of their employee work force in Houston, so the tranfers are still happening.what it sounds like to me is that they may have signed a tenet deal with one of the new towers planned. Why else would they freeze the building , but state they will go ahead witht he employee transfers Quote Link to comment Share on other sites More sharing options...
lockmat Posted December 19, 2013 Share Posted December 19, 2013 I wouldn't doubt if he meant the state. Most oil and gas companies have a presence there. 1 Quote Link to comment Share on other sites More sharing options...
King Owl Posted December 20, 2013 Share Posted December 20, 2013 they have frozen all projects in place , except for the mid land one( not just Houston but varies other cities) but They are still going thu with employee tranfers to Houston, and stated they are still bulking of their employee work force in Houston, so the tranfers are still happening. what it sounds like to me is that they may have signed a tenet deal with one of the new towers planned. Why else would they freeze the building , but state they will go ahead witht he employee transfers hmm. If I were Shorenstein, I'd be trying to entice them over to Bell St. 1 Quote Link to comment Share on other sites More sharing options...
Howard Huge Posted December 20, 2013 Share Posted December 20, 2013 Just recently read an article saying that, barring major regional conflict in the Mideast, oil prices are heading way downward soon. Not looking good folks!Time to start a war! 2 Quote Link to comment Share on other sites More sharing options...
ig2ba Posted December 20, 2013 Share Posted December 20, 2013 Sorry for not replying directly. Lafayette, Covington, and Henry Hub are all in the state of Louisiana. Hurricane Katrina did not hit Louisiana Street. 1 Quote Link to comment Share on other sites More sharing options...
LTAWACS Posted December 20, 2013 Share Posted December 20, 2013 Pardon my French but... UGH!!!!!!!!!!!!!!!!!111 Quote Link to comment Share on other sites More sharing options...
Tumbleweed_Tx Posted December 20, 2013 Share Posted December 20, 2013 Mexico is ending their oil monopoly, inviting foreign investment. Look for oil prices to drop and production there doubles in the next few years. you would think that if Chevron grabs a chunk of that, they'll need more office space... lol http://www.bloomberg.com/news/2013-12-16/north-america-to-drown-in-oil-as-mexico-ends-monopoly.html Quote Link to comment Share on other sites More sharing options...
Moore713 Posted December 23, 2013 Share Posted December 23, 2013 And there it is the reason they put it on hold.http://www.bizjournals.com/houston/news/2013/12/20/with-an-eye-on-australia-plans-on.html 1 Quote Link to comment Share on other sites More sharing options...
fatesdisastr Posted December 24, 2013 Share Posted December 24, 2013 Boooooo Quote Link to comment Share on other sites More sharing options...
cloud713 Posted December 24, 2013 Share Posted December 24, 2013 This tower is like 1/170th the cost of the Australia project and they can't manage to squeeze this tower into their budget? Lame.. Hopefully 2015 brings us better news Quote Link to comment Share on other sites More sharing options...
tangledwoods Posted December 24, 2013 Share Posted December 24, 2013 This isn't a problem of budget, rather a problem of cash flow. This project is critical to the future of their operations, they will likely start sooner than one they announced. In the meantime look on the bright side, this does allow time for redesign!!! 1 Quote Link to comment Share on other sites More sharing options...
Howard Huge Posted December 24, 2013 Share Posted December 24, 2013 This tower is like 1/170th the cost of the Australia project and they can't manage to squeeze this tower into their budget? Lame.. Hopefully 2015 brings us better newsThats what I was thinking."My budgets kinda strapped right now and I wanna finish building out my home theatre setup so im not gonna buy any gum this month." 1 Quote Link to comment Share on other sites More sharing options...
fernz Posted December 24, 2013 Share Posted December 24, 2013 This isn't a problem of budget, rather a problem of cash flow. This project is critical to the future of their operations, they will likely start sooner than one they announced. In the meantime look on the bright side, this does allow time for redesign!!! I can imagine when the RE team goes in front of the capex committee to request additional funds for the redesign: "I know we are billions of dollars over budget on other projects, but we really need more money on this one, the haifers don't like the design!" 3 Quote Link to comment Share on other sites More sharing options...
kbates2 Posted December 24, 2013 Share Posted December 24, 2013 I would assume that a large reason for this tower is to compete with Exxon for talent. This shiny new tower in downtown vs Exxon's shiny campus in the boonies. As much as I hate that they have a cash flow issue delaying it, I am still confident that they will build it. 1 Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted December 24, 2013 Share Posted December 24, 2013 This tower is like 1/170th the cost of the Australia project and they can't manage to squeeze this tower into their budget? Lame.. Hopefully 2015 brings us better newsNot lame at all. You need to focus not on the total Australia cost, most of which was already budgeted/allocated, but on the unexpected increase of $2 Billion. The company has a certain amount of money available for capital projects. They aren't the federal Government, which can just print more money. Quote Link to comment Share on other sites More sharing options...
wxman Posted December 24, 2013 Share Posted December 24, 2013 I would assume that a large reason for this tower is to compete with Exxon for talent. This shiny new tower in downtown vs Exxon's shiny campus in the boonies. As much as I hate that they have a cash flow issue delaying it, I am still confident that they will build it. Boonies? You speak like you're from a small little town somewhere. You people need to wake up and realize that The Woodlands is a major economic hub now in a county pushing over 500,000 people. I'm not sure ''Boonies'' is the word I would have chosen for it. The campus (Exxon) is sitting on the Harris/Montgomery county line. If it were in Willis or Huntsville, then I could agree. 1 Quote Link to comment Share on other sites More sharing options...
JJxvi Posted December 24, 2013 Share Posted December 24, 2013 It might be the word that Chevron recruiters will use for it. 1 Quote Link to comment Share on other sites More sharing options...
htownproud Posted December 24, 2013 Share Posted December 24, 2013 How about "BFE"? The woodlands is definitely out there for folks wanting to live in a big city. I don't know anyone that is excited about the new Exxon campus so I'm not sure chevron needs the tower to compete for talent. My understanding s that Exxon is anticipating having some retention issuers wih the move . . . . 2 Quote Link to comment Share on other sites More sharing options...
Slick Vik Posted December 25, 2013 Share Posted December 25, 2013 (edited) The woodlands is very far from everything except itself. Edited December 25, 2013 by Urbannizer Quote removed 2 Quote Link to comment Share on other sites More sharing options...
kbates2 Posted December 25, 2013 Share Posted December 25, 2013 Boonies. 2 Quote Link to comment Share on other sites More sharing options...
Howard Huge Posted December 25, 2013 Share Posted December 25, 2013 (edited) The woodlands is in the boonies. Edited December 25, 2013 by Urbannizer 1 Quote Link to comment Share on other sites More sharing options...
LTAWACS Posted December 25, 2013 Share Posted December 25, 2013 Boonies? You speak like you're from a small little town somewhere. You people need to wake up and realize that The Woodlands is a major economic hub now in a county pushing over 500,000 people. I'm not sure ''Boonies'' is the word I would have chosen for it. The campus (Exxon) is sitting on the Harris/Montgomery county line. If it were in Willis or Huntsville, then I could agree.Hardly. Quote Link to comment Share on other sites More sharing options...
lockmat Posted December 25, 2013 Share Posted December 25, 2013 This isn't a problem of budget, rather a problem of cash flow. This project is critical to the future of their operations, they will likely start sooner than one they announced. In the meantime look on the bright side, this does allow time for redesign!!! I can imagine when the RE team goes in front of the capex committee to request additional funds for the redesign: "I know we are billions of dollars over budget on other projects, but we really need more money on this one, the haifers don't like the design!" True, but I bet the RE team is not the only group that has input on projects this big. If anything they're probably just a middle man at least for the facade design. Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted December 26, 2013 Share Posted December 26, 2013 Boonies? You speak like you're from a small little town somewhere. You people need to wake up and realize that The Woodlands is a major economic hub now in a county pushing over 500,000 people. I'm not sure ''Boonies'' is the word I would have chosen for it. The campus (Exxon) is sitting on the Harris/Montgomery county line. If it were in Willis or Huntsville, then I could agree.The Woodlands is a shining emerald in a sea of booniness. You might say it's the Houston of Montgomery County... As Houston is to Texas. 1 Quote Link to comment Share on other sites More sharing options...
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